At some point in your life, you will have to let go of your current home. You need to give it up perhaps in favor of a new property in a better location or in the form of a newly refurbished space that accommodates your growing lifestyle needs. Both choices are appealing, but at the same time, both are costly. A lot of people then find it hard to decide whether to move or improve. The key to choosing the right option, however, is to know what exactly your priorities and needs are.
When to Renovate
If among your priorities is your special attachment to your home, it’s better to stay and just renovate. As much as you want to be objective about this whole decision, you can never take emotions out of the equation. At some point, you have to acknowledge that moving would involve saying goodbye to the home you’ve known for years.
If that’s something you can’t bear, then go roll up your sleeves and grab a hammer or two. This is where another point of consideration comes in. If you’re willing to get your hands dirty, literally, and oversee a project that may inconvenience you for months, then go renovate instead of moving. Pursue it all the more if you have an experience already in remodeling, and you may just save a couple of bucks with that.
At the same time, look at the things you want to change in your current living situation. If it’s something minor, let’s say re-configuring the layout of the kitchen or replacing and cleaning windows (as opposed to adding another bedroom), then go renovate. Bring in your team of contractors — from architects, interior designers, plumbers, and painters down to the experts in window cleaning. Lehi-based professionals can be one of your considerations, especially if you live there.
When to Relocate
If the changes you want to see are more specific and drastic, that you have a long list of it, then it’s probably an indication that you’ve already outgrown your current home. If you want to have an additional floor to accommodate four more kids or perhaps no stairs at all to make your aging parent — who just moved in with you — safe, then it’s time to find a home that fits exactly that.
If you have a rigid budget, it’s best to move. Remember that renovations are unpredictable, financially speaking. There might be increases in prices of materials in the middle of your project. You may even encounter delays in the process or change your mind on certain plans. If you have a specific budget in mind and there’s no space for adjustments, it’s best to go for a fixed, move-in ready home. With this, you’ll have more options for funding and down payment, compared to when you’re renovating.
It’s one of the toughest decisions you’ll make when you’ve outgrown your space: whether to move or improve. But again, the key is to go back to your needs and priorities. That will tell you a great deal about which of the options is right for you.