Buying a home or choosing between buying and renovating is a difficult decision framed, in large part, by prices, ease of the transition, and how quickly a home can become livable. In both instances, whether renovating or relocating, there are a lot of questions buyers should be asking and the answers aren’t always cut and dry.
If you’re debating on whether to renovate your existing home or relocate entirely into a new home, then we’ve put together this helpful list of things you should consider to hopefully make your decision a little easier to make.
The Present Framed our Futures
2020 was a challenge to almost everyone worldwide and 2021 is starting to leave its mark on the world as well. In the Age of Covid, many homeowners who worked from home or had kids stay at home for virtual school quickly realized that there were things in their current house that simply didn’t meet demand when things shifted.
Granted, you can never predict something like a global pandemic, but it may frame the way you view your future. That said, many homeowners and buyers are looking for different amenities in homes that they otherwise would have looked over in years past. Do you need permanent home office space? Perhaps you’ve realized that you need more family space indoors or a larger outdoor area.
Considering your needs for the future will largely shape whether you choose to renovate or relocate. It’s important to keep your family and work-life values at hand when making your ultimate decision.
Reasons for Renovation
Renovating a home can come for any number of reasons. Whether you need dedicated, private office space or just need to facelift your bathroom, the reasons to renovate are numerous, and not all reasons fit all families–renovations are as individual as the people in each family.
That said, make notes, mental lists, or otherwise, brainstorm exactly why you want to renovate and ask yourself if the time and money are worth the investment. For some who may be looking to relocate in the near future anyway, performing work on a home that you’ll be leaving in fairly short order will require that the work you do will add value to the home in the long run.
When Renovations Can’t Beat Relocation
There comes a point for any homeowner where the scope of renovations or perhaps the need for those renovations outweigh what the home is physically capable of or the timeframe simply doesn’t work as you’d like. If adding more physical space and square footage is necessary but the home simply isn’t up to the task, then it may be better to relocate.
With that in mind, again, make mental lists of exactly what is a priority for you and your family. Consider everything from proximity to schools, work, and activities to the size of the home, how many bedrooms, and what kind of kitchen space you’ll have. It will be challenging to hit all of your checkboxes in one house, so be prepared to make compromises or compensations for what a home may lack versus what you need.
When Money Decides
In the end, the decision to renovate or relocate may very well come down to financial factors. In some instances, it’s cheaper to buy a home with all (or most) of the amenities you would otherwise labor over in a renovation while in others, the effort and money are worth it to boost the home’s value and give yourself the things you need.
Considering that, get in touch with Tidewater Mortgage Services, Inc. Tidewater has over 20 years of experience helping homeowners with renovations or mortgages for a new home! Call them today to learn more!