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Renovate or Relocate: 5 Things to Consider

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Your home no longer meets your needs. May be its too small, or too big. May be the plumbing is trashed or the roof is falling apart. Whatever the cause, it is now time to make some major decision. Should you renovate your old house, or should you just sell it and move somewhere else?

Before you start looking for remodeling contractors or real estate agents, you need to think about a few things. Let’s take a look:

Cost

One of the most important aspects of your decision comes down to the cost. Which option would be wise financially? Not just right now, but in the long term. Will renovating add value to your property? Will it not? Will the property price in your area increase or decrease in the future? Will you be giving up a prime bit of real estate or are you getting rid of a depreciating investment? You need to ask yourself all these questions before taking any decision.

Needs

Our needs tend to change over time. Perhaps you’re having kids or adding a home office, so you need more space. Maybe your kids left the nest and now the house feels too big. Perhaps you’ve moved on to a higher tax bracket and want your home to reflect your improved economic status. Can renovating adequately fulfill your changing needs? Think not only of what you want right now, but also of your long term plans. See if your house fits in. If it does, renovate. If not, it’s time to move on.

Condition of your house

For renovating to be viable, your house must have a good foundation. Hidden elements such as wiring and plasters need to be considered before you renovate. Get advice from a professional beforehand and see if your house is worth the cost of renovating. If renovating is more trouble than its eventual worth, it is better to just sell.

Neighborhood

Do you enjoy your neighborhood? Are your neighbors good to you? Are there good schools, hospitals and general stores nearby? Are necessary utilities easily accessible? Always remember, you can fix a house but you can’t fix a neighborhood. If your neighborhood is good for you and your family, you might want to fix your house instead of moving. But, if the neighborhood is bad, or you could do better, relocating might be the better option.

Sentimental value

Homes tend to have a sentimental hold over you. There might be hundreds of bitter and sweet memories attached to it. Ask yourself, does the thought of coming home, at the end of a long tiring day, give you a warm fuzzy feeling inside? Will you miss your current home terribly? Or is it just a place for you to shelter yourself at night? Will another home do just as well as your current one? Emotional well being affects every aspect of your life so you should consider carefully.

 

Every house and every situation is unique, so evaluate your own. Do some research, consider the pros and cons of renovating vs. relocating and more importantly, listen to your instincts before you make any decision.

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