As a homeowner looking for a fresh start, you have two main options before you. You could remodel your existing home and breathe new life into the space, or you could start over with a different house and possibly even a new location. It’s no easy decision, but this six-step guide is here to help you decide whether to build out or move out.
Research the real estate market
Moving generates a lot of costs: hiring a real estate agent, staging your home, repairs, inspections, appraisals, utilities, closing costs, mortgage payoff, fees, taxes, buying a new place, renting a truck, hiring a moving company, and auto transportation are just the tip of the iceberg when you want to break bread on a new property.
Fortunately, with the help of reputable car transport companies in cities like Florida ,you can enjoy reliable and stress-free services, allowing relocating families to cross one stressor off their moving to-do list.
With that said, your car isn’t the only element of your relocation. You’ll need to research the local real estate market to see if it’s reasonable to buy and sell in your area. Work with a real estate agent to get an appraisal and schedule tours with available homes in your locale.
Determine the scope of a home renovation project
Depending on the scope of your home renovation project, how much you spend can vary drastically. Figure out what needs remodeling and consult with a contractor or designer to determine approximate cost.
If you’re feeling adventurous, you could go the DIY route in your remodel, but keep in mind that this comes with its own risks if you make mistakes or lose interest.
Remember also that you may need to stay elsewhere during remodeling. If you don’t have friends or family that can take you in, you may need to pay for a hotel or apartment during this time. Combine temporary housing costs with your quote for an idea of what a home renovation would cost.
Figure out the most cost-effective plan
To determine the most cost-effective plan, you need to consider your income and non-housing-related expenses. Compare your expendable money to the cost of relocating or remodeling.
According to Zillow, the average person makes $24,742 to $29,392 from selling a home, which typically goes towards a downpayment for their new home. Depending on your down payment, however, you might end up at a loss.
However, selling a house may cost less than renovating if you need to gut your home. If you do not need to remodel much or plan on taking it one step at a time, renovation is likely the most cost-effective approach to refreshing your home life.
Consider your emotional connection to your house
We have a deep history with our homes. Do some reflection to determine if you are ready to move on from your house and start fresh or if you’d like to continue making memories with a redesigned home.
You can also ask your family members for their opinions. Maybe your teen doesn’t want to leave their childhood home and friends. Perhaps your husband doesn’t want to stop grilling burgers on the deck. Your loved ones can help you evaluate your priorities and feelings about moving vs. renovating.
Making the right decision for your family’s happiness is ultimately more important than money, so don’t stress if your reflection leads you to the more expensive option.
Think about your ideal location and lifestyle
Different locations facilitate different lifestyles. Maybe you want to walk to work, enjoy a vast foodie culture, explore local breweries, go hiking on the weekends, or watch the sunset over skyscrapers.
Consider your hobbies, career, morals, and dreams. If you’re a techie, you might want to live in a smart house. An environmental enthusiast may prefer a tiny home.
Figure out what speaks to you and see if you can achieve that with your current home. If not, you might want to move.
Contact an expert
Experts can help you determine the costs of remodeling or relocating. You can work with interior designers, realtors, construction workers, or even psychologists to see if moving is right for you. Sometimes it helps to have a non-biased, external opinion on the situation to help you decide.
Two roads may diverge in a yellow wood, but only you can decide which is right for you. When it comes to the remodel vs. relocate question, investigate your feelings and finances to take the path that makes sense for your family.