Maybe you are in need of more living space or just tired of your old home, so you face the question: Remodeling or moving? Both options are fatiguing and time-consuming, so you need to evaluate very carefully which one suits you best. But what should you examine? Here are some pointers to help you out.
Before you decide to remodel you need to know the condition of your house’s structure. A failing foundation or any other severe damage may prevent a successful job. It's wise to ask for a professional inspection to determine all the issues that are not clearly visible but will be found as the remodel starts.
Are the bones of your house in good condition? Yes, remodel / No, move (unless you definitely love your home and have the money to face a expensive remodel).
Another side of the matter is the investment needed for any of the options. While you might think that the costs of a remodel start and end with the contractor you will see that there are a lot of associated costs like temporary accommodation, permits, kennels for pets and so on. And you need to consider that moving costs also increases with realtor fees, moving trucks and decoration of the new house, too.
Are the costs of the remodel still under the costs of moving to a new house? Yes, remodel / No, move. An affirmative answer is probably way easier to handle. If you see that remodeling will cost you more than moving, you'll have to weigh in the rest of the factors.
Resale value of house modification
Some remodels and additions increase the resale value of the house and solar installations will reduce energy bills and give you tax credit. On the other hand, if you move to a developing neighbourhood you can expect a raise in the value of the house as it becomes more populated.
Think about the long run of your investment: which option will give you the best return? Remodeling / Moving? This is a decisive factor, so spend as much time as you need to evaluate both possibilities.
“You can always fix a house but you can't fix a neighborhood.” That’s not quite right but it still holds a lot of truth. You might consider all the advantages of your current neighborhood to know if you are willing to sacrifice them for a better property. Think about the school of the kids, the travel time to your workplace, the affinity with your close neighbors and the access to clubs, restaurants and entertainment you like.
Will you miss your neighborhood if you move? Yes, remodel / No, another point for moving.
And, finally, something that is almost impossible to calculate: how much do you love your house. You may want to keep a building that is part of your life story or has a particular value like age or design and that’s perfectly fine. When all the previous things considered, you really need to think if you are ready to leave your home for good.
Are you emotionally attached to the building? Yes, remodel / No, yet another point for moving
Of course, some answers can weight more than others to make a decision but these five questions work as a quick review. Is there anything more you are considering before remodeling or moving? I’d love to read it in the comments below!
Posted December 15, 2015
by Gabriel Posternak.