Moving out from your beloved neighborhood and finding a home that is more suited to your needs is not something that most homeowners want to do. That is why most people have to choose whether to build up or build-out. If you are currently in a tight location and building out is not the best option, then going upwards is probably the best course to take.
But, what about homeowners who have the opportunity to either build up or build-out? Which one of these is a better option? Let’s examine all the options and discover why one is a much better choice than the other depending on the particular situation.
Should You Remodel and Stay or Move Out and Buy A New House?
When the time comes that your house becomes a home, you will find it hard to leave, no matter the reasons that convince you to move out. However, when you find any inadequacies in your property, then you will be left with two options, either you remodel, or you move out.
When it comes to the emotional level, you really would not care about the costs. You will do anything so you can remain in the home that you love since you have already grown accustomed to your neighbors whom you’ve treated as your extended family.
Nevertheless, a budget can easily win over your connections and personal feelings about the situation. In other words, if funds are not available for building up or building out, then moving to a new home that meets your needs and wants could become your reluctant option, especially if it is located in a more affordable neighborhood.
But sometimes, there are also other reasons. Maybe the neighbors are not nice to you and you simply can’t stand them. Or perhaps you will find that your home is not suitable for you since you don’t like its layout, or you don’t think that it is a liveable space. Maybe you don’t like the school in your district for your children. These are just some of the reasons why you may consider relocating to a new home.
For homeowners who decide that remodeling is the best option, they have to plan it carefully. Be sure to make your budget as realistic as possible during the planning stage. At this point, you can choose to shorten your wish list. All those premium decorations you’re thinking about can be downgraded, and a few luxury items will have to be eliminated entirely in case the budget will get too strained.
Pros and Cons of Moving vs. Remodeling
Purchasing a new home can be really exciting. Rather than going through the process of construction where there can be a lot of stress involved, you might as well move into your new turnkey home. The bad news is, the real estate market has gone insane lately, with the prices of homes rising rapidly. This very important factor can prompt you to choose to remodel rather than moving out and buying a new home.
Remodeling can be a wise decision for people who definitely love their home, their neighborhood, and everything that it offers. Oftentimes, the thought of moving can be very stressful. With remodeling, you are bringing a new lease of life to your home. When you are done remodeling, your home can look and feel new, and most of all, you can get more usable space, which is probably a large part of what you need to improve your quality of life.
Pros and Cons of Moving
There are a lot of obvious negative reasons why selling a house can be such a hassle, including lawyer fees, transfer taxes, closing costs, realtor fees, etc.
If you have a family, then moving can likely make them feel restless, especially if you have kids who have to transfer and adapt to another school. What about your work? Do you need to travel longer or shorter?
Having to pack up all your belongings is probably one of the biggest challenges that you have to face. You also need to think about the cost associated with the movers.
Advantages of Moving
As much trouble as moving is, it is not without its fair share of advantages. You can get the chance to move your location physically. For people who think that their present neighborhood is not working out for them, then having a new place they can call home can be very fascinating.
You are not obliged to live in a construction area. If you are stressed by the idea of construction and you don’t want to deal with a huge remodel project, then the best option is moving out and purchasing a new home.
You could choose to buy a 100% turnkey home. By spending enough time researching, you could probably find a home that includes all your wants and needs. All you have to do is simply move into your new home.
You are not required to deal with the contractors. If you choose to remodel your home, then you will be required to negotiate and communicate with the contractors, builders, designers, architects, etc. If you think that this is not your cup of tea, then the only way to go is to move and purchase a new home.
Disadvantages of Moving
Purchasing a new home can be very stressful and time-consuming too. Looking for a new home can be a continuous struggle until you ultimately settle on something. However, once you have finally found something, then you might find yourself in a bidding war.
This is very evident these days since homes fly out of the market faster than ever. Furthermore, this can add more stress to your situation.
You can’t get what you want. When you have finally settled on a new home, you might not get everything that you wanted. Perhaps you are just getting half of your wish list.
You will have to leave the neighborhood that you’ve grown accustomed to love. If you are moving to a new area, then you are likely leaving behind an environment that you have settled into. Sometimes it takes time before you can gain a sense of community in your new neighborhood. Also, there is no assurance that you will have exactly what you had in your old community. This can be a good or bad thing, depending on your situation.
Not only that, but moving can be very expensive. One of the major disadvantages of moving and buying a new home is the cost involved with this. You have to take into account all the costs involved in selling your old home and purchasing a new one. You also need to pay the realtors, which can mean five to six percent for their fees.
Pros and Cons of Remodeling Your Home
Chances are, you have been planning to remodel your home for quite some time now since you are looking to have a bigger space and make your home more functional.
However, do you think that the end result is actually worth everything that you have to go through so that you can get there? Let’s examine some of the advantages and disadvantages of remodeling your home.
Advantages of Remodeling
Remodeling your home can help in meeting your specific visions. Instead of settling for a percentage on your wish list when purchasing a home, you could achieve them all when you choose to remodel. You are only limited by your imagination and your budget. This means that you can have everything you want in a place that you call home, as long as your budget permits it.
You can use your home equity for paying the costs of your home renovations. A lot of homeowners have high equities for their homes which they can use for their home remodeling projects. You don’t need to move if you love your neighborhood. Remodeling your home can help you avoid the stress of moving and leaving the neighborhood that you love.
Save money from the cost of moving and purchasing a new home. Aside from the mental stress of selling your home, you also need to consider the fees as well. You have to pay the movers, as well as the realtors and perhaps a lawyer. You can avoid all those costs by simply remodeling your home.
Disadvantages of Remodeling
Be prepared to face some surprise expenses. If you have experienced undergoing a small DIY project, then you are probably aware that it is not uncommon for unexpected expenses to come up. This is the same thing that will happen when you are remodeling, the only difference is that this is a larger and more expensive project.
When remodeling, you might not be able to get your money back. Like most high-end projects, you won’t be able to see the money you put into remodeling come back to you. Nevertheless, the end result might just be worth the time and cost, making the appraiser feel very impressed.
Sometimes remodeling can be a pain. The truth is that it is very uncomfortable to live around with dust, dirt, and loud sounds around you. Nevertheless, having a right contractor who has high regard for your space can assure you that you are in good hands.
What Is the Best Solution to Resolve Your Problems?
Finding your family growing is a very exciting development, but what if you don’t have enough space in your home? Well, increasing your living space can be possible without increasing the footprint of your home. In fact, you can do this by simply having a room addition. This is an excellent solution without the need of moving away from your neighborhood and getting stressed with selling your home and buying a new one.
Not only that, but a room addition can add value to your home, in case you want to sell your home in the future. This is an added bonus that your realtor can use to market your property, attracting more people to bid on your home.
Therefore, a home addition can make a lot of sense for most people, considering the money that you can save and the stress that you can avoid in going through the process of buying a new home.
If you require some home additions, then Studio 250 Design & Planning in Jackson, Wyoming has excellent architectures that can help you. We have over 25 years of experience in the industry, and we’ll use every skill and tool that we have at our disposal to design you the perfect home. Give us a call at 307-734-2625 and let’s get in touch today!