Homes do not last forever, and, after a time, you may find yourself increasingly unsatisfied with your home. Whether your home requires repairs or is merely showing its age, you may reach a point as a homeowner where you will have debate whether to leave your home behind in search of a new one or make the necessary or desired changes to your home. It is important to familiarize yourself with the benefits and risks that come with both options in order to make sure you make the right decision for your needs.
The Cost of Moving
Before you buy a new home, you will have to sell your current one. Selling your home incurs costs, as well, and can set you back about 15% of a home’s sale price and value. There are several other potential costs involved in selling your home, including:
- Real estate agent commissions: approximately 5% of the sale price
- Minor repairs and home preparations: $500 – $5,000
- Major repairs: $20,000 – $50,000 (Many older homes require costly repairs to meet housing/safety codes, before they can be sold, such as rewiring)
- Title insurance: $2,000 – $4,000
Often these kinds of costs and repairs take months to complete. By the time they are done, the house is often in much better condition than when you were living in it. When you are making the decision of whether to move or renovate your home, keep in mind that, for it to sell, your home may need to undergo major renovations regardless. Then there are the similar costs on the side of purchasing a new home, with the additional fees and repairs that come with it. This, in addition to the moving costs that can be more expensive than you may have previously anticipated.
Lastly, consider the intangible costs, as moving frequently causes much more stress than having your current home undergo renovations. It always becomes more involved and more stressful than it is worth to move to a new home than to simply renovate your current one.
Cost of Renovating
Conversely, renovating often only seems more costly than it is. According to data collected by housing companies, the following are the average costs for some of the most common renovations:
- Kitchen: $4,000 – $60,000
- Bathroom: $4,000 – $55,000.
- Basement: $11,000 – $30,000.
- Home addition: $21,000 – $125,000
Ultimately, where moving incurs irreparable costs, the costs associated with renovations are reinvested into the equity of the home. Renovations like these always increase the value of your home, so should you later decide to sell your home, you would get a much better price for it. There are loans available for home renovations that are specifically designed to help you pay for your renovations.
Pros and cons
There are pros and cons to both moving and renovating that you may be unprepared for. Here is a brief list of benefits and setbacks to either moving or remodeling your home:
Moving pros
You may be able to find a home with a larger space, which can be one of the more difficult renovations to make to your current home. While a changed floorplan is possible with a current home, it is very uncommon. With a new home, you may find a new floorplan that is more satisfying given your lifestyle.
Moving cons
Leaving your current home means leaving behind many things. In the move, you often need to toss things that you don’t have room for on the moving truck. Then, there’s the memories you have attached to your current home that make it difficult to let go and live elsewhere. Often, there is a very real feeling of loss associated with moving homes that can occasionally lead to depression. Lastly, new homes often have similar problems, and may unexpectedly require renovations or repairs anyway.
Renovating pros
Uprooting your life is both stressful and difficult. Often, it makes more sense and is more comfortable overall to stay in the same area and in the same home. Work and school commutes will not change, and you can rely on having the same community you know and love.
When renovating your home, you can customize the changes to suit your needs and make sure that you can have the house that you really want and not compromise for a home that only has some of the things you need.
Renovating cons
Some homeowners may find it difficult to patiently adjust their routines during the renovations made to the house.
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