Moving is one of the most stressful life events, but is living in a construction zone any easier? My family and have survived two major renovations on our own home. First, about 15 years ago, we added an upstairs bedroom, bathroom, and office. Then, we undertook a full-blown kitchen remodel 6 years ago. After it was all said and done, we couldn’t be happier with the results.
Since we first moved to Travis Country in 2001, our family grew and we found we needed more space. We had spent time before the upstairs addition pondering a move within Travis Country, but realized after looking at a few possibilities, just how much we loved our street and our lot, not to mention our wonderful neighbors. For us, a remodel to our existing home was the right answer.
If you are a current homeowner and you are antsy with your current living situation, you have two options: to renovate or move. A number of factors impact whether scheduling renovations or buying a new home is the best financial and emotional decision for you and your family. There are four basic things to consider before you decide. Both moving or renovating can be stressful, costly, and time-consuming. Consider your answer to these questions before you decide what is best for you and your family.
Cost
Is it cheaper to renovate or move? For many Americans, the cost is a major factor in home improvement decisions. Whether or not it is cheaper to renovate or sell depends on your current mortgage situation, as well as how much money you have in savings. Renovations come with immediate, out-of-pocket expenses, whereas moving can put money in your pocket now but cost you a lot more down the line. What I am hearing from builders is that the construction costs are very high because of demand and the pandemic, so what might have been a less expensive option last year to renovate might cost more than a current move.
Emotional Attachment
What will you miss about your home? You and your family maybe even more attached to your home than you realize. It may be the place your daughter took her first step or the last place you saw an ailing grandparent. Consider these emotional implications before you decide whether you are ready for a move.
Real Estate Market
Is it a good time to sell? Even if it is cheaper for you to move as opposed to renovating, will you be getting the most out of your investment? Give me a call or email to ask about market conditions and what your home could sell for. Travis Country, along with all of Austin has a very low inventory of houses to sell. Because of the current market conditions, it is a great time to sell if you are considering a move outside of Travis Country.
Timing
Is the timing right for you and your family? Not only is moving stressful, but it also isn’t always feasible or rational given other life events happening to you and your family members. Consider that moving may mean changing school districts, commute routes, and mortgage costs.
Keep in mind that renovating your house comes with immediate expenses, with the average home remodel costing $50,000+. If you are setting money aside for college savings or other finances, can you afford a costly renovation right now, or would it make sense to take advantage of your equity and sell for extra cash?
Before you decide whether to move or remodel, it is a good idea to sit down with other household members to discuss all of these considerations. Even if you are the ultimate decision-maker, including your loved ones in the process will make the decision easier for everyone.
If renovating is what you decide, I have an amazing list of contractor and trade referrals on my website under service providers. Finding the right contractor and designer can make a world of difference for a good remodeling experience. And if moving is your best option, give me a call or text and we can discuss options. Given the current market, it’s a great time to be a seller!
