With the economy in a slow recovery, many homeowners are struggling with the decision to remodel or move. Should you remodel your current property into your dream home or go in search of it elsewhere? While there are advantages and disadvantages to both, we've listed four big reasons that many homeowners choose to remodel their Connecticut home over selling.
1. Unreliable Real Estate Market
Today, putting your house on the market can be a risky venture, not to mention a lengthy one. In the current "Buyer's Market", if you put your home up for sale, you should prepare yourself for a long wait or perhaps even selling at a lower price than you wish. In addition, between realtor fees and open houses, selling is likely to be more of financial and emotional burden than a reward at this time.
2. Moving is Expensive
With selling, comes moving! Moving.com has a handy online calculator that will estimate the cost of your move based on the size of your household and zip code. This calculator puts the cost of moving a 3 bedroom household with partial packing services within the city limits of New Haven, Connecticut at approximately $3,000-$4,000. You can find out the cost of your own move by checking out this online calculator, but remember--the expense of moving goes far beyond just movers and boxes. Consider the following:
- If you aren't able to sell your home immediately after buying a new one, you could be living with two mortgages for an indefinite period of time. Inversely, if you sell your home before you're able to buy one, you may end up paying for temporary housing.
- Moving often involves purchasing more or new furniture.
- Unless the property is exactly what you were hoping for, you could end up renovating your new property anyway.
- While packing and unpacking is taking place, moving sometimes requires families to spend extra money on conveniences like child-care and takeout.
3. Moving Costs More Than Just Money
Moving is obviously monetarily expensive, but the non-monetary expenses of moving can be greater than the financial expense. Depending on the distance of the move, relocation can involve major, stressful upheavals like switching jobs or school districts. Moving can also involve leaving behind friends and family. For many people, the pressure that a move presents negates some of the benefits of moving.
4. Home Remodeling Offers Bigger Benefits
While home remodeling also has a cost, for many homeowners, the benefits and return on investment outweigh the price. Take into account the following:
- Home remodeling projects can improve quality of life by making a property more comfortable, energy efficient, and desirable.
- Renovating a home allows you to customize your property to your specific desires and needs.
- Remodeling can help improve curb appeal, making it easier to sell later if you so wish.
- Many home renovations, like kitchen and bathroom remodels, in-law apartments, and deck additions, increase property value.
- Home remodeling is often less disruptive than moving.
