There will come a time when you might realize that your house no longer meets your needs. Is your family is growing? Maybe your kids now need their own rooms. Do you need more space you can turn to your home office? Or maybe your idea of a dream house is now far from your current home?
Maybe you now want your home to have larger, newer windows installed. Your kids are not getting enough sunlight and this is one way to let more natural light into the house. You also want to improve your home’s energy efficiency, add to its curb appeal and increase your savings.
Your realizations regarding your home only made matters more confusing. Now, you are torn between moving houses and renovating. Evaluating the pros and cons of renovating and moving can help you decide on which option to take.
Safety Issues
Health and safety should always be your priority. You will need to observe extra measures when applying for a mortgage, talking to your agent, and negotiating with the seller. Open houses, managing the sale and moving houses can be tricky.
If you plan on doing it yourself, you need to find ways to limit the need for multiple trips when buying your materials. If you choose to renovate and you plan on hiring contractors, you need to find the right one and observe health and safety measures during the renovation. It becomes tricky if you live with someone who is considered at a high risk of getting seriously ill.
The Costs
Moving to a new place is often more expensive. But then, it also depends on what home improvement projects you plan to take. The more rooms you plan on renovating, the bigger your costs will be. As for moving houses, finding a home, getting a mortgage, paying taxes, paying the movers, and other costs can quickly add up.
Both options can turn into a financial disaster if you are not careful when budgeting your finances. Consider what you want in your house and estimate the costs. If you want to add more than one room, the costs are considerable and you found a home within your budget, then it might be a better idea to move.
Your Property
There is a need to consider if your home is suitable for remodeling. If you are living under a homeowners association, you need to acquire their permission to avoid racking up HOA fees. You also need to check if your planned renovation requires a building permit.
If you don’t like where you live and you found a home that ticks most of your priority list, then it would be better to move. If your property is in an ideal location, you might have second thoughts about moving. You have more reasons to renovate if your home’s location is near your work, the kid’s school is in a safe neighborhood, and near family and friends.
Time and Convenience
Consider how much time it will take to finish your desired renovation project. Some projects can take months if you consider all the activities included from start to finish. Moving houses can also take a few months since you will complete the sale process and prepare the home before you can move.
For bigger renovation projects, your family’s comfort will be affected. This is especially true if it will last for a long time and you can’t use spaces in your home during the renovation. As for moving, selling your current home, packing, moving and unpacking can also be inconvenient.
When choosing between moving houses and renovating, consider your home’s location, budget, family’s convenience, how long the project will last, and most importantly, your health and safety. Each option has its fair share of advantages and risks. It all boils down to your needs, your plans for the future, and your preferences.
Meta Title: Should You Move or Renovate in the Midst of a Pandemic?
Meta Description: There is no easy way to decide whether moving is a better choice or if renovating your home is the more convenient idea. Here’s what you need to consider.
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