Remodel or Relocate? The Benefits of Staying in Your Home
Moving is stressful. Remodeling is stressful. If you need to upgrade your current living situation, you have two options: move, or renovate. With interest rates rising, real estate inventory still low, and most homeowners struggling with inflation, it’s essential to make the right decision for your family and your finances, and often, that means staying where you are and making your home work for you with a comprehensive, smart remodeling project.
Factors to Consider
There are a few factors to consider when you are deciding what will work best for your family.
For most homeowners, cost is the major factor when looking at these choices. Remodeling has an immediate expense, but moving and taking on a new mortgage will often cost you far more overall. Every family needs to look at their current situation and options. If you’ve been in your home for a while, a home equity loan can often finance most of your home remodeling projects, whereas taking out a mortgage for a new home at today’s interest rates can be prohibitively expensive. Talking to a professional can help you look at the financial impact of your decision and how it will affect you long term. Your new home will almost assuredly need some improvements as well, and that cost will also need to be factored into the decision.
For some homeowners, a house is just a house. For others, the emotional attachment is much greater. Leaving the home where your children were babies, where you developed friendships with your neighbors, or where your beloved pets are laid to rest can be difficult for some. If your home feels like an extension of your family, the impact of moving can be very difficult.
Real Estate Market:
The market is always something to consider. Many homeowners are wooed by high selling prices and what they can get for their current home in today’s market, but it’s also important to consider how that market will impact what you can buy. In a low inventory, high price market, it’s smarter to stay put.
Impact on Your Family:
Remodeling can make things stressful in the short term. Depending on the project you take on, you could be living in a construction zone for a while. However, moving comes with its own stressors. Changing neighborhoods, school districts, and commutes can all be difficult to adjust to, and the process of preparing your house for sale, then packing and moving, can often be just as disruptive to family life as remodeling. There is also no guarantee that you will find the perfect new home, whereas with remodeling, the end result can be exactly what you are looking for.
Benefits of Staying in Your Home
When you make the decision to stay in your current home and remodel, you can take advantage of many benefits. Although the initial out-of-pocket expenses may be higher, you will save money overall when factoring in moving and selling costs, as well as the expense of a new mortgage. You can increase the value of your home, and most importantly, you can customize your remodeling project to fit your exact needs. In addition to the practical benefits of staying in your home, you will keep the community ties and relationships that you’ve spent time building. Your family will enjoy the stability of staying in your community.
Home Remodeling Options
You can’t make a decision until you know what you want and what you don’t want. What isn’t working in your current home? Has your family grown and you need an additional bedroom? Are you now working remotely and need space for a home office? Are the bathrooms and kitchen outdated and in need of a refresh? Is your home older and in need of energy-efficient improvements?
Before you talk to a remodeling contractor, list what you love about your home as well as what you don’t. What you want is nearly always possible with the right contractor. Rather than trying to find a new home that fits your needs, you can customize your current home to exactly what you want. Some home renovations are superficial, and some, like additions, will be more complicated, but your remodeling contractor can look at your current property and offer suggestions. Some of the most popular remodeling options right now are:
- Room additions or expansions (additional bedrooms, laundry rooms, and offices are all popular right now, as well as converting an unfinished attic or basement into a functional space).
- Kitchen and bathroom upgrades are always a great idea.
- Energy-efficient improvements (windows, entry doors, appliances)
- Adaptations for changing family needs, such as renovations necessary for aging in place.
Before you make the final decision of whether to relocate or remodel, sit down with your family to talk through all the considerations. The best success is when all family members feel heard and included in the decision. Talking to the experts is the next step, as they can give you the practical, financial, and current market advice you need to make an informed decision. A mortgage expert can let you know your financing options for remodeling and the long-term financial impact of both choices, a real estate expert can let you know what to expect from the market, and a remodeling contractor can help you design the ideal space for your family that fits your needs and budget. If you are considering a remodeling project that will allow you to stay in your home, contact the team at Total Quality Construction for an estimate.