A question almost every homeowner has asked themselves at one point in their life is, “Should I remodel my home or simply move somewhere new?”.
It’s not an easy decisions to make. Finances, emotions, career prospects, family dynamics, and the location of your home are all important factors to consider. Deciding between remodeling vs moving is complicated, but there are ways to better understand what each option means for you.
Keep reading to discover our take on remodeling vs moving to help you decide which is the right path for you!
Pros of remodeling
#1. You can customize rooms however you like
One of the best things about remodeling is that you can completely transform your home and make it truly yours. You can build it exactly the way you want to make family life better. You can fix everything from function to aesthetics, while maintaining the elements that drew you to the house in the first place.
Everything can be customized, from the positioning of your pantry to the handles on your cupboards. From start to finish, remodeling is a highly personal and rewarding journey.
#2. It can cost less than moving
Depending on what you need, remodeling can be cheaper than moving home. It’s easy to go for a budget-friendly remodel that meets your financial expectations, without scrimping on the essentials! Provided you believe the investment will add value to your home, or offer improvements to your daily life, remodeling can even be more financially beneficial than moving.
Yes, remodeling can require a larger up-front investment; but if you factor in long-term benefits like a lower interest rate, home equity, and value after remodeling, the benefits stack up.
#3. Designers can make the process easy
Remodeling can seem like a big, overwhelming ordeal, but it doesn’t have to be stressful. There’s a ton of work that goes into planning a remodel, especially something significant, like an extension or landscaping project.
But a good designer will make the process seamless and stress-free. All you need to do is schedule a consultation, chat about what you want, make a couple of decisions, and let your team do the rest! Learn more about how to prepare for a design consultation.
Cons of remodeling
#1. It can temporarily disrupt everyday life
Any type of construction work at home can disrupt your daily life for a while. Even outdoor landscaping work can create changes to your normal routines.
Large remodels like additions or structural changes are particularly disruptive, but even single-room updates like kitchen or bathroom remodels can lead to some unrest at home. It’s all temporary, but it’s important to fully understand the impact of remodeling to help you prepare.
Remodeling also takes time to plan effectively. Working with an expert designer can speed up the process and make it significantly less stressful, especially for large projects. But you’ll still need to commit time to virtual consultations, collaborations, and researching the right team.
#2. Major changes may not be possible
A good designer can meet your aspirations and find workarounds for almost anything you desire. Unfortunately, some things simply aren’t possible in certain homes.
Limitations can exist because of your property’s structure, foundation, local planning permissions, or the cost involved in making the changes you want. Sometimes, moving somewhere with better “bones” is the only solution! The best way to determine what’s possible in your home is to speak with a designer.
Pros of moving
#1. You can start fresh somewhere new
One of the best things about moving home is that it symbolizes a fresh start. You can create a new life somewhere else, in a new location, with new neighbors, and a home you’ve fallen in love with. Remodeling can make your home feel completely refreshed, but it won’t give you the same new start as moving!
#2. You can find a home with greater potential
Remodeling may not be the right choice for you if 1) you don’t love your neighborhood or part of town or 2) you don’t think your home has good potential. A home without good “bones” may be difficult to remodel into something you truly adore. But, if you move home entirely, you can find somewhere with greater potential to meet all of your big picture home goals.
Cons of moving
#1. It’s tricky to find somewhere perfect
There’s a huge difference between remodeling your home and moving somewhere new. If you already live in a great neighborhood, remodeling gives you the freedom to create the perfect home life. Whereas moving means starting over somewhere with the potential to be something you love!
If you’re looking for something very specific from your home, it could be near impossible to find somewhere perfect. You may stumble upon your dream home in the perfect budget range, but chances are, you won’t find exactly what you’re looking for. So, you may need to compromise on what you want, or still have to do some remodeling later.
#2. It can be more expensive overall
Moving can be expensive, especially when you consider all the “hidden” costs. Getting a new mortgage with a potentially higher interest rate, paying early exit fees (if applicable), appraisals and inspections and closing costs, real estate fees for selling your current home, a new down payment, and moving expenses can all add up – all of which may work out more expensive long-term than a new kitchen.
Should you remodel or move? Questions to ask yourself before deciding
#1. Is it a good time to move?
Some people say there’s never a good time to move. You just have to go ahead and do what’s right for you, when the time is right for you!
But, it’s always important to consider two things before deciding whether to remodel vs move: the financial impact of moving and the personal, emotional, career, and academic implications.
Remortgaging your property or getting a new mortgage can be difficult at the best of times. But, according to CNBC, 2022 holds the record for the highest interest rates in the US in 20 years (source)!
But it isn’t just interest rates to consider when deciding if it’s a good time to move. Family commitments, school term dates (and what moving means for your family’s academic achievements, friendships, and emotional well-being), career prospects, and many other things can impact whether it’s the right time to move.
As we said, there may never be a “perfect” time to move. But it’s still important to consider the impact moving will have on you and your family, and whether remodeling will work better in your favor.
#2. How much do you love your home?
As designers, we know how important it is to love where you live. If the answer to this question is a resounding “yes!”, you already have your answer about remodeling vs moving.
But there’s more to a home than just its interior. Loving your home could be more centered on where it is, rather than how it looks. Like if you have wonderful neighbors, amenities you adore nearby, nice walks at the end of your street, and grand trees lining your street that breathe life into your neighborhood in fall.
Interiors can be changed, and exteriors can be extended, but moving means letting go of all the other things you love about your home. If you love everything about your home except how it looks or functions, remodeling could be the perfect choice.
If you don’t love your home right now, ask yourself, why is that? Will remodeling bring back that spark? Does your home have good “bones” that allow it to be transformed into the house of your dreams? Or are you better off simply finding somewhere new?
Should you remodel or move?
Choosing between remodeling vs moving is a personal decision that only you can make. Understanding what’s right for you, your family, and the future you want to build (and where) are the most important aspects to keep in mind before deciding.
Want to chat about what remodeling means for you? We’d love to hear from you! Contact us today and we can help you talk through what’s important to consider, what a remodel could mean for you, and help you decide if it’s the right choice for your home.
Or keep reading our expert guides on what to expect from a designer during a remodel and how to plan for a remodel early.
