Should You Remodel or Move?

If there's one thing we can count on in life, it's change. Whether it's a choice we make or the outcome of unforeseen circumstances – if you're living, you're changing! So, what happens when you decide you're ready for a change in scenery in your home?

Maybe you went on vacation and discovered a new place you'd like to call home, or perhaps you'd just like to move across town to be closer to family members. Or – and here's our specialty – you decide you want a change without actually having to go anywhere.

Choosing between remodeling your home and buying or building a new home can be tough. Unfortunately, the laws of physics say you can't have it all (yet) so you're going to have to choose: will you remodel, move, or buy a new home? Here, we'll discuss the pros and cons of each, and hopefully, help you to settle on your final decision.

Is it Cheaper to Remodel or Move: That is the Question

When you're in need of a change, it can be easy for some to err on the side of caution and disregard the legitimate desire for a major change of scenery. The question is, how much of a change of scenery do you really need, how much can you afford, and finally – is the most expensive option really the right one- even if you have the money?

In the final analysis, only you can answer these questions. It might take some soul searching as well as some careful budgeting and smart shopping.

Remodeling

A complete remodeling job can be extremely satisfying. It's possible that the right remodeling plan will satisfy your need for something different, address your family's needs, and even get you excited about new hobbies, entertaining, and more.

A remodeling job can be practical, giving the family additional space, new capabilities in the kitchen and bathroom, and the like. It can bring new recreational possibilities about such as a game room, a pool, deck, a theater room, or whatever you can imagine.

It's possible that remodeling your house will scratch itches that even buying a new home won't if you can't find a new home that gives you what you really want. Therefore, you may need to shop around for new homes before you can rightly decide which is the best move.

The average comprehensive luxury remodeling project can run you somewhere between $100,000 and $200,000. Of course, you're only limited by what you can afford, and most remodeling jobs are going to be less expensive than buying an additional home.

Another thing you might want to keep in mind is the fact that a major remodeling will increase the value of your home significantly. This is especially true if you do your research and add features that command the best price points. That means you could do the remodel, and sell the house five to ten years down the line. Who knows, you might even make a profit at the end of your journey.

Changing Homes

Selling your current home and buying a new one is likely to be the most affordable route. Of course, if you're really considering all of the options, then you might not be too worried about your budget. It must be said, however, that moving to a new location comes with potential benefits that a simple remodel won't, namely, the new stomping grounds. If you're a nature lover who needs to be around lakes, mountains, rivers, and streams, moving to a new house might be the only way to achieve that goal. The same goes if you're a fool for the city, as the song goes.

If you're on a tight budget, and your current home is valuable enough, you might be able to make money on the move. If the new location is more important than the structure, buying down might be the way to go.

How Much Does Moving Cost?

You'll have to keep in mind the fact that moving can be expensive too. Depending If you're working with to tight budget, the $2,000 to $15,000 average for moving services is something that you're going to have to factor in.

On the other hand, remodeling your current house to add value and moving later- as we discussed above- might be the smartest long-term plan.

Buying a Second Home

The idea of buying a vacation home is far from novel, and it's really only an option for those who can afford it. Naturally, you could look for a timeshare, which will save you a heck of a lot of money- at least in comparison to the other options. But you won't be creating any lasting, salable value.

Sometimes, picking up everything and starting over in a new location is the best thing for everyone. If you're moving for work or other important family needs, it can feel like a real adventure. At the end of the day, only you can decide what's best.

Conclusion

Whether you remodel or move, new construction loans can make the project more affordable, and eliminate much of the waiting. Going for a home construction loan is a good way to strike a balance between the cost of buying a new home and the convenience of renovating a house.

If a luxury remodeling project sounds like part of a viable plan for you, get in touch with the Remodeling Experts at Compelling Homes. We can help you figure out what's the best remodeling job for you or supply you with the perfect home construction loan. We don't leave the job until you're satisfied. 

Ready to start exploring your options? Learn 6 important questions to ask when choosing a remodeler.

Always remember: don't settle for "good enough" – make it Compelling!