If your Cypress, TX, home isn’t working for you and your family anymore, you’ll face a familiar dilemma: should you remodel your home or move to a new one? There is no simple answer to this question, and the most important factors determine the option that is best for you.
If possible, you may prefer to stay in your current home because it holds many precious memories for you and your family. For others, the price may be the deciding factor. Below, we will explain how to decide whether to renovate or move.
Is It Better to Remodel or Move?
Aside from the cost, there are many factors to consider when deciding whether to renovate or move. First, consider whether it is possible to transform your existing home into your ideal living space. If your home cannot accommodate a growing family comfortably, you may be better off moving. Similarly, if the location of your current home is inconvenient, you may benefit from relocating.
On the other hand, you might be surprised at how much a house can be transformed with clever remodeling or even an extension. If you’re generally happy with the location of your home, it’s worth hiring a local contractor to look at your current space and recommend ways to make it larger or more functional. You’ll be able to compare what’s possible with new properties in your price range more easily once you’ve seen what’s possible, which will help you decide whether to remodel or move.
Is It Cheaper to Remodel or Move?
Cost is frequently one of the most important considerations for homeowners deciding whether to remodel or move. In general, right now is a costly time to buy a new home. (However, it is also a costly time to renovate.) According to a recent Zillow report, the average home price in the United States is now $287,148, a 13.2% year-over-year increase.
House prices vary greatly by area, so whether or not it is cost-effective to move is determined by how much the value of your current home has increased compared to homes in the area you wish to relocate to.
Furthermore, there are hidden costs associated with moving, such as appraisals, home inspection fees, and realtor commissions. You should budget between 3% and 5% of your mortgage amount for closing fees.
You must also move your belongings from one place to another. According to Forbes, it could cost up to $9,500 to move 1,000 cubic feet of belongings, depending on the distance. Avoiding the busy months between May and August can often save money on moving costs.
Remodeling is generally less expensive than moving, but it is not cheap. If your house just needs a facelift, remodeling is almost always less expensive than moving. According to Millionacres data, if the entire home needs remodeling, you should expect to spend between $100,000 and $200,000 on average. The total cost is determined by the type of work you intend to do and the size of your living space. Getting several quotes from contractors can help you decide whether to remodel or move based on cost and how much upheaval is likely.
Should I Build an Addition or Move?
Building an addition is an alternative to moving, and you should think about it if the main reason you want to move is to get more space. Get several quotes to help determine how much the whole project will cost. According to Remodeling Calculator, most additions cost between $35,000 and $60,000. Don’t forget to consider how much it will cost to rent a place to stay while the builders work. Compare how much it will cost to build the addition and how much it will cost to buy a new house to see which is more affordable.
You should also consider how much disruption the project will likely cause. If you can stay in your house while an addition is being built, you may decide to stay put instead of moving. But if you build an addition, you may have to completely overhaul your electrical or plumbing systems. Think carefully about whether you can manage this or if you’d prefer to avoid the inconvenience.
Last, consider how much the addition is likely to increase the value of your home. Although the addition will make your home more practical while you continue to reside there, you should consider whether it will pay off if you decide to move. Compare the prices of similar homes in your area with and without addition. If the addition has little impact on the selling price, you will not recoup much of your investment. In that case, it may be best to buy a new home.
Is Remodeling a House Worth It?
Remodeling a house is generally worthwhile if the project makes your home more comfortable and practical to live in — especially if the project is less expensive than moving. However, you should also consider the likely return on investment if you decide to sell in the future.
Whether or not your home improvement project gives you a good return on investment (ROI) depends on the type of work you do and how well it is done. For example, installing a new roof could increase the value of your home by more than the cost of the project. On the other hand, the average return on investment for a basement renovation is only 64%. If your project requires you to change or replace major home systems like your plumbing, this will increase the total cost of installation and lower your potential return on investment.
Emotional Consequences of Moving
This is not something to be taken lightly. We’ve seen so many people genuinely attached to their homes and the lifetime of memories they’ve created there. The thought of moving and leaving everything behind is overwhelming. After all, your house is a part of you. It’s a part of where you raised your family, a part of the daily laughter, tears, and momentous events. This is not something that can be ignored.
If the thought of moving and leaving your home makes you feel like you’re on an emotional roller coaster, you might be better off remodeling. This is, of course, the best of both worlds since you can stay in the home you love so much and still upgrade it or expand it to meet your family’s changing needs.
Consult a Professional When in Doubt
Even if you answer all of these questions, you’ll probably have more. Bring your questions and concerns to a professional remodeler who has helped several homeowners with similar concerns over the years. It’s a good idea to seek the advice of someone you can trust who has experience with these issues.
For countless homeowners in Cypress, TX, our remodeling company is a go-to voice of reason and a source of knowledge. Contact us to set up a consultation, and we’ll help you decide between remodeling your home and buying a new one for you and your family.