Studies show that families face the question of whether to move to a different home or renovate their existing one several times in their lives. Most couples will buy a home just before or just after they get married. This is normally a small “starter home” that is usually simple and just the right size for the two of them. Soon, though, children come into play. Suddenly, the cute starter home isn’t big enough for the couple and their child or children. This is the first time people decide whether they need to move or renovate. Usually, people move because it is essentially easier with new children than a renovation would be.
Next, the children become teenagers and not only do they need more space, but the parents need more space as well. This is the second time a family will consider the question: move or renovate? Many do decide to do the latter at this time. It’s more ideal than it was before. The kids are in their teens, so they can deal with a renovation. The family is also more financially stable then when the kids were little or newborn/toddlers.
Just a few years later the kids turn 18, graduate from High School, and start college. Some of them move into dorms or into their own apartments or houses. Either way, the once perfectly-sized home is now too big for just the couple. Now the decision comes up again: To renovate or move? It’s about 50/50 this time; half of the people will renovate and the other half will sell. It all depends on their personal situation.
The other time a family may have to face this decision is if a family member like a parent or grandmother becomes ill and needs to be taken care of, often times the family will move the sick relative into the home with them. This often leads to the realization that there just isn’t enough space.
So, if you are faced with the question: Do we renovate or do we move? What should you take into consideration when deciding?
First, take into consideration this fact: Though many people think that moving may be safer and cheaper, this is not the case. There is not payback for you in moving, only payout. Plus, it really is quite a bit cheaper than a renovation when it comes down to it. A renovation will also help you in the long run, it will raise the value of your home for when you do move. Plus, you won’t have to worry about moving costs or disruption of your life because of the move.
The next thing you need to think about is this: What does your life dictate? Do you have small children; so young that a move really would be easier to bear than a remodel? Would renovating serve a long-term purpose? You don’t want to renovate if you know you’ll be moving soon anyway. What does your financial situation say? If it allows you to comfortably do either, then do as you please. If you have less money, renovation may be the way to go. Who lives with you and what would each option do to your life and theirs?
When it comes right down to it, what you really need to do is look at these things:
- Financials
- What your life dictates
- What’s easier in the long run
- What’s more beneficial for everyone
Home Renovation Resource 