Many homeowners, when faced with updating their home, will ask themselves: is it better to move or remodel? This is a very unique situation to every homeowner, and it will depend on your household, lifestyle, needs and budget. Whether your family has grown a lot since you moved in, or your home is simply out of style, it may be time for a change.
But do you really have to move or should you stay put and make changes to accommodate your evolving needs?
It’s important to think about the impact of your decision, both financially and emotionally. Here’s how you can decide. Consult with your trusted Boston contractor for more insight.
Factoring Costs
From researching new home prices to researching the cost of building materials, there are many things that play into the cost of either option.
First, think about what you don’t like about your current home. Is it something simple like the bathroom is outdated, or is it more complex, like it’s an old home that needs extensive upgrades for safety? The extent of what needs to be done will likely be the deciding factor. If there’s just too much that needs to be done, moving may seem like a better idea. If the renovations can be pinpointed to a few key areas, and you like your current neighborhood, remodeling is a wise choice.
Next, you have to research home sale prices. Check housing market conditions and comps in the neighborhood to get a more accurate comparison of expenses between moving and remodeling.
Once you know what it costs to buy a new home, you can compare that cost with that ofremodeling your current home. This will help you decide which option is best for your budget and family. Just to give you an idea of costs…
According to Remodeling Magazine’s Cost vs. Value Report for 2023, a bathroom remodel will run you nearly $40,000, a major midrange kitchen remodel is about $78,000, an asphalt roof replacement is $29,000, and vinyl siding replacement is $16,000.
Ask yourself these questions:
- Will a remodel increase my resale value and make it worth staying here?
- Will I have to refinance or use home equity to pay for costs?
- How will this affect my budget?
- Which is more important to me: short-term or long-term savings?
Balancing Convenience and Time
Convenience and time are one and the same when it comes to the decision to stay or go. What will be more taxing on your time? How much time will you spend moving vs. remodeling?
If a major kitchen remodel is what you want, you may not be able to use that space for several weeks or even months. If you want to update your bathroom, this may only take a few weeks. Think about the time involved in a remodel and how your family will be disrupted while it’s going on.
On the other end, think about how invasive and disruptive it will be to pick up your family and move entirely. If you hate packing, moving and then unpacking again, buying a new home could be more inconvenient than renovating.
Contact AD Construction
Our Boston remodelers can help you make the decision. Book a consultation and quote when you contact us at 877-345-BUILD. We handle both remodels and new construction.
