In the midst of a fertile housing market for buyers, it’s easy for someone to think that the best way to appease their dissatisfaction with their current housing situation is to just purchase a new home. However, moving may not actually be the best remedy for your house unhappiness.
There are a number of reasons why remodeling might actually be the solution for you, and according to the National Association of Home Builders: remodeling is in. The national remodeling sentiment was reported at its highest level in five years. So, let’s answer the age old question: Why remodel?
Above all else, cost is an overwhelming factor in deciding whether or not to move. Before picking up your local house listings, consider the real costs of moving. There are the obvious and large expenses like real estate commissions, down payments, escrow, finance & closing charges and new house payments. But the smaller costs – such as hotels, a rental truck, movers, packing boxes and utility set up fees – also add up. Remodeling can be done for a fraction of the price of a new home and can add instant equity to your existing investment.
Beyond the financial costs, moving can also take an emotional toll on a family and add unnecessary stress to a positive dynamic. Packing is stressful, especially for a family, because there will be something you need that gets packed away before you need it. Fortunately, remodeling generally only puts the areas you want renovated out of commission for a small time frame. Your items can just be moved to another room within the same house.
Moreover, moving stands to sever the relationships you’ve built with neighbors and local friends, not to mention uprooting your children from their school friends. Is your location ideal for your commute to work or school? Moving can complicate a stable routine.
Ultimately, there are several factors to consider when deciding whether or not to move. Take into consideration a holistic picture of how the move will affect your life, and ask yourself (and if applicable, your spouse), “Why am I moving?” If your answer to this is something like, “I hate my kitchen,” you should seriously consider a remodel, instead. It will help you keep your sanity and a little cash in your bank account.