If you’re like most people, there comes a time in your life when you wonder whether it’s time to bite the bullet and move into a new home or improve the home you’re in. For some people, the question can go on for years without a final resolution being made. It’s a tough question since there are a lot of factors involved in terms of both moving and renovating. If you’ve been struggling with this issue for awhile and don’t know which way to turn, here are some ideas and factors that you can take into account that will help with the decision-making process.
Crunching the Numbers
One of the first things that come up when you’re pondering whether to move or not are the financial implications. How much money will you lose or gain if you decide to move? Would it be more profitable to just fix up the place you have and make it more habitable? It can get quite confusing when you’re crunching the numbers to figure out which decision would make the most sense financially-speaking.
If you’re struggling with the numbers, HomeGain has a fantastic software tool you can use called the “Home Improvement vs. Moving Calculator”. You can import all your numbers into the tool and come up with a final figure. You’ll know whether moving or improving is the best option in your personal situation.
It’s Not Only about the Money
For most people, however, it’s not only about the money. You may have spent many years in your home and would hate to say goodbye to it. You may have also developed relationships with good neighbors and have become completely comfortable in your community. You know where the local convenience store is and can name all of the products on the shelves by heart. You know the fastest route to the grocery store and your neighborhood mechanic is the best in town.
If you’ve become comfortable in your house and your community it can be difficult to leave it all behind for a bigger and better home. You’ll never know for sure how the neighbors are going to be in your new location until you move in and get to know them. It’s hard to know whether you’ll end up regretting the move and this is probably one of the biggest reasons why you’ve put off moving in the first place.
You’ll need to take a good hard look at what’s really important in your life and what you’re ready to sacrifice. It’s not all about the finances so you really need to confront everything involved before deciding to move on.
How You Perceive Renovations
There are two different types of people: the ones that love the ability to create with renovations and the ones that loathe the idea of having to work around the mess until the job is completed. If you love to renovate, you may be able to create the home of your dreams with some help from an architect and contractor. Sometimes the most impossible ideas can be turned into a reality when you consult with professionals.
If you hate the thought of renovating and would just like to move into a bigger or better home, moving may be the best option for you. Larger renovations do take some time to complete and you may find yourself inconvenienced in your own home for quite a while. Think about your own perception of renovations when you’re questioning a move or an improvement in your current surroundings.
When You Need More Space
If your family is growing or you want a larger home for another reason, you’ll really need to get some practical advice from renovation specialists. You may be able to add an addition to your current home or break down some walls to create an open concept. Considerable changes may require a building permit along with a big budget. In some cases moving to get more space will be your only option.
Buying into a Neighborhood
When you buy a house you aren’t just buying the structure itself. You are also buying into a community. House prices don’t go up in value equally in different areas of the city. If you’re living in a great neighborhood now that will reflect in high property values in the future, keep that in mind. If you have to sacrifice on the quality of the neighborhood that you will be living in due to a move, you may suffer from lower than average property appreciation in the years to come.
The Worst-Case Scenario
Sometimes it’s important to just go ahead and make a decision instead of over thinking things and remaining stuck in your current situation. Look at the worst-case scenarios. You may end up hating your renovations should you decide to improve or you may not like your new home or neighborhood if you decide to move. If either of these scenarios were to happen, would you have an opportunity later to correct them? At the very least you’d have gone ahead and done something instead of remaining miserable about your current living conditions.
It All Boils down to Your Decision
When you’re questioning whether you should move or renovate, you’re going to get a lot of advice from family members and friends. When it really comes down to crunch time and you need to make a decision, you’ll need to think on your own two feet. If you have a significant other, the two of you will need to figure out on your own what is in your best interests. If there are children involved, you’ll need to look at what would be best for them as well. It’s easy for other people to have opinions about what they would do, but what’s really important is for you to decide what’s best for you.
There are never any guarantees in life and the best thing you can do is take a good look at the big picture. While it’s important to consider the finances involved, it’s equally as important to examine the other factors that go along with moving and renovating. This way, at the end of the day, you can safely say that you made an informed decision about your future living arrangements.