When you purchased your current home, you may have been thrilled with its space, layout and features. However, over time, a home’s décor and features may become outdated. The family’s needs for space and specific features may change. When this happens, you may naturally consider completing a major home renovation. However, there are benefits associated with relocation rather than renovation. Before you decide how to update your home environment, consider these benefits associated with a relocation.
Relocate to a Preferred Area of Town
Some people love their neighbors and the area of town where they are located in, but you may be one of many people who do not. Perhaps you have found a new job since you purchased your current home and now have a lengthy commute. The community around your home may have declined over the years, and it may no longer be a desirable or safe area to live. You may have new neighbors who are loud or who do not take good care of their home. Perhaps the kids’ school has changed over the years and no longer provides the high quality of education that it once did. Relocation to a new property enables you to choose a more desirable location to call home. Keep in mind that these are only a few of the factors that you may change when you search for a new home rather than renovate your current space.
Avoid the Stress and Hassle of a Major Renovation
A major renovation may provide you with the ability to transform your home into a stylish and more functional space. However, it can take several weeks or months to develop a renovation plan, to line up contractors and to apply for financing for your project. Then, you may have to put up with contractors working in your home for many long weeks. Living in a construction zone can be messy and stressful. It impacts your privacy and affects your schedule. In some cases, you may even need to live out of a hotel for a period of time while significant renovation work is being completed. On the other hand, when you move into a new home that is already exactly how you want it to be, you can avoid this lengthy period of domestic discomfort.
Potentially Save a Substantial Amount of Money
Many people assume that a renovation is more affordable than relocating, but this is not always the case. Your current home may require a substantial amount of work to transform it sufficiently for your current needs. The alternative may be to move into a different area of town where real estate is more affordable than where you currently live. Keep in mind that factors like tax rates, home insurance, energy efficiency and the cost of your commute also must be taken into consideration so that you can make an accurate financial comparison.
Enjoy Faster Results
If you lead a busy, active life, you understandably may be looking for a convenient way to improve your living situation. Relocating and a home renovation may both take time and effort. However, in many cases, you may be able to complete a relocation quickly with the help of professional movers. You could potentially be living in a new home that meets all of your needs within a few weeks in some cases. This is compared to a renovation process that may take several months or longer to complete.
Before you decide if a renovation or a relocation is a better option for you, you should consider the scope of work that you may need to do on your current home. Take time to request bids from reputable contractors for time and cost, and understand the impact that a renovation may have on your home life during this period of time. At the same time, explore the real estate market to learn about alternatives that may meet your needs if you choose to move.