Is it better to improve and renovate your current home or move to a new place entirely? Renovating versus relocating is a common dilemma for many Dallas homeowners, especially when living circumstances change.
The decision is never easy. There’s rarely a black or white answer. For some people, it makes sense to move to a new property, but for many others, the best strategy is often to stay put and upgrade.
This article explores the pros and cons of renovating your existing home and relocating somewhere new. We hope it will bring you further clarity and confidence about the best route to take.
Key Factors to Making Good Decisions
Your decision on whether to stay or to go will depend largely on your reasons for needing change as well as current trends in the housing market. Here are some questions to consider.
Is it a good time to sell?
If you’re leaning towards relocating, it’s important to identify whether it’s a good time to sell (and buy, if moving locally). Dallas currently has many advantages for sellers, having been ranked as one of the top 10 markets in a post-pandemic environment in 2021-2022 by the National Association of Realtors (NAR).
Home prices in the region have been increasing year-on-year for some time, but of course, things can change, and quickly too.
Does it make economic sense?
Renovation and relocation both come with their own respective costs and financial benefits. For example, the Covid-19 pandemic led to increased remodeling costs, partly due to rising demand for home renovations and the resulting supply chain strain. These issues can all add up depending on the upgrades you desire.
Buying a home and relocating is also expensive, especially in a tight real estate market. By staying in place, you’ll avoid costs associated with sales commissions, insurance, permits, financing, and moving.
Are you attached to your home?
As well as the financial considerations, there are also the emotional ones. Moving can be tough if you’ve lived in your home for a long time and love your property, local community, and area. It’s sometimes more beneficial for the heart and mind to remain in place and upgrade, even if you can find bigger and better elsewhere.
Is the timing right for your family?
Similarly, timing is everything. Moving might not be feasible given current events in your family’s lives. For example, if your children are happy at school, moving to a new school district might cause a lot of anxiety and sadness. New commute routes or mortgage costs might be a little too much to handle right now as well.
Let’s look at the pros and cons of both choices in a little more detail.
Opportunity to Increase Financial Picture
Moving house can allow you to take advantage of your home’s equity to leverage wealth. With intelligent planning, you’ll be able to buy a bigger house in a better area. Or alternatively, to downsize if retiring and thereby save money on significant home expenses.
Move To a Location You Love
Relocating is the only sensible option if you have your heart set on a new district, city, or state. Home is where the heart is, as the saying goes, and where your heart truly resides is where the head must ultimately go.
Living in a Construction Zone May Not Work for Your Family
While moving house is stressful, living in a home being renovated is also an upheaval. If you need a significant remodel, it might be easier for your family to move to a ready-made home of your dreams.
Moving Costs and Other Expenditures
While moving house helps build equity and can improve your investment portfolio, it’s by no means cheap in itself. There are a number of moving costs. These expenditures include real estate commissions, home inspection costs, hiring movers, packing expenses, and any initial repairs and adjustments to your new property.
Moving is Stressful!
Sixty percent of Americans consider moving house to be the most stressful life event. Moving is stressful for most people because we like familiarity, routine, and order. When these are disrupted in any meaningful way, we become anxious and even depressed. In addition, relocating causes a ripple effect in all areas of our lives, including for our children.
Tight Home Market
Even if you’ve set your mind on moving, it might be impossible if the current home market and interest rates are not currently in your favor. If you move now, will you get the most out of your investment? Research market conditions before listing your current property and looking for a new home.
Stay in a Location You Love
Renovating instead of relocating means you can stay in the home you love. If you and your family have a deep emotional attachment to a place, then carrying out a remodel, even if significant, can be worth the costs and effort. You’ll also avoid the stressors associated with moving.
Customize to Meet Your Needs
Remodeling allows you to create the home of your dreams without relocating. You can customize your home in multiple different ways according to your unique tastes and requirements. There are also great ways to future-proof your home so you can enjoy the financial, lifestyle, and environmental benefits of ever-changing technology for decades to come.
Remodeling Can Increase Your Home’s Value
Upgrading your home is an excellent way to increase the value of your home when it’s eventually time to sell. Kitchens and bathrooms are two rooms that add the most value, so these are a great place to start. Home offices are also increasing in popularity among homebuyers due to changing work trends and the upheaval caused by the Covid-19 pandemic.
Living in a Construction Zone
A drawback of home remodeling is living in a construction zone if you don’t have alternative accommodation. While the best design-build remodeling firms do everything possible to minimize disruption, damage, and mess, it will still feel like a building site at times. But with careful planning, creativity, and flexibility, you can transform an otherwise uncomfortable and inconvenient situation into a manageable one.
You May Not Recoup Your Costs
Not all home renovations pay off in the long term. Some types of remodels have a more significant return on investment than others, and with changing trends and technology, what might be considered a good design option today might fall flat in the next decade. Therefore, it’s essential to plan ahead with trusted remodeling professionals.
Renovating Your Dallas Home
Before embarking on a new home remodeling project, it’s sensible to sit down with experienced building industry professionals. With proper guidance and correct planning, you’ll be able to achieve the home renovation of your dreams.
The design-build remodeling team here at Blackline Renovations in Dallas can help you with every aspect of your home upgrade. From the initial meetings and evaluations right through to the design process and the construction phase, we’ll be by your side and guiding you through every step of the way.
We offer friendly and expert design consultations where we discuss your specific needs and provide you with the optimal design solutions to meet them.
Call us today at 214-827-3747 or schedule a personal consultation.