Renovate or Move? How to Make the Best Decision

A residential building should last about 70 to 100 years. However, depending on the quality of construction and usage, a building can start to wear and tear much earlier.

As a homeowner, one of your primary responsibilities is to renovate and maintain your home routinely. However, if you’re in a situation where the renovations are starting to overwhelm you – perhaps because the house’s age is starting to show or it was hit by a storm – you might find yourself debating whether to renovate or move.

Which option should you choose?

There are a number of major factors you should consider in order to make a smart decision. Read on to learn more!

Your Finances

Money dictates whether you should renovate or move in a couple of different ways.

One, if you’re too emotionally attached or invested in your home – maybe it was passed down to you or it’s your dream home – moving won’t be the go-to option, especially if you have the money to make the renovations. However, if you’re in a financially tight spot, or the renovations cost way too much to make economic sense – moving could be your ideal option.

Two, can you afford to move?

Yes, you’re leaving behind a home that needs money to renovate, but moving also costs money – possibly more money than renovating. You need to buy a new house. Finding one that suits you can be a challenge. Plus, there’s also the cost of hiring professional movers.

So, evaluate your financial position and make a decision that’s right for you.

Do You Have Another Reason to Move?

If you’re on the fence about moving or renovating, it’s clear moving isn’t a big priority for you right now; otherwise, you’d be already packing your bags.

Other than the need to renovate the property, do you have another reason to move?

If yes, moving could be the right thing to do, and you should use expert movers such as the Watford local moving experts. For example, if the house has become smaller for your living needs, you might have been thinking about upsizing when the right time comes. But now that the house needs major repairs, this could be the right time to upsize.

Or, perhaps you’ve gradually grown tired of your neighborhood or city. Something in you wants to start a new life in a new city. Well, now that your house needs renovations, why not use it as an excuse to move?

The State of the Real Estate Market

Unless you can afford to leave your home behind without needing to sell it, you will want to consider how the real estate market looks like. Most owners who have to choose between renovating and moving typically need to sell the property so they can raise the funds to buy another home and move.

If you’re one of those, you want to make the most money off the sale. You’re more likely to achieve this when it’s a seller’s market (demand for houses exceeds the supply, which means prices are high) in your local area. If it’s a buyer’s market, selling might not be the right thing to do.

Renovate or Move? Your Choice

When the question is renovate or move, there’s never a one-size-fits-all answer for everyone. It largely depends on your individual circumstances. With this guide, though, you now have the information to make a smart decision.

Keep tabs on our blog for more real estate tips and insights.