Should You Renovate or Relocate?
You’re longing for more space—a chef’s kitchen perhaps, or a den/gathering room that can accommodate your growing family. A bigger garage or a guest room for out-of-town visitors. And while you love your home, you know you need a change.
Of course, the right answer will be different for everyone, and can only be determined by you and your family. To help you decide, we’ve gathered expert tips to get you thinking critically about your long-term goals, your finances, and the home that best reflects you.
Should I Renovate or Sell? Do Some Soul Searching
- Move if your city gives your renovation plans the thumbs-down. Stay if you love your location. Check out Realtor.com’s homeowner scenarios to decide whether to get a new address or improve your existing one.
- From looking at whether you’ll earn back upfront costs to knowing if you’ll be “overimproving,” Bankrate lists “Seven Ways to Know Whether to Remodel Your Home or Move.”
- Selling has gotten easier, say the experts at HomeLogic, and renovations have gotten pricier. Their “Should You Move or Improve?” story outlines critical factors every homebuyer should consider.
Take a Quiz and Crunch the Numbers
- Fix it up—or give it up? Zillow’s 16-question quiz can help you decide.
- HomeGain’s “Home Improvement vs. Moving Calculator” gives homeowners a good estimate of whether moving or renovating will be the more cost-effective option.
- On “The Dave Ramsay Show,” financial advisor Dave Ramsay takes a call from a mother of four struggling with whether to move or renovate (and if she should tap into her retirement savings to fund her decision).
Watch the Pros at Work
- On the ”TODAY” show, Hillary Farr and David Visentin from HGTV’s “Love It or List It” share both renovation and quick-selling tips to help homeowners gain clarity on whether to stay or go.
- In his “Should I Move or Renovate My Home?” video, real estate agent Patrick Morris walks homeowners through what to consider in the renovate or sell decision.
- Design consultant Megan Bringman with Kansas City-based firm Schloegel Design Remodel shares design considerations with undecided move-or-stay homeowners in their “Should I Remodel or Move?” video.
When it comes to deciding whether to move or renovate, consider your finances, stress tolerance, family needs, and lifestyle. With clear-eyed conversations and a critical look at your finances, you’ll be able to make the right choice for your family home.
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The opinions expressed in this post are for informational purposes only. To determine the best financing for your personal circumstances and goals, consult with a licensed advisor.
Hometap is made up of a collaborative team of underwriters, investment managers, financial analysts, and—most importantly—homeowners—in the home financing field that understand the challenges that come with owning a home.