You never know what the future holds. If someone had asked you five years ago where would you be today, how close would your guess have been? Even the best laid plans can change. Opportunities come and go, families grow, and you never know when you’re going to discover a new hobby or interest. All this is to say one thing: forever homes aren’t always forever. If you’re starting to feel squeezed for space in your current spot, it’s time to start asking yourself some questions. Wondering if grass is greener on the other side? Maybe your home just needs some changes to turn it into the right home that meets all of your wants and needs? The decision between moving or renovating isn’t always an easy one to make- it’s pretty important to decide where you call home! Here are a three questions you can ask yourself to help better understand your options.
- Will a renovation truly fix what you don’t like about your property?
Renovations and remodels come in all shapes and sizes: from turning an open floorplan into a more secluded and cozy layout, entirely changing a kitchen’s look and feel, to just outright adding a new room with an addition. However: the bigger the project, the more space you’re going to need (along with more time and funds) to make it happen.
The key words in favor of a remodel are “convert” and “addition”. If you want to convert an existing space into something new, a renovation might be the right approach. Repurposing a spare bedroom into an office- or perhaps the other way around- might be a great way to make better use of what you already have. The other side are additions- if you don’t have the space to convert, you’ll need to add. This is the most costly form of renovation, and requires a lot of work and effort to be done correctly. The scale of these projects can also impact your daily routine with work being done in your home. Sometimes you can get away with larger-scale conversions, like finishing off an attic or basement, enclosing a porch or carport, or even turning your garage or an exterior out building like a shed or barn into a useful space.
Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving. The same applies to communities which may have restrictions on additions or major renovation projects. If you’ve always wanted a pool, you might not have enough space in your yard to make it happen. In that case, you’ll need to look elsewhere.
- How much will a renovation cost? How does that compare to the cost of moving to a new home?
Before deciding to renovate, find a trustworthy professional who can give you a consultation. Discuss if the changes you have in mind are possible, and what you might expect to see in terms of costs and timeline. Keep in mind that estimates are exactly that: estimates. Even the most professional renovation crews can find themselves running over budget or behind schedule. Construction work can be highly dependent on external factors: weather related slowdowns, supply chain issues, & rising material costs- just to name a few. Even small renovations can be more expensive than you think.
When it comes to purchasing a new home, there is a lot to consider- from the price you can sell your home for, what you’ll need to spend to buy somewhere new, costs to move, any repairs or changes you’ll need to make to either your current or future property. It’s important to remember that purchasing a new home is more than just the sale price- there’s a lot of additional fees. A larger home will likely have higher costs: for utilities, heating and cooling, alongside higher insurance and taxes.
- Understand the difference between compromising and settling.
Whichever decision you make – to renovate or to sell – you can expect to have to make at least some compromises. That’s normal. When making a large change like this, you want to seriously ask yourself- am I doing this to solve a short-term problem? Both renovations, but especially purchasing a new home, are major investments of both time and resources. If you’re a married couple hoping to start a family, don’t purchase a home with a single additional bedroom- think ahead, you might end up having twins!
While there’s no crystal ball available to help us see what lies ahead for us, we can make decisions that give us the flexibility to roll with the changes that life presents us with. Renovations can be a great way to make small changes to a property- but long term, you can only change a home so much. While you might think you’ll never find the “perfect” new home to move into, sometimes watching the market and checking out listings might just uncover a new and exciting feature you hadn’t even realized you wanted.
It doesn’t matter if you’re going to stay where you are and renovate, or if you’re ready to call an agent and start checking out new properties: remember that you’re planning for your future, so take a little extra time and think outside the box as you look ahead. Renovations are great for making a specific change, but when it comes to buying a new home, the possibilities can be endless. Good luck!
It can be a tough decision. If you’re in the midst of making it, call today to get the facts you need to make the best choice.
