Most homeowners eventually get to the place where their current home no longer complements their lifestyle. Once that’s the case, you’re left with two options: renovating your existing home or moving to a new location. There’s no one-size-fits-all answer to this question, so it’s important to weigh the pros and cons of each decision.
Here are some factors to help you decide:
Benefits of Renovating
Renovating your existing property allows you to create the home you want in the location that you’re already settled in. A well-planned renovation can add between 10 and 15% to your property’s original value, and if you like the area you currently live in, it allows you to continue enjoying all that it has to offer.
Considerations for Renovating
A home remodeling certainly comes with its own set of challenges. It can be quite expensive and time-consuming, and during the process, the flow of your home will be disrupted to varying degrees.
Benefits of Moving
If the renovation numbers don’t add up or the work involved is too extensive, relocating might be a better option for you. Moving can allow a fresh start in a new area that better suits your needs, and if your existing property is run down or outdated and you have no desire for renovation, moving into a new home could be the right option.
Considerations for Moving
If you’re planning to sell your existing property, you’ll need to get it ready to be put on the market and find ways to boost its ability to be sold. You’ll also need to consider whether the market offers positive price growth and better capital gains potential in the neighborhood you want to move to.