If your Carlsbad home is aging and it needs some updates, you’ll eventually be faced with the question: should you remodel or just move? There are pros and cons to each proposition. Moving is an expensive, difficult and stressful process, and if you don’t really have to move, it can be just as much hassle as a renovation.
Of course, remodeling isn’t cheap either, and it can be equally as stressful. It takes hard work, patience and a lot of money. And in the end, the remodel may not solve the problems you set out to address in the first place.
So how can you decide whether to move or renovate? There are many factors to consider, from your financial situation ad attachment to your current community to the ages of your kids and the ease of which you could relocate for your job.
Moving to a New Home
If you decide to move, you have to consider the cost and time involvement of selling your current house, then buying a new one, and then moving all your stuff into it.
Selling your existing house will entail:
- Small home improvements and staging: These tasks will help get your home ready for sale and increase the chance that you get some really good offers. You may have to do some minor repairs anyway, as well as painting, carpet cleaning, etc.
- Real estate agent commissions
- Appraisal costs and transfer taxes
Buying a new home will entail:
- New mortgage
- Closing costs
- Real estate agent commissions
- Legal fees
- Necessary repairs and upgrades to the new home
Relocation costs will include:
- Packing supplies
- Professional movers
- Moving insurance
Relocation costs are not cheap. In general, a local move will cost you about $2,000 and a long-distance move will cost you about $4,300.
Remodeling Your Existing Home
On the other side of the coin, you may consider renovating your existing home to accommodate your growing family, as well as convenience, comfort and needs. You may not want to necessarily move to another community; after all, your kids may be happy where they are in school, you may love your job, and you may not want to give up all your friends and family who live close by.
However, you may want to make some pretty significant changes to your home, whether to upgrade or downsize. But consider the costs of remodeling, whether you’re looking to add on an addition put on another floor, finish a basement, or put a loft above a garage.
Costs of Remodeling
- Permits and architectural plans if you plan to alter the structure, electrical system, plumbing, etc.
- Materials: Quality materials aren’t cheap.
- Labor – You’ll most likely need professional help in the form of contractors, plumbers, electricians, painters, etc.
- Temporary living accommodations and storage: This can be the biggest inconvenience of all, as those temporary living arrangements can be quite expensive, as can eating out frequently, and rearranging your life to accommodate the home improvements.
Location, Location, Location
As you decide which option is best for you, it’s important to take a look at location. If you love the neighborhood in which you live now, this may answer your question pretty quickly. But add in a higher cost of living, increase in crime, decrease in school quality, etc., and you may decide you can sacrifice this neighborhood for a better one elsewhere.
Consider these other factors:
- Convenience of current location: Do you live close to your place of work, your kids’ school, and other places you visit frequently, such as doctor’s offices, shopping centers, hospitals, gyms, coffee shops, parks, etc.? Do you enjoy living close to family and friends?
- The neighborhood: Is your current neighborhood safe and well-maintained with lots of green spaces? Do your kids have lots of neighborhoods friends to play with? Do you get along with your neighbors?
- Schools: Do you live in a high rated school district? What nearby amenities do your kids enjoy visiting?
Your answers to these questions will give you a very good idea of whether you should stay or go.
Family Size/Family Changes
What size family you have and what ages your kids are, as well as whether you plan to welcome aging parents to live with you in the near future, are all factors that will come into play.
- Do you plan to grow your family? If you have two kids now but are pregnant with twins yet live in a small ranch, there’s no question you will need a larger space. Renovating a small home to accommodate such drastic family growth could end up costing you a heck of a lot more than if you were to upgrade to a larger home, especially when you consider adding extra rooms/bathrooms, converting attics into lofts, or putting on a whole new addition.
- Do you have teenagers who will be going to college or moving out in a few years? After they leave, you won’t need all that space, but it may be wise to finish a basement or attic to accommodate them now, and then these will be spaces they can come live in on school breaks or after graduation. Same goes for aging in-laws.
- Do you move a lot for your job? If so, it’s probably not worth investing too much in home renovations, as you may have to pick up house and move in a couple of years anyway.
- Do you plan to retire soon? If yes, can your current home be adapted to meet your aging-in-place needs? If so, start planning those now so you can live safely and conveniently in your Golden Years.
Making the decision to move or remodel is never an easy one. It will take a lot of self-reflection, as well as a hard look at your finances, and the emotional and physical tolls that will come with either option.
Contact Best Fit Movers
If you have decided to move instead of renovate, we are here to help you get going. Contact us to obtain your free quote from our trusted San Diego movers.