If your home is currently in a state that’s worse for wear, you’ve got a big decision to make: is it time to renovate for the better, or sell up and move on for greener pastures? Don’t worry, this is a choice we all struggle with! On the one hand, you’ve lived in this home for years, but that could also mean you’re ready for a fresh start – which side should you fall on? Well, that’s only a decision you can make, but we’ve got some points below that can help you decide. Remodeling a home might be on the cards right now, but if you can afford to do so, you may also be ripe for buying a new home altogether. Let’s take a look at the pros and cons of each side and consider the best option, remodel or move.
A Structural Issue Can Shoot Down Your Budget
If you’re looking to renovate here, you’ve got to think about the budget you’re working with. Sure, you may have saved up for this remodel, but what if it’s an emergency job that needs completing in the next few days? And even if you’ve had the time to assess the structural issues, and you know you can afford to fix them, what will you do if a mistake occurs?
All in all, this can all shoot down any savings you have left. This is why it might be worth it to look into moving out. If you can sell this place, with most of the structural damage fixed up, you get the chance to make a return on this money, as well as ensure you never have to deal with the problems again.
Buying a New Build Can Be More Valuable
When you’re buying a new home, and it’s new to you and to the market too, you’ve got the chance to build up its value in your own way. It’s never been lived in before, so there are no scuff marks to drag it down, and you’ve got free reign of the structure in a way you’ve never had before. So, it might make more financial sense to you to sell and move than to stay and remodel. Check out an online Property Portal to see if there are any new builds in your area right now and whether any are in your price range. Of course, a new build can be a bit more pricey than any older home available, but this might be a mortgage worth the time and money if you’re only focused on the value side of things.
Your Remodel May Not Up Your Home’s Value
Speaking of value, if you do choose to stay put and simply remodel your home, there’s a good chance it won’t up the value of the property at all. If you’ve already completed renovations in the past, and you know the original property was worth 15% less than what it is now, there’s a very good chance there’s no further wiggle room. You’ve simply hit the ‘cap’ on the value ladder.
To assess this, think about the age of your home, think about how much work you’ve put into it, and then think about the location of the property. What’s the market like? What are the other houses on the street valued at? And how does the value of your home compare to these prices? If all values are about the same, or your home pips the rest to the post, your remodel may be a waste of your time and money.
It’s All About Sentimental Value
But at the end of the day, it’s all about how you feel about your home. Whether you want to stay put and make the most of what renovation work you can do, or you want to move out and start fresh somewhere else is all about sentimentality. Maybe this is the home you’ve always lived in? Maybe you started your family here? Maybe you’re really close to the neighbors?
Depending on how you answer these questions, you may have already made up your mind. And that’s totally fine! But make sure your feelings about your home don’t get in the way of a rational financial decision. Does it really make sense to stay put? Or could you save a lot of money by finding somewhere else to live?
So, are you going to remodel or move out? Take all of these factors into consideration before making your decision – you may not be able to go back.