Should I Remodel or Relocate?
Should I Remodel or Relocate?
If you own an older home, then you're aware that it might need a paint job here or there, or the occasional fixing or two. When those fixer-uppers and DIY jobs pop up you may start asking yourself, is it worth it remodel, or should I just relocate?
...And in this video we are going to give you the pros and cons of remodeling and relocating, and how to decide! Don't go anywhere!
Maybe you love your neighborhood, or the schools are great. There are any number of reasons why you want to stay in your home, after all, it's filled with memories. So maybe moving isn't something you want to consider lightly. We understand.
When remodeling, you can take satisfaction in building something on your own with your own two hands.
More than that, your home will feel more like your own because all of these new updates were done by YOU.
Add to that the fact that remodeling is usually more affordable than moving and you have yourself a great reason to start that project.
BUT you have to remember that if you choose to remodel your home, it can make you change your day to day if you end remodeling necessary rooms like the kitchen or bedrooms.
And on top of that, when undertaking larger projects, there's a good chance that a surprise fix can pop up, like finding mold or a rusted pipe, and these surprise "add on" projects can start to add up.
Moving can be a nice change of pace for a lot of people. Maybe your kids moved out and you want to start a new chapter, or you've just retired and want to settle down somewhere new.
Another reason why relocating might be the better choice is if you need more room because you have a new one on the way or have more family moving in. Life happens all around us and sometimes we need to be receptive to making big changes.
These are all cases where relocating starts to look more promising.
BUT for others its difficult because many people can be emotionally attached to their homes.
And when relocating, you can end up paying much more than you thought when you're looking at things like down payment, closing costs, fees, and more.
So How do I pick between the two?
The best thing to do is to determine how big your project is. If you're looking at remodeling, what rooms are you wanting to do? Is it just one room? Or is it several? Do you want to add a patio or an extra room?
Once you understand the scope, do the math! How much will it cost in the end and is that number something you're willing to live with?
Assess your long-term goals. Where do you see yourself in 15 years...30 years? These are important because if you see yourself living in Maui in 3 years, relocating might be a poor choice for now if you're just planning on reselling by then.
The BOTTOM LINE is - whether moving or updating your current home, it's a big choice to make and shouldn't be done lightly. It deserves some thought and patience.
We hope this helped you understand the pros and cons of remodeling and relocating, and helped you understand your own choice a little better. Please don't forget to like and subscribe for more videos just like this one.
Thank you so much for watching and we will see you next time!