Remodeling vs Buying a New Home – Which is Right for You?
Families grow and evolve. Needs change. The home you loved when you moved in might not be the best home for you today. If you’ve reached a point where you’re running out of space, or if you’ve simply fallen out of love with your home, you’ll have a big decision to make: Remodeling or buy a new home? It’s a question that millions of homeowners ask every year.
There are advantages and disadvantages either way, and the only right choice is the one that suits your needs. Before you make a hasty decision for your future, consider these questions in the context of you and your family.
Are You Financially Ready for a Home Remodel?
Planning and budgeting is everything when it comes to a successful remodel. With a remodel, you have the potential to get exactly what you want without any compromises. Financing for a remodel will typically need to come from a private lender like a bank or credit union. Loans will usually be secured against the equity that you have in your home.
Loan terms for buying a new home are likely to be more favorable. However, the process will be complex, as you’ll need to sell, buy, and handle all the paperwork and details in between.
If you are responsible, if you like to be hands-on with your finances, and if you have the discipline to plan and budget, then it’s possible to perform extensive remodeling for a reasonable cost.
Are You Running Out of Space?
Some homeowners find that they are running out of space and decide that moving is the only solution. In most cases, this is not the best decision.
Often, a lack of space comes from an inefficient home layout. Moving could be a costly and expensive solution for a problem best solved by remodeling.
Opening living spaces, extending a kitchen, or even opening a ceiling can all help to increase space in a home. Sometimes it’s the perception of space that is the problem, and it’s quite common in older homes with outdated architecture.
Before you commit to moving, talk to a renovation contractor to get some ideas for opening unused space. Finishing a basement, garage, or even an attic could add bedrooms or living areas. You could combine smartly placed extensions with finishing projects to add ample living space to a cramped home.
There are so many options with remodeling. The best contractors will help you to visualize what your home could become.
Is Moving Going to Fix What’s Missing in Your Current Home?
It’s very rare for a buyer to find a home that ticks every single box. Whether it’s exteriors, bathroom design, or even the kitchen, there’s usually something that could be changed or improved.
Before you make the decision to move , consider that doing so might not actually give you what you want. In a few years, you could find yourself in the exact same position, wishing for something in your home that isn’t there.
This is why it’s so important to plan and talk with a contractor to see exactly what it is that you want to change in your home. It might even be a small and affordable renovation that gives you what you’re missing in your home today.
How Much Time Do You Have to Commit?
Partial and even full home remodels don’t actually take as long as most people believe. While major remodeling could take months or even a full year, some smaller projects can be completed in a matter of weeks.
Moving to a new house also takes time, and you will have to deal with estate agents, lawyers, and go through the process of selling your old home all at once.
With a reliable home remodeling contractor, you could look forward to efficient and stress-free remodeling.
- Refinished floors can take between two days and two weeks.
- A bathroom renovation could be completed in two to three weeks.
- A kitchen remodel could take up to twelve weeks, but could be completed in as little as two, depending on the scale of the work.
- A kitchen face lift could be completed in less than a week.
- Basement finishing, and conversion projects are usually completed in 4 to 6 weeks.
Typically, jobs that include plumbing or adding physical space to your home will take the longest. Discuss time frame expectations with a contractor and see how the project would fit around your lifestyle.
You may be surprised to find that remodeling can sometimes be less disruptive than going through the hassle of selling and buying a home.
Do you need to Downsize? Remodeling May Still Be an Option
Downsizing through remodeling is much trickier than upsizing. This is why most people simply move to a new home, particularly for retirement.
But, there are some exceptions. For example, you could downsize by turning one home into two.
There are different ways to do this. You could legally split a property in some cases, depending on local approval. If you remodeled your home into a duplex, you could potentially sell half of the property for a tidy profit.
You could also convert your home into a single dwelling with separate living areas. This could allow you to live with family, while still retaining some privacy and freedom of space. Maintenance costs could be shared, and you could help your adult child to get onto the property ladder in this way. If you’re still paying a mortgage and need financial help, this could be a good option.
What’s Right for Your Family?
Money, time, convenience, space, and even future planning are all critically important. Perhaps even more important, is your family.
Which option would have the least disruption on your family? Would moving home place undue stress on a marriage? Would a renovation cause anxiety, or would it be easier to handle due to familiar surroundings?
The quality of your neighborhood is often just as important as the quality of your home. You don’t get to choose your neighbors, so if you love the ones you have, staying put could be an easy decision.
Distance to schools, hospitals, and other local services and amenities should all be considered. If you have children who are already established in schools, do you really want to take them out of their comfort zone into an unfamiliar environment?
Before you choose to move, think about how your current needs could be met with a partial or full home remodel.
Think Carefully Before You Choose to Buy a Move Up Home
Renovating an aged home could give it back the character and quality that it has lost. Remodeling could help you to turn your current home into something even better, that is more functional and more suited to your needs today.
Deciding between moving and remodeling is never an easy choice. Consider all the points raised above, and choose the option that suits your budget, family, space requirements, and lifestyle.