Homeowners may dream about it, dread it, plan for it, and avoid it.
We’re talking about selling the house they live in now and buying a new one. If you’re considering selling, you must ask yourself if it’s the right time and for the right reasons. Would you be just as happy renovating your current home and staying in it?
Deciding whether to sell or renovate is tricky, especially when one spouse feels differently from the other. Typically, if you plan to stay in your home for at least five years, you should upgrade to the items you want that are within your budget. Here are some ways to decide which path to take.
What Do You Want That You Don’t Have Now?
Think about what is driving your decision. Are you just feeling restless? Or, does your family actually need more space? Is the kitchen outdated? Are there enough bathrooms? Is the yard too small? Are you craving to move to a safer neighborhood? Make a list of your reasons why you want to move and study them closely.
Consider moving if... Your current home might have aspects that can’t be changed. A steep driveway or small yard aren’t things you can usually renovate. Also, moving to a safer neighborhood or one that better fits your lifestyle are also valid reasons why moving would win out.
Consider renovating if…Home-sweet-home is actually home-outdated-home. If hiring someone to redo the bathroom or update the kitchen would erase the idea of moving, it’s smarter to put some money into remodeling and stay put.
Related Read: Kitchen Upgrades That Don’t Require a Remodel
Will Moving Strain Your Budget?
Over time, homeowners may receive promotions and raises that allow them to upgrade to a larger home with nicer amenities. Is this you? Or will purchasing a new house put pressure on your monthly budget? Before deciding, calculate the amount of money you spend now on your housing, including taxes, insurance, and upkeep. Compare it to the home you would move into.
Consider renovating if…Moving into the new home you want requires you to give up other things in your budget. If you will no longer be able to go to dinner, take vacations, or any other activity you enjoy, it’s probably not worth it.
Consider buying if...Once you crunch the numbers, if the new home doesn’t impact your budget negatively, if may be time to start fresh with a new house.
How Much Do You Like Your Neighborhood And Schools?
Neighbors can be great or less than friendly. Which type do you have? The same goes for schools. If you have school-age children, your school district is a big factor in driving the moving decision. Also, think about safety. Is your area high or low crime? Is it convenient to the activities and hobbies your family enjoys?
Consider renovating if…Your neighbors are like family, the schools are good, and the area is safe. A bathroom upgrade, shower renovation, or a kitchen makeover might be the best option to convince you that the good aspects of where you reside make it worth staying.
Consider moving if…Conflict with your neighbors keeps tensions high, or the schools are less-than-satisfactory. In addition, if the neighborhood has problems with crime, it may be time to find a place that’s safer for your family.
Do You Expect Your Household To Change?
Many prospective parents decide to move to a bigger home. Having aging parents may also be a reason to buy a new home with room for them. Are you dealing with either of these scenarios?
Consider renovating if…you have unfinished space that can be renovated into additional living areas. Attics, basements, and unused garages are frequently converted into perfectly-sized nurseries or parent apartments. Another option for homeowners with good-sized yards is to contract a home addition. This way, if you like everything else about your home, you can stay there while still accommodating the people you love.
Consider moving if…your current home doesn’t offer a way to increase the square footage, and you’re quite certain you will be having children, or your parents will be moving in. Sometimes we DO outgrow houses and need to move so our family is comfortable and happy.
It’s a personal and unique decision to decide whether to move to a new home or renovate the one you currently live in. These points are starters to help you make the best decision for you and your family.
Should you sell your home or renovate it? Take this quiz to find out!
