Is it more Cost-Effective to Renovate or Relocate?
No matter which you choose, both renovating and relocating are costly endeavors. To determine the more affordable option, compare the two by making a list of expected expenses. It’s helpful to see the information written out so you can compare the costs and benefits of each choice.
Consider the Expense of Selling Your Home
You might overlook the actual costs of listing and selling your property, focusing more on the profit you hope to earn. Here are the common expenses incurred when you sell a home.
- Costs of moving include boxes, hiring a moving company, or renting a truck to move your family.
- Your real estate agent’s commission will be paid out of your sale price.
- Fees for deep cleaning the house and staging the home for showing.
- Repairs and upgrades will need to be made before listing the house for sale.
- You may need to rent a storage unit to keep your belongings while the house is on the market.
Expenses Incurred During Remodeling
Remodeling expenses can be easier to calculate than the costs of selling your home. You’ll need to look at the actual cost of the work and what it involves. Set a budget for remodeling and stick to it.
- Permits will need to be acquired for work done on your home, especially when making structural changes or electrical or plumbing updates.
- The cost of materials and installation should be carefully calculated.
- Budget for unexpected expenses during the remodel.
- You may choose to move some of your belongings into storage to make space for the remodeling work.
- Will your family be more comfortable in a short-term rental while the renovations are happening?
Look at What You Need in a Home
Is it possible for your home to be renovated into a perfect place for your family? There are instances where the features of your property won’t allow for major renovations. Maybe you need to build an extra bedroom, but don’t have enough space on your land. If you’re dealing with ceilings that are too low or a home that cannot meet your needs, moving may be the best option.
Renovation can be Stressful
Renovating can be stressful and overwhelming. You may not have the time or patience to choose new flooring or shop for a contractor to expand your kitchen. Living in the midst of construction is not pleasant, especially if you work from home or have young children. Renovations might feel more chaotic than packing up and moving house.
Should You Relocate Or Renovate?
There are many factors to consider when choosing to renovate or relocate. If your house is too small or needs a lot of upgrades, relocating might be the best thing for your family. However, if you like your home or neighborhood, you can increase your home’s value with updates and renovations.