To move or not to move. Unless you live in a relatively new custom home, you probably have a long list of things you’d like to change about your current one. Browsing online listings might get you in the mood to upgrade to a new home, or you might be thinking about renovating your current home after binge watching HGTV. The answer to renovation vs. relocation depends greatly on what you’re trying to fix.
A New Kitchen?
If your kitchen is jut not cutting it, consider a remodel instead of a move. If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen gives you incredible ROI and is less costly than moving. You’ll increase the value of your own home if you ever decide to sell, and there’s a great sense of accomplishment that comes with completing a custom renovation. Master baths also have an excellent rate of return.
Need more space?
If you’re running low on bedrooms, there may not be a lot of options. Converting an existing room to a bedroom doesn’t create any new space. If you’re in a condo, an addition is probably impossible. And additions can be expensive even if it’s a possibility. Moving is usually the best option.
If the neighborhood isn’t ideal
You may have seen some potential for your neighborhood when you first moved there, but the shops and restaurants you expected just haven’t arrived, or maybe your next door neighbors “vintage” collection of yard art has expanded. If that’s the case, consider moving. There’s no sense in waiting years for the neighborhood to improve, especially if you can move to a house in the same price range in a more preferred part of the city.
