Many homeowners find themselves asking the same question: should we move or improve the home? Maybe this question comes from facing challenges in renovating, growing your family and needing more space, or simply wanting to upgrade and make things more modern. If you have a specific need to move, such as a relocation for a job, then the question is answered for you. But if you’re in a bit of a rut and want to make some changes, this is a question that should have a well thought out answer.
As with anything in life, there are pros and cons for moving vs. staying put and investing in home improvements.
Honestly, this debate really depends on what situation you find yourself in, your budget, and your long-term goals. If you have a large budget, something to consider is building your own home from scratch with a company like Bellriver Homes. This option may not be for everyone, but if you’re tired of spending money trying to convert your home into a place you love, then building may help you feel inspired about the start-to-finish process.
Here are a few pros and cons to consider as you decide:
What are the advantages of moving? One of the first is that you get a fresh start in a new area with a new home and new potential. You have a choice when it comes to moving, too. If you are moving by choice, you don’t have to move right away. You can take your time to find the home that is right for you. You can also consider moving into a place that doesn’t need updating to avoid having to stay somewhere else while work is being done.
Moving can also be a tax-efficient way of using your money. This won’t apply to everyone, but choosing a bigger home with a plan of downsizing later on, for example, could help you to have a chunk of money down the road.
There are some negatives to moving too, of course. Moving can be downright expensive! You’ll have to consider paying movers/moving trucks, legal fees, and realtor fees from selling. Not to mention, you may need to invest in some work before moving to make sure that everything is ready for the next owner. And vice versa for your new place. Even something as simple as painting the walls of your new home costs money, and that cost is important to consider.
Improving your home is an alternative to moving, and depending on the renovations you are considering, it may or may not be a cheaper route. Of course, one of the biggest costs you will avoid is the moving fees: rental cars/trucks, fees, etc. Alternatively, your funds will go towards the upgrades. This will help to add value to the house, as well as give more value to the home when you’re living there.
In the long-run, renovations will help you really maximize the potential of your home and help you get the best price possible when you do decide to move. It’s worth noting that home renovating can be a long and sometimes stressful process, but if you are excited about the changes, it will be very rewarding.
As a homeowner, the ‘move or improve the home’ debate can be challenging but also exciting! Whatever you decide, be sure to consider the impact both in the present and the future. As long as you have the budget to support your decision, your family will surely benefit, regardless of the avenue you choose.
Featured Image Credit: Eric Mclean