A dream home is a place where one can go to after a tiring day as well as a place to build happy memories with loved ones. However, there will be instances wherein the place one calls home may not be suitable for their needs. Circumstances such as a growing household, outdated home style and property damaged by a natural disaster may prompt homeowners to decide to move out of their home. But is it always a good decision to just sell your house and look for a new one? Sometimes it might better to just renovate. It might be cost-efficient and may save you from many hassles depending on the situation.
Here are some pointers to keep in mind when deciding if it is better to move out of your home or just renovate it.
First of all, you will have to decide if you are ready to leave your home. You may have lived in your home for a long time and it may be hard to just move out. It is also highly possible that you have formed a bond with your neighbors and also the community itself, making moving out heartbreaking. In this situation, it might be wise to just renovate your home than move out.
One also need to factor the time it will take to completely renovate areas of your home. It may take months to completely renovate the entire home or parts of it. Certain areas such as the kitchen may take at least a couple months, taking into consideration the areas to improve such as plumbing, countertop change, wiring, and other stuff. It is also difficult to live in a house that is being remodeled. Just imagine not being able to use parts of it for an extended period of time.
Moving out may take at least 4-5 months, from searching a new home to negotiations, making an offer, and finally packing. An advantage to this is that you will still have access to your current home during this time.
If you live in certain states like New York, then renovating your house or a part of it may cost more than just moving out. The overall process of moving out will cost less than renovating your house in New York according to a My Home Design + Remodeling. A full kitchen renovation will already cost you around $39,500, while a toilet renovation can cost $23,500. Meanwhile, the average cost of moving out there is $60,000.
There are instances wherein renovation would be impossible to carry out. If you live in an apartment, or only have a small plot of land, then it would be nearly impossible to add additional rooms if that is what you require. One can be creative in certain scenarios to solve this, such as adding an attic or maybe reconfiguring a spacious room and converting it into smaller ones.
Renovating your home to suit your needs and design is possible with proper budget allocation. It is a good option if you want to just change the design of a part of the house, or create an open floor plan for ease of access. In case of moving out, you will be stuck with the design or floor plan of the available houses in the market, and it could cost you double if you renovate a recently purchased house in the future.
Big decisions such as renovating your home or moving out to a new house is not an easy one. Sometimes it is more of a hassle than it is worth, especially if you do it alone. Whatever you decide to do though, it will be better if you get assistance from professionals to help you transition with ease.
And, just so you know a little about us, we are active real estate investors looking for properties in the Fairfield and New Haven, CT areas. We can make an all-cash offer and close quickly.
If there’s anything that we can do to assist you, please don’t hesitate to call our office at (203) 300-6477 or email us at firstname.lastname@example.org.