Do you feel like you’ve outgrown your home? There are many things to consider when you think about moving- square footage, more functional layout, school districts, interest rates, and more! Then there is the daunting task of packing and unpacking EVERYTHING you own. It’s no wonder that moving can cause stress.
But what if you love where you live? You are just a quick drive away from Whole Foods and Target, within walking distance of a cute, craft coffee shop, and your neighbors are awesome. You even have monthly block parties! So then what about all the clutter and current lack of room that’s making you consider moving in the first place? Maybe it’s time to consider upgrading your living space. With house prices continuing to increase, maybe a remodel is more practical. So should you move, or should you remodel? It’s best to make a list of pros and cons for each:
Advantages of Moving
- Change of location for more convenience
You’ll be closer to work, school, and shopping.
- You can purchase a home that is move-in ready
No more need for weekend warrior DIY projects
- You don’t have to live in a construction zone
We do our best to minimize dust but we’ll be honest- construction is messy!
Disadvantages of Moving
- You may have to leave an area you love
Maybe you won’t drive 30 mins to hit up your favorite coffee shop but you’ll still visit friends and neighbors, right? And maybe make new ones too!
- You may not get exactly what you want
Unless you are building and have a say in the finishes, there will likely be things you want to change.
- Moving is expensive
You have closing costs, commissions, a down-payment, packing supplies, a moving truck, etc.
Advantages of Remodeling
- You can stay in the neighborhood you love!
This is a huge plus if everywhere you typically go is a convenient distance away.
- You can get exactly what you want
Maybe you need an addition or just better storage options- it’s time to watch some more HGTV for design ideas!
- It may cost less than you think
If you already have equity, you may qualify for a home equity loan which typically has a low interest rate and you won’t have to tap your savings.
Disadvantages of Remodeling
- Remodeling can be stressful, especially if you are living through it
Moving out for a short period of time is always recommended for a big remodel
- You’ll likely spend more than your original budget
Unexpected issues often pop up and friends will suggest you just HAVE to add this or that
- When it’s time to sell, you may not get your money back
On average, you’ll only recoup about 70% of what you spent on the remodel
It’s clear that you have a lot to think about. Finances and lifestyle are usually the biggest determining factors. You also don’t want to make the decision solely on how you feel today. Take time to think about the next 5-10 years and what your future looks like. Meet with contractors, a realtor, your accountant, and lender to figure out your options. Moving and remodeling are both big commitments. Being well-informed will give you confidence in your decision either way.