Many homeowners eventually reach a point where they must make a difficult decision: whether they should remodel their current home or begin the process of buying a new one. While both options have upsides and downsides, each also comes with its own set of challenges. That’s why it’s important to prioritize your needs in order to decide which is right for you.
If you’re planning a home renovation project, consider Magnet Remodeling. For the past 12 years our team has been matching client priorities to leave our customers with a house they’re happy to call home.
Pros of Remodeling
Customize Your Needs
Remodeling gives the homeowner a unique advantage: the ability to customize their home to fit their specific needs. When searching for a new home, it is very rare that one property will fit all your needs as well as your budget. By remodeling, owners can choose to keep features they’ve fallen in love with while upgrading parts that could use improvement.
Your priorities change over time, but your house doesn’t. Maybe you needed a third bedroom when you first moved in, but now it has just become unused space. Remodeling allows you to reinvent these spaces into functional pieces of your home, like an office or home gym, so your space can grow alongside you rather than becoming an obstacle.
Add Value to Your Home
While remodeling adds functionality, it can also be a strategic step in profiting from your investment. If you’re looking to sell your home, seemingly small improvements like updating the kitchen backsplash or adding a fresh layer of paint can instantly add value.
Save Moving Costs, Reduce Stress
Moving is widely known as one of the most stressful situations you can be put in. While remodeling isn’t necessarily a cakewalk, the money saved on things like paying movers and closing costs can be put towards a project to refresh or reimagine your current home.
Cons of Remodeling
Hidden Costs
During the remodeling process, unanticipated problems like leaky pipes, faulty wiring, mold, or a damaged foundation may arise. While there’s no way to predict what you’ll find once you begin remodeling, planning for the possibility of unexpected costs and delays will help to mitigate financial and scheduling setbacks.
Before starting a big project, have a game plan for dealing with situations like these. By simply setting aside part of your budget and giving the timeline leeway for delays, you can reduce the impact these problems create significantly.
Living in a Construction Zone
During the remodeling process, just living in your home can become an inconvenience. Entire sections of your home may be restricted, and as a result, you may have to adapt your lifestyle accordingly. While some set aside costs for things like hotels and pet boarding in their initial budget, others choose to deal with the inconveniences in exchange for a larger project budget.
If you decide to stay in your home during construction, be sure to discuss the logistics with your partner or family and prepare to alter your lifestyle accordingly throughout the course of the project. Sleeping situations, pets, and meal plans are all factors to consider before breaking ground on a lengthy project.
Pros of buying
Potential Investment
When searching for the perfect home to purchase there are many things to keep in mind. Besides providing you with shelter, a home should also be considered an investment that can be potentially sold down the road for a profit. Researching the trend of home values in your area is a good way of determining whether or not the property will be a good investment.
Outgrowing your current home is a common reason to search for a new one. However, as homeowners get closer to retirement age, many choose to sacrifice space for a smaller home that is easier to maintain.
Avoid Stress of Renovating
While purchasing a home is easier said than done, there are still plenty of advantages to buying. For example, if your needs are simple, it may be easier to find a home that checks all your boxes than having to deal with renovation costs and inconveniences.
Whether you’re looking for more space or to downsize the space you already have, purchasing a new home can be a practical option. Prioritizing your needs and researching them in advance is an effective way to determine which option is right for you.
Cons of buying
Moving Costs
Besides the initial investment, there are many other costs associated with moving. On average, moving costs alone can range anywhere from $800 to $5700 depending on distance and the amount of stuff that needs to be moved.
If you need to move to a specific location, there isn’t much you can do to get around this. However, it is something to consider if you have the flexibility to choose the location of your new home or to budget for if you can’t.
Finding a New Home
On paper, purchasing a new home may seem like it would take less time and effort than remodeling. In reality, two-thirds of homebuyers spend three months or longer searching for the right home, not to mention the hassle of packing up a familiar life and unpacking it somewhere new.
Much of this time is spent finding a house that fits their budget and desired features. Before you commit to purchasing a new home, you should consider whether or not it would be more effective to remodel your current home to fit what you’re looking for.
Fixer Upper vs Buying New
If you’re dead set on buying, the next step is deciding whether to purchase a fixer upper or to spend more on a newly built home.
A newly built home may reduce repair costs, but you’ll likely be left with a higher price tag. A fixer upper is likely to be less expensive, but requires time and money in order to get what you want out of it. DIY skills can help you save money on an imperfect purchase, but of course then you’re back to remodeling! The right decision comes down to what your priorities are and how much you’re willing to sacrifice to get into your dream home.
Compromising
Even if you have the time and budget, it can be difficult to find the perfect home without having to compromise in one way or another. Finding the right home for the right price in the right area can be near impossible if you aren’t willing to make sacrifices.
Before you commit to buying, you should temper your expectations and consider what you may have to part with in order to find a home that is right for you.
In The End
Choosing between remodeling and moving is not an easy decision to make. The right choice depends entirely on your priorities and the budget you have to work with. Before you commit to either option, you should carefully consider the pros and cons to decide how you can get the most out of your investment while minimizing your costs, compromises, and time spent.
If you decide that a remodel is right for you, consider reaching out to our team at Magnet Remodeling. Contact us today to get a free estimate and discuss the logistics of your project!
