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Last Updated on April 21, 2022
You’ve been living in your home for years and now you’re ready for a fresh start. The problem is that you don’t know whether you should renovate the house or relocate and buy another house altogether. Decision-making is tricky and a wrong move could cost you. If you’re struggling with what decision to make, here are some areas of concern you’ll want to consider.
Are You Making an Emotional Decision?
If you’re wanting to hang onto memories, then renovating might be your best choice. In this case, you would be able to pick and choose which renovations would be most helpful in preserving the design and style you want to keep in your home. For example, you might be able to renovate a bathroom and kitchen by applying a new painting and installing hardwood floors, respectively.
On the other hand, if your decision is less emotional, then moving might not be a bad idea, after all. If your decision is based on practical issues that won’t go away, like heating and cooling, moving might be the better choice, as the heating and cooling of your home make up 48% of your energy usage. Take time to determine whether you need to make an emotional or logical decision. The mindset that you have before deciding will help guide you toward the best decision between the two.
Is Moving Cheaper Than Renovating?
Renovating can cost you a lot of money when you consider the demolition, the electrical and plumbing work, and the extra paintwork that needs applying. When you add up the costs of renovating, you can easily be looking at $10,000 faster than you’d think – and that’s only with a few renovations here and there. If you want to move, of course, then all you have to worry about is the immediate cost of the new home or apartment and the amount of money it takes to get there.
With moving, you won’t have to factor in all the extra costs that come with making your home a nicer environment to look in. Overall, you’ll probably save more money by moving, especially if you can get the move done fast. But take the time to put together a budget and track all the expenses that factor into the project. If one is cheaper than the other, then you might have all the information you need to make one of the most important decisions you’ll ever make.
Does The Timing Favor Moving or Renovating?
Did you know that mold colonies can grow after only 48 hours of water damage? That fact is according to Octagonrestoration.com, a place that would want you to think about the timing of the decision you’ll make. Water damage, damage to your home’s insulation, and roof damage are some examples of problems that you’ll want to fix with a renovation or two. If the problems you’re facing in your home can be fixed rather quickly, the timing might suggest waiting.
Additionally, you have to take your family into consideration and think about what new events or happenings will be made more complicated through a move. Renovation is much more time-consuming than moving. But if time is important to you, then you might want to simply pack up and go. You’ll be at your new home a lot faster than you might have expected, so why not give it a shot?
Which Plan Seems Less Stressful?
Renovating causes as much stress as moving. Sometimes, even more. Before you make a decision, think about the kind of issues that create more or less stress for your family. If too much noise and clutter is a problem, then renovating might not be the best idea. On the other hand, if packing up and moving quickly works up your anxiety, you might want to wait a while and see if you can make the changes to your home yourself.
One way or another, moving or renovating is going to be an important financial investment to make. Since 2019, the residential and moving markets have made up 55.4% of the industry’s revenue. That number will keep growing, meaning your decision to move or renovate will be one you have to make again and again. Better to get that choice right the first time, right?
Renovating is challenging. Moving gets you anxious. No matter how you look at it, two of the most exciting decisions you can make will require a lot of thought and consideration on your part. Do you want to avoid stress or save more money? Which of the two is most important? Are you making an emotional or logical decision and what role does timing have in the choice you make? As long as you have all of these questions answered first, you’ll be in a better position to make the best decision to benefit you and your family.