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Moving vs. Remodeling | XL Home Improvement

Should You Stay Or Should You Go?

Posted on 05. Sep, 2013 by in Construction, Home Improvement

If you are debating moving vs. remodeling, there is much more to consider than just finances. Often, people in this position are seeking more space. However, before you decide to up and move, consider your emotional attachment to your current home and neighborhood. You may find that a remodel can give you the house you want without ever leaving home.

The upside to a remodel is that you do not have to leave a home that you already love. On the other hand, remodeling can get loud and messy. If you do not mind a little chaos and like to be part of the process, making a change to your own house can be an exciting and fun process. However, keep in mind that a remodel will require having the money upfront. Conversely, you can finance a move.

To help resolve your dilemma, figure out how much your home is worth, and get estimates for the type of renovation you are doing. Then look at the sale prices of homes in your area comparable to your home with the renovations you are considering. For example, if you have a four-bedroom and are thinking of adding a fifth, look at sale prices of similar five-bedroom homes. If sale prices are still above what your house is worth plus the cost of the remodel, you are in a good place to renovate. Otherwise, you might have to consider that you may not get your money back when you do decide to sell.

You can also consider the cost of remodeling against the cost of moving. A remodel is more than just parts and labor. It may include staying at a hotel or eating more take-out food. However, you may still find it is cheaper to renovate once you look at the total cost of moving, which includes not only a higher mortgage but possibly movers and a longer daily commute.

Weighing the pros and cons of remodeling your current home may largely come down to finances, but there will also be an emotional factor. If you are considering moving vs. remodeling, be sure to look at more than just the numbers.

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