realtyreport
Smart Move
Do you need more space? A kitchen and bath overhaul? Sure, you could renovate. But depending on your circumstances, you may be better off moving. Here's why.
- Renovating can be inconvenient and stressful - the noise, the dirt, the no-access to certain parts of the house. Moving is often stressful, but can take less time than a renovation, allowing you to return to life as usual that much sooner.
- Renovations can be unpredictable. Costs tend to creep up, completion dates get pushed back, and you may be unhappy with the results. If you move, you'll have the certainty of knowing upfront what your financial commitments will be and what your new house will look like.
- If your current home's location isn't meeting your needs, a renovation won't help, but a move will. Likewise, if your house is in an undesirable location from a resale-value point of view, moving may be wiser, as it's unlikely you'd recoup your renovation expenses.
- Is your house already the most expensive one on your block? In your area? If it isn't now, would your remodel make it the most expensive? If so, it makes little sense to renovate since, again, it's unlikely you'd recover your costs. Consider moving to a new block or area instead.
- Moving may be the cheaper choice. Depending on the nature and scope of the renovations and current market conditions in your particular area, it may be cheaper to move than to remodel. For a comparative market analysis of your house, call today!
