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Relocate Or Renovate?

Most homeowners are forced to ask themselves if they should renovate or relocate at some point in time. The decision to sell their house and move away or to stay in their home and remodel can be very tough indeed. Many factors certainly influence whether you decide to move or whether you stay and remodel your home.

Should I stay or should I go? Inevitably, most homeowners are forced to ask this question at some point in time. The decision to sell their house and move away or to stay in their home and remodel can be very tough indeed. Many factors certainly influence whether you decide to move or whether you stay and remodel your home.

MOVE OR REMODEL?
Location, location, location. It’s usually the mantra of real estate agents, but it applies here as well. Where your home is located is usually the most important factor because a home improvement project will never change the location of your house. You may be forced to undertake a move because of external forces you cannot change, such as:

Because you cannot change these factors, you and your family may find that a move to a new location is absolutely necessary. Take a look at your home location and decide if it meets your needs, if it can be improved, whether or not it is too old, and whether or not you can deal with the stress of a remodeling project.

TOO MUCH OF A GOOD THING?
Another factor in your “relocate or renovate” decision could be that your house is already the nicest in the area. An extensive renovation or improvement of the best house in the neighborhood might be fine if you’re planning on living there for an extremely long period of time. However, if you have plans of selling in the future, such a renovation might prevent you from getting a decent return on your investment. If your house is already the nicest, spending more on it won’t make the value go up even higher.

TAKING THE PLUNGE?
If you’ve decided to stay put, you may have made the best choice. If you ask people to list the costs involved with moving, most will only talk about the price for a moving company to come pick up their furniture. It can actually cost more to move than to take on certain remodeling work. There are costs associated with selling your house, buying a new house (realtor fees, closing costs), cleaning services, transporting your family (hotels, meals, gas), repairs and renovations needed to sell the old house, and many, many more.

If you’re going to renovate, keep these tips in mind to make sure your home improvement projects will go a lot smoother:

MAKE IT HAPPEN
As the real estate market continues to slow down, and in some areas drop dramatically, it is an important time to consider staying put and remodeling your home. Housing prices may continue to level out so one sure way to improve property value is a proper renovation. Consult a designer or architect in your area to determine which changes will be best for your home in your neighborhood. If you’re planning to stay in your current house for a long period of time, make sure that any renovations you do are truly for you. It’s your home and you’ve got to live in it and be comfortable. Whether you convert your basement into a recreation room or you want a spa tub installed in your master bathroom, go with the products and designs that work with your lifestyle. If your tastes are more exotic, you can always remodel or renovate again when you’re ready to sell. If you plan and finance your renovation appropriately, you should be able to “make over” your home to suit your needs with little or no problems. – DYH

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