Should I Renovate My House or Move?
Whether you’re a first-time homeowner or a family outgrowing their current house, you may find that your current abode isn’t quite fulfilling your needs. There really aren’t many other options other than remodeling your current home, or up and moving.
No matter which option you choose, you can be looking at a large financial and time commitment. But depending on your situation, one may be a better option. Let’s go over costs and things to consider before you come to a final decision.
When to Consider Remodeling/Renovating
Maybe the location you’re already in checks all the boxes, but the house itself isn’t quite fitting your needs. In that case, maybe you could try your hand at a remodel:
Why Remodel/Renovate?
Full Creative Control: When you own a home, you can really do whatever you want with it. Want a fireplace? Let’s do it! Need a larger kitchen? Let’s make room! You can take stock of your family’s needs and customize your current house to meet those needs.
Avoid the Hassle of Moving: Packing up everything and relocating may not be the ideal option for you, especially if you have kids or pets. If you do small-scale renovations, you’ll find that it may not impact your current living situation as much as committing to a complete move.
Could Increase Home Value: Depending on the housing market, a newly upgraded house could be a lucrative sell. Most people see about a 20-100% return on their investment, boosting their home’s equity overall.
Does Renovating Always Add Value?
It’s important to keep in mind that home improvements don’t automatically increase the value of your home. For example, if you have highly specific customizations that may not appeal to everyone, it may not be as easy to sell. If you want to improve your home with the intent of making money off it later, focus on more cosmetic and traditionally sought-after improvements.
Costs of Remodeling/Renovations
Materials/Labor: Most of the cost of remodeling is centered on materials and labor. First and foremost, it’s important to find a contractor you trust to help assess what’s possible and how much it’ll cost. Shop around a few different contractors to make sure you get the best fit for you.
Permits: Permitting laws will differ from state –to state, so it’s important to follow up with your local government to see which renovations require a permit to complete. Usually, fences, windows, plumbing/electric, or even based on total cost will require a permit. Filing for a permit can cost anywhere from a couple hundred to a couple thousand dollars.
Overage: Many people find that they didn’t allot enough money for their projects. It’s a good idea to overestimate the amount of money you’ll need to complete the project rather than underestimate and end up owing more later.
If you’re renovating a bathroom or bedroom and need to store a few things for a short time, consider renting a U-Box® container. You can store all your stuff on your own property and access it anytime. The best part? With the rental of a U-Box container, you get one month of storage for free!
When to Consider Moving
If picking up a hammer or working with a contractor isn’t your idea of fun, moving may be the better option for you:
Costs of Moving
Moving Costs: You’ll need to pay for moving supplies and other extraneous costs, like moving supplies, rental trucks, self-storage, or a portable storage container.
House Costs: On top of the costs of moving, there’s the actual cost of the house to consider here. Make sure you’re ready for the financing around purchasing a house or have a budget in mind for a rental in the meantime.
Agent Commissions: Depending on if you choose to enlist the work of a real estate agent, you could be factoring in a little extra in your final total. Additionally, if you want to hire some moving labor, you can also expect to spend a few hundred dollars.
Upgrades/Maintenance: If you want to sell your home, it may be a good idea to spruce it up a little. A fresh coat of paint here, a little remodel there, and viola, you’ve added a few extra thousand to the total cost of your house!
Hey, not everyone gets the luxury of planning their move ahead of time. Here are 8 tips to help you the next time you need a gameplan for a last-minute move.
What to Ask Yourself Before Deciding
Which is the cheaper option for you: Depending on how intense a possible remodel would be, moving could be a cheaper option. But if you’re just looking to fix up a few things about your home, a quick renovation could be a much cheaper option than up and moving.
Is it a good time to sell the house: Take a look at the housing market before you commit to selling your home. This will always give you the best return on your investment.
Are you emotionally attached to the house: If this is your dream house in your dream neighborhood, don’t say goodbye so easily. Emotional attachment to a home is a real thing, and if you feel connected to your home then it could be a sign you should stay.
Are you outgrowing your current home: Is the family growing quicker than you planned? Then it may be time to upgrade to a few more bedrooms. In this case, you’d probably have an easier time buying a new home than trying to build a few more bedrooms from scratch.
No matter if you plan to lay your roots down permanently or plant them somewhere else, U-Haul is here to help! With an extensive fleet of moving trucks, storage units, and moving supplies, we can help you make a DIY move feel like a full-service move.
Start a reservation today!