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Should You Renovate or Relocate…That Is the Question?

Once upon a time you really enjoyed your home. It was small, cozy, perhaps one or two bedrooms and let’s say a single bathroom. It had every little thing that you wanted from a home, including an incredible view.

That was then and this is now. Life moves forward rather quickly and as you become more successful and your family expands, your “cozy” home has become a bit cramped and uncomfortable.

It had elements of wear and tear that you used to find “charming”, even “vintage” looking, that you now see as cluttered. The first question that has cropped up for you; do you add an extension to your home, or do you pack up and buy a brand new house?

There are plenty of pros and cons to either scenario but it’s up to you, which way you go. If you moved, do you see yourself in a city dwelling, perhaps a highrise condo with another incredible view?

Or let’s say you stay put and add a complete second story to the home you already know and love! The entire process for a renovation of that size would be substantial but you’d need to be ready for that.

Then again, you have always wanted to live right on the water so you should at least grab a lake home buying checklist right? Either way, you need to make the best, most informed decision for you and your family.

So we’ve put together a guide of both the benefits and downfalls of renovation vs. relocation to help you with your decision. Should you renovate or relocate… that is the question?

Should You Renovate or

Relocate…That Is the

Question?

Should You Renovate or Not?

Let’s take a look at the advantages and disadvantages of renovating your current home over buying a new one.

The Cost

Renovation is much cheaper than the purchase of a new home. The very first consideration when you are dealing with this decision is looking at the cost of the entire project. Buying a home is expensive compared to choosing to add an extension to your house.

Your renovation project isn’t going to drain your bank account completely, nor is it going to be an arduous process. You can renovate and update your current home one room at a time, and not have to pour money into one of the lakefront properties you love so much.

The Customization

When you’re going for a renovation project, you can make your home look entirely new with just a few small tweaks. When you buy a brand new house, you don’t often get to dictate the materials of the countertops or how high-tech the kitchen would be.

However, when you choose to renovate and rip out your current kitchen, you can customize it to your heart’s content. Upgrading your existing home allows you the chance to put in the bells and whistles you’ve always wanted, then having to buy someone else’s idea of beauty.

The Familiarity

Renovation allows you to stay in the home you initially fell in love with, and it allows you to stay beside your favorite neighbors. You already know where all the amenities are, and you are probably already in the perfect commuting distance to work and schools. The familiarity of the area you are in is a huge plus point for renovation over relocation.

Well, Then There’s Down Side…

The Impracticality

If you’re living in an apartment, it isn’t going to be practical nor possible for you to add extensions and rooms. Your floor space is limited.

You’d only be able to redecorate or perhaps replace the bathroom and kitchen. This type of limitation makes renovation impractical and relocation much more desirable.

The Inconvenience

There’s nothing worse than having to move out of your home while you await work to be completed. But this is the reality of renovation.

No one wants to live among the paint and sawdust, so you’ll have to pay out for a hotel or stay at a friends’ house. Not to mention, what will you do with your four-legged friends? Neither practical OR convenient.

Should You Relocate?

Now that we’ve explored all the reasons for and against renovation let’s look at relocation as your other option.

The Refresh

A new start. Everyone needs one now and then, and relocation to a new home can give you that chance. Going from a cramped city apartment to a lakefront home and seeing the water every day is usually enough of a change for anyone. There are also tons of possibilities that come with moving to a new area.

The Upgrade

How beautiful are modern homes today? Those waterfront homes are just stunning, and you get an entirely new home renovated to the most modern standards when you choose a new home.

New designs have everything built-in from day one, with wooden flooring and floor heating in the bathroom. Things like this make the cost of moving far more attractive.

The Help

An estate agent working for you can be the eyes on the market helping you to find the home that tics all the boxes. You can always do this yourself, but having a second set of eyes in areas of the market that you wouldn’t necessarily be looking is golden!