Knowing whether to remodel or move is a common dilemma for homeowners who are unhappy with their current home, and there’s no one-size-fits-all solution. Deciding whether to renovate or relocate usually depends on a combination of personal factors and market realities. Before you make your decision, be sure to consider the following questions:
In an increasingly competitive real estate market, like in the Philadelphia area, location is not something to be passed over lightly. If you like your current street, neighbors, neighborhood, school district commute to work, and other interests are convenient, then you will think long and hard before you decide to uproot and move. If your house is starting to wear on you and has design fails that you’re unhappy with, then a remodel might be the right option for you. On the other hand, if you’re wishing you didn’t live “in this part of town” then it could be time to move.
The first note of practical importance: Is it possible to achieve your goals in your current home? Easy minor changes include changing plumbing or electrical fixtures or appliances. Perhaps mid-scale modifications may be needed to expand square footage or change the layout or flow of the house. Mid-scale changes require more planning and include reconfigurations or additions to increase or optimize usable square footage. Either of these options can be helpful if you like the neighborhood you live in and need to feel better about your living spaces. Regardless, it can be extremely helpful to consult with an experienced design-build firm during this stage to ensure that you understand all possible remodeling solutions as well as their respective total timelines and costs.
There are a number of factors that influence the costs of a remodel and a move, so it’s important to consider personal and logistical variables in order to perform a thorough assessment. While your remodeling costs will be proportional to your project scope and size, one of the advantages of working with a design-build firm is that they are skilled at calculating and presenting all costs for your remodel before renovation even begins. Since all design, engineering, trade, and management are under the direction of the same firm, the costs are comprehensive and controlled than if you were working with a separate designer and builder.
Keep in mind that your moving expenses are not your only additional expense when looking at a new home’s price tag. Great homes can have bidding wars and there is always some emotional risk involved when moving to a new neighborhood. Will you love your neighbors?
You may already know that you love coordinating real estate agents, title companies, appraisers, home inspectors, contingencies, disclosure statements, and underwriters. Who knows?
Regardless of the decision to move or renovate, many homeowners will decide to work with a bank when beginning a major home improvement project and some will combine a construction loan with their primary mortgage when they buy a new house. (See ROCKET Mortgage for cost details.) Moving may sound appealing since mortgage rates are currently low although you may be able to achieve similar rates in a refinance either before or after a renovation. (See more details on refinancing or buying a new home here.)
Keep in mind that the question of moving versus remodeling shouldn’t always be framed in terms of an either/or decision. While a new home may meet more of your needs than your current home, the chances are slim that you’ll find your perfect home and won’t need to make any modifications.
If you decide that now is a good time to remodel your current home or modify your new home, don’t hesitate to contact our team at Bellweather Design Build. We’ve implemented effective new remodeling methods, and we’re eager to assist you in achieving your home improvement ideas for 2021.
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