Unless you built a custom home, you probably have a long list of things you’d like to improve in your current home. Browsing online listings might get you in the mood to upgrade to a new home, or you might be thinking about renovating your current home after binge watching HGTV. The answer to RENOVATION vs. RELOCATION depends greatly on what you’re trying to fix.
Thinking about a new kitchen? If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen gives you incredible return on your investment and is less costly than moving. You’ll increase the value of your own home if you ever decide to sell, and there’s a great sense of accomplishment that comes with completing a custom renovation. The downside? This is a huge project that requires time, or a trusted contractor. You don't want to take a perfectly functional kitchen and turn it into a half finished beauty.
Need more space? If you’re running low on bedrooms, there may not be a lot of options. Converting an existing room to a bedroom doesn’t create any new space. If you’re in a condo, an addition is probably impossible. And additions can be expensive even if it’s a possibility. Moving is usually the best option.
If the neighborhood isn’t ideal You may have seen some potential for your neighborhood when you first moved there, but perhaps it still isn’t welcoming. Or the shops and restaurants you expected still aren't around. If that’s the case, consider moving. There’s no sense in waiting years for the neighborhood to improve, especially if you can move to a house in the same price range in a more preferred part of the city that already has the neighborhood and amenities that you have always desired.
You don't like the floors. This can be a tricky one. Are you wanting hardwood? Tile? Perhaps you just want to tear up that old linoleum and put in something a little more appealing? Whatever the case may be, this can turn into a large project very quickly. If you live in a newer house chances are you won't have many issues. If you live in something 10 years or older that has had multiple owners....you could be in for some surprises under those floor coverings. Flooring is also expensive, if you're talking about just replacing some carpet then sure that won't break the bank. If you are talking about a flooring overhaul then you better be ready to spend some cash. Either way, this one is a toss up and quite honestly your return on your investment here isn't going to be what you would like. It just never is.
There are many different questions that you may ask yourself when it comes to whether you should improve your home or just move and find what you want. The best advice I can give you is to make a PROS vs CONS list and include a dollar amount to each item. You will know pretty quickly what the right move for you is.