To Move or Remodel, That Is the Question

Sometimes remodeling is the best path to your dream home, and sometimes moving is. It can be a hard decision, so it is important to weigh every factor. Here are six to consider.

1. Budget

How much you are willing and able to spend is often the deciding factor. Remodeling typically requires cash or a home equity or renovation loan. With home values up in recent years, you may have built equity you can use. If you do not have cash on hand, moving may make more sense. Research all financing options before you decide.

2. Space

Is more space a priority? If your kids are getting older and the house feels cramped, a remodel can help. Converting a bonus room or unfinished basement can add living and sleeping space for family visits. If your property allows, an addition adds square footage. For a young, growing family, moving to a larger home may avoid the construction process altogether.

3. Timeline

Many homeowners forget about timing. A kitchen remodel can mean going without key appliances for a while, and a move can mean living out of boxes or in temporary housing. If you remodel, prepare for the temporary inconvenience and stay in a part of the home away from the work if you can. Our tips for living through a kitchen renovation can help. If you move, consider the hassle of showings, house hunting, packing and moving.

4. Return on Investment

If you are remodeling to sell, learn which updates add the most value, such as curb appeal, added square footage or key upgrades. You likely will not recoup every dollar, but the return is not always financial. If you plan to stay, ask whether the investment will make your home more comfortable and enjoyable. Just avoid overbuilding for your neighborhood. If that is a risk, moving may be the better choice.

5. The Real Estate Market

Research the market where you live and where you want to go. Will you need temporary housing before you find the right home? Could you handle two mortgage payments if you buy before you sell? If selling or finding the right home looks difficult, remodeling may be the better option.

6. Emotional Attachment

Consider your relationships with neighbors, how much your location means to you and the memories your home holds. Many homeowners who weigh the options decide to stay and update the home they already love. If you are not willing to give up your property, neighborhood or view, remodeling can turn the house you have into your dream home.

Get Expert Advice

Every situation is different. Consider all your options and what fits your family best, and talk with a trusted design-build contractor or real estate agent. For more guidance, read 7 things to consider before starting a remodel, then call Tracy Tesmer Design and Remodeling at 678-450-1700 or contact us online.

This article originally appeared in Lakeside News in February 2023.