Remodeling vs. Buying

Remodeling vs. Buying

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As your needs change you might start thinking about moving or remodeling your home. So, which one is better? Well it really depends on what you want and if your current home has space for the changes you need or want. Maybe you don’t want the stress of having to find a new home for your family or maybe your view is fantastic, then remodeling could be the best option for you.

Remodeling could be a more cost-efficient route because house prices have continued to surge. Add in moving and selling costs, buying a new home is very pricey. This could also mean that your house is worth more, though. But will you get out the cost of the remodel when your home is sold? We’ll go over a few advantages and disadvantages of both.

Pros of Moving

So why would you want to move? There are quite a few benefits of moving rather than remodeling. Like the obvious ones, you won’t have to deal with contractors and your house being torn up for weeks. But there are also some other advantages to consider. If your location isn’t ideal, you can move to a better neighborhood, an area with a great view, or closer to family and friends. Many homes on the market today have been remodeled. Which means you can move into a home where the work has been done for you. The downside of this is that the remodeled home might not be exactly what you want or need.

Cons of Moving

What are the other downsides to moving? Well, a lot of them are similar to the advantages. If you love where you live, then moving can be a disadvantage. Your family and friends, maybe even changing school districts, can put added stress that you wouldn’t have with remodeling. There are also cost associated with moving and selling your home: movers, realtors, renting trucks, and other expenses that can popup. Lastly, moving into a home that is already remodeled can mean you won’t get everything you want. Maybe the color scheme isn’t what you had in mind or the appliances don’t fit your needs. You should make a list of absolute necessities for a new home, this will make the finding process easier.

Pros of Remodeling

Now that you know a few pros and cons of moving, it’s time to learn more about remodeling. If you have a Pinterest account, you have probably already thought about what you want your home to look like and a few features you would love. Remodeling would be a good fit for you to get exactly what you want in the neighborhood you love. As mentioned earlier, it can also be less expensive.

Cons of Remodeling

Remodeling can be great for you but there are significant downsides to consider. There’s always the risk of surprise expenses, if you have a tight budget then you’ll have to be aware of the entire project process and keep an eye on expenses. Having your house torn up for weeks can be a great pain that disrupts everyday life. The average cost of a kitchen remodel is $22,000 so you’ll have to ensure you can get your money back out of it when you sell. You can look at other home prices in your area to get an idea on what your home is worth.

One thing many people don’t take into consideration is whether they can remodel their home. If you live in a condo then adding onto your home probably isn’t an option. There are also city and building regulations you have to follow but your contractor should be able to tell you if your project is not feasible.

So, what are the timelines for the average remodel and moving? Timing could determine which option you want to go with. The average kitchen remodel takes 6-8 weeks while the average bathroom remodel takes 4-6 weeks. Moving can depend on whether you have movers to help and if you can move directly into a new house. If you have to move into a temporary living space while your house is being built this will add cost and time.