After spending so much time at home this past year, you might be acutely aware of all of the things you are unhappy with in your home. Whether that is a lack of space, the outdated backsplash in the kitchen, or the small standard shower the house was initially built with, you may find yourself contemplating whether you should move out and buy a new home or renovate your existing space. Here are some things to consider when weighing your options:
If you have lived in your existing home for an extended period of time, you are probably quite comfortable with the area. You know your way around, you are friendly with your neighbors, and the kids are enrolled at local schools. These are all things you have to consider giving up when moving to a new home. If some of these things are part of the reason you are considering a move, this might make the decision easier. New communities often come with updated amenities that may not be available in your current neighborhood. And finding a home located in a superior school system may prove that moving is actually a great thing for the kids.
Arguably the most crucial factor in your decision to renovate or move is the costs associated. Consider the scope of the renovations needed. If it is contained in one area, it may be more manageable and cheaper than buying a new home. However, living in a construction zone is difficult for some families, especially if the renovations occur in one of the main areas, such as the kitchen. If the cost of updating is substantial, you may find that moving to a new home makes more sense. Interest rates are at an all-time low, and if you have strong credit, there's a great chance you will score an affordable mortgage.
It is critical to thoroughly consider the project's scope to determine if your vision is achievable with your timeline and budget. Cosmetic repairs such as updating tile and painting are simple fixes and can dramatically update a space. More extensive work, like tearing down walls to create an open floor plan or an over-haul of the Owner's Suite bathroom, can be significantly more costly and time-consuming. It is also imperative that you determine if what you are dissatisfied with is something you can change. Things like lot size and square footage are not typically wish-list items that can be accommodated by renovations. Find out why you are unhappy with your house. Is it for style reasons, or is it is truly not functioning for you? If it is the latter, it might be time to start your new home search for something that will.
Understandably, there is no easy answer; both deciding to renovate your home, and choosing to sell it and move on, are huge decisions that you should thoroughly think through. If you weigh the pros and cons and are honest with yourself and your family's needs, you will hopefully arrive at the best option for you.
If you are searching for the next house to call home, check out some of our available inventory on our website