When given a choice because they have extra funds, most people said they would rather upgrade their current home than put a down payment on a new one and move. But is renovating your home a better idea than moving? There are numerous factors that come into play with this decision.
Did you know in 2019 for top 3 reasons to move, upgraded home was 17%, a new job was 12%, and a cheaper mortgage was 7%?
Several questions to ask yourself:
What’s cheaper, renovating or moving?
Cost is a serious consideration in your budget on this decision.
Will you miss your current home?
Moving is a stressful situation for almost everyone involved. Now add in emotions, how many memories were made in your current home? Your child’s first steps? The last time you saw a loved one? Are you ready to leave the place where those memories were made?
Is right now a good time to sell?
Check out the real estate market!! Houses tend to sell faster during the spring and summer time (and sell at or above the asking price) versus selling during the fall and wintertime.
Is this the best timing for you and your loved ones?
When moving that means that your child’s school district could change, the commute to work could be longer (shorter, hopefully) and your mortgage could go up!
Moving can be a pain but sometimes it is the best option to go with if you (and your family) have outgrown the current property, or perhaps you need to downsize since the house is now empty with everyone away at college. Looking at the costs and benefits of relocating will help with this choice.
Some benefits of moving are purchasing a new investment. This is a fantastic opportunity especially if you have equity on your side to sell your home since it is worth more than you owe! Gaining a new perspective: complacency is a killer, to be honest. Have you ever heard “the grass is greener on the other side?” Of course, that is not always the case but sometime is it! Sometimes the grass IS greener on the other side and is an absolute improvement for your mental health and wellbeing. You also avoid dealing with renovations! Moving is stressful, but sometimes renovating your home is more stressful because you’re living in the construction zone. Not to mention the costs of renovating. Did you know the average renovation was around $50,000? And the average gut and remodel was $150,000? Sometimes moving is the better option for you (and your wallet.)
Some cons, however, are paying for moving costs: selling your home can help build equity and improve your life but remember, moving is not free. Don’t forget when moving that selling and moving costs must be considered on top of the cost of your new home! Not to mention… the stress: there are many people who consider moving more stressful than divorce or a breakup. That’s a pretty big impact on your mental health, even if it is short-term.
Have you noticed that stress seems to be a recurring factor when it comes to selling your home? At Your Home Sold Guaranteed, our goal is to make the process easy with the least amount of hassle for you, find the best price, and the best home for you!
Source: https://www.thezebra.com/resources/home/renovate-or-move/#infographic
If you are in the market for buying or selling a home, Reeds Real Estate is your best choice in Chesapeake, Virginia to help you. Call us at (757) 799-4824 or fill out the form below.
