Anyone who owns a home long enough eventually has to make a choice: put money into remodeling or move to something else? This can be a tough decision, especially if someone is attached to their home due to years of memories. This decision can also be affected by unique real estate situations (an over or under supply of housing for example).
If you’re considering the decision of whether to remodel or move, here are some tips to help you out.
Remodel or Move?
According to Bankrate.com, there are several things to consider if you’re trying to decide whether to remodel your home or move:
Is Your Home In Your Heart?
Your emotions will have a lot of say in whether you stay or go.
“Think honestly about your relationship with your neighbors and how you feel about your location and the surrounding area,” says Fred Wilson, a principal with Morgante-Wilson Architects in Evanston, Illinois. “If you have a strong connection to the neighborhood and emotional ties to your home, renovating may be the right answer.”
Wilson’s firm estimates that 70 percent of homeowners in the remodel-or-move quandary ultimately decide to stay put and make changes to their house.
Can You Budget Realistically?
Budgeting accurately is essential if you do decide to renovate.
“A lot of homeowners don’t know exactly what they want,” says Prashanth Pathy, an agent with Keller Williams Realty in Chicago. “Say they have $50,000 and the contractor says he can do it for that. But then their wishes change, they want different materials, it doesn’t come out as they imagined — and that’s where the budget gets blown up.”
More Room or More Rooms?
Many homeowners base their decision to sell on the need for more space. However, a smarter layout that adds one more room but not more square footage can help some homeowners avoid moving, says Doug Perlson, New York City-based founder and CEO of real estate brokerage RealDirect.
“A spacious three-bedroom home can often be reconfigured to four bedrooms and allow a family to have a more efficient layout without needing to leave the home they love,” he says. “We recommend laying out your floor plan with a designer and seeing if a reconfiguration could make sense. It is often much less disruptive and expensive than a move, and may solve your problems.”
How Long will a Renovation Take?
Many people overlook the fact that renovation involves “a serious, long-term commitment in time and energy,” says Pathy of Keller Williams. “They have to get their head around the process — time being the first and foremost consideration.”
He’s not kidding.
A kitchen remodel involving new countertops, cabinets, appliances and floors can stretch on for three to six months. If ductwork, plumbing or wiring has to be addressed, the job could take longer. A bathroom remodel can require two or three months, while a room addition can take a month or two.
View the full article on things to consider when remodeling your home from Bankrate.com here.
As you can see, there are multiple things to consider if you’re trying to decide whether to remodel or move. Considering what you really want and need, and being realistic about costs and timelines can inform you and guide your decisions so you make the right choice.
At Experts In Your Home, we specialize in home remodeling and new construction. Feel free to give us a call or fill out a contact form and get the conversation started. We can help guide you no matter what conclusion you ultimately come to.