Should I Move Or Remodel?

Updated:  March 25, 2024

One of the biggest conundrums homeowners face is realizing their homes no longer meet their needs. They might also feel they’ve fallen out of love with their home and find their eyes straying to houses for sale. When this happens, it can be difficult to know whether it is better to move or if remodeling might be the answer. Here, we look at what homeowners should consider when trying to decide whether to move or remodel to help make your decision easier. 

Move Or Remodel? Top Considerations

Move-Or-Remodel-Top-Considerations - A Couple Standing Together, Looking Towards A House, Potentially Indicating Plans Or A Decision About The Property.

There are several things to consider when deciding if you should move or remodel:

  1. Decide what you dislike about your home: You’re obviously feeling disenchanted with your home, so try to pinpoint what exactly it is you dislike. If it has more to do with things you can’t change, like the size of the house or your neighbourhood, then this would make moving seem more reasonable. However, if it is more about aesthetics or functionality, you can likely make changes and upgrades to your house that will help reignite your love for your home.
  2. The neighbourhood: This is important because if you love your neighbourhood and prices have skyrocketed in the area, then you might not be able to purchase another new home here. In this case, remodeling makes more sense. If you’re not overly attached to the area you’re currently in and you can find a new area better suited to your needs and budget, a move may not be so bad.
  3. Housing prices: If you feel you can’t stay in your current home, you’ll need to consider the housing market. How much equity do you have in your home? What are current housing prices? What are current interest rates? These questions will help determine if you can afford to make a move or if it makes more sense to invest the equity in your home by remodeling.
  4. Cost comparison: Finally, once you have an idea of housing prices, you should also consider how a move will impact your finances versus a remodel. List all the things you find you can no longer live with in your current home and look into average pricing to remodel or upgrade those elements. You can even get some quotes just so you have realistic numbers to compare. What you want to figure out and compare is whether a new home at current prices will interfere with your financial health and budget, whether remodeling will increase your home’s value to provide more towards a new home purchase, and if the remodeling investment is affordable and makes it worth staying. Your decision should not leave you worse off financially. 

Benefits Of Remodeling Instead Of Moving

There are several reasons to remodel instead of moving, including:

Cost

Benefits-Of-Remodeling-Instead-Of-Moving-Cost

Remodeling is expensive if you don’t have the funds. However, if you have equity in your home, it tends to be more cost-effective to reinvest that money into your home and have manageable monthly payments instead of a whole new mortgage. There are tons of costs involved when buying and selling which you’ll never recoup; costs you don’t have to worry about when remodeling.

When you remodel wisely, you’ll see an ROI on those upgrades when you do eventually sell; while money for lawyers, closing costs, land transfer tax, and agent commission fees to sell your current home and purchase a new one is money you’ll never see again. Remodeling also allows you to set a budget, so you have complete control over where your money goes and how much you spend.

Customization

Benefits-Of-Remodeling-Vs-Moving-Customization

Unless you decide to buy a brand new home and can design it yourself, remodeling allows you to customize your current home to your exact specifications. The result is a dream home you’ll be happy to stay in for life.

Your Neighbourhood

Benefits-Of-Remodeling-Instead-Of-Moving-Staying-In-The-Neighbourhood-You-Love

If you love your neighbourhood or life in your community, you don’t have to sacrifice anything by remodeling, like you would have to if you move. This is even more important if you have kids. Do you want to uproot them and move them away from their school and friends? Unless you’re looking for a fresh start, remodeling allows you to continue living the life you love.

Faster

Benefits-Of-Remodeling-Vs-Moving-Sometimes-Its-Faster-To-Remodel-To-Get-The-Changes-You-Want

Depending on the type of remodeling you do, remodeling can provide the changes you want faster than moving. You don’t have to take a month or more looking for a home. You don’t have to contend with inconvenient closings that can be months away. You also don’t have to worry about house hunting for months, putting in offers, and losing out in bidding wars. By choosing to remodel, you can often complete your upgrades as quickly as 10 weeks or less, depending on the scope of the project. 

Best Remodeling Projects To Quickly Boost Your Home’s Value

Best-Remodeling-Projects-To-Quickly-Boost-Homes-Value

If you do come to the conclusion that a move is best, consider the most cost-effective way to sell your home for top dollar. You want to invest in remodels that will see the highest ROI, and help attract more buyers. You might be surprised to learn that the renos with the highest ROI and resale value are often exterior upgrades. Exterior remodels boost curb appeal, show pride of ownership, and work as an excellent advertisement for homebuyers hunting in your neighbourhood. Some of the best exterior remodeling projects with high ROI values include:

  • Manufactured Stone/Cultured Stone Veneer: Sitting second-highest on the list, stone veneer accents are all the rage, offering a sophisticated yet rustic look. It’s an affordable option as you can avoid a complete refacing of your exterior and stick to accents instead. This will save money and still see an impressive ROI of 92%.
  • Vinyl Window Replacement: Number 5 on the list of best ROIs is vinyl window replacement. Windows are very practical as homeowners love energy efficiency that keeps their home warm in the winter and cool in the summer, while reducing energy bills. The average ROI for vinyl window replacement is 69%.
  • Vinyl Siding Replacement: Sitting at number 6 on the list, attractive, insulating vinyl siding replacement sees a 68% ROI, providing improved home comfort and a complete transformation of your façade.
  • Steel Entry Door Replacement: Something as simple as a new steel entry door creates a warm welcome for prospective buyers while improving energy efficiency. As a result, buyers gain from reduced energy bills, and you gain back 65% of your investment. New front doors also provide increased security and long-lasting beauty. 

Why Remodel Instead Of Move?

Why-Remodel-Instead-Of-Move

Selling your home is a massive expense, not to mention a major headache. You can save yourself a lot of time, money, energy and stress by remodeling instead of moving. You’ll have the customized look you love and find your forever home literally right in your own backyard.

For more information on the best home exterior upgrades with the biggest ROI, speak to our team or click here for a quote.


Tags

best remodeling ROIs, exterior upgrades, move or remodel


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