In today’s blog post, we will share our expertise whether you should remodel or move. If you are unhappy with the current state of your home, you are not alone. Home improvement projects have been on the rise since the pandemic started. Home projects are not the only thing on the rise but the cost of real estate as well. In New Jersey, we have reached a housing boom with homes selling $100,000-$200,000 over asking. Of course, this doesn’t happen with every listing but it is happening more frequently in today’s market. As my husband is a New Jersey realtor, I have an acute awareness to the real estate market and the experiences he has encountered over the past year and a half. With mortgage rates being historically low, more homeowners are considering whether to remodel or move.

Should you Remodel or Move?

Here are 5 Important Questions to Ask yourself Before you Decide

Design by AMA Designs & Interiors. Photography by Mariah Texidor Photgraphy.

Cost to Remodel or Move?

Create a side by side analysis of the costs to remodel versus moving. Also, consider the return on investment (ROI) if you sold your house. Would you get more than what you purchased your home for? While selling your house now can put money in your pocket now, it could cost you more money down the line. Consider the cost for furnishing your new home and also customizing it to your personal style. On the hand, renovations come with immediate out-of-pocket expenses, and in most times, unexpected expenses.

What is the Emotional Attachment to your Home?

How connected are you to your home? Have you grown up here and raised your family? What will you miss about your home? It is important to consider the emotional implications of moving before deciding as this may affect not only you, but the family members that reside with you.

Real Estate market: is it a good time to sell?

Regardless if it is more cost-effective for you to move versus remodeling, will you get a return on an investment if you were to sell? Do some research about market conditions before you list your home. There are also seasonal house selling trends to consider. In general, homes typically sell faster in the spring and summer, and they are more likely to sell at or above the asking price.

As of 2021, the inventory of homes is low but the demand is high. Therefore, homes are selling faster and above asking more frequently.

Timing: Is now the right time for you?

Whether you are deciding to remodel or move, timing is everything. Not only is it stressful, sometimes it’s not always realistically feasible to undergo a home project or moving. A plan will need to be established prior to taking on either journey. Is this the right time for you and your family? Think about work schedules, commuting, changing school districts, mortgage costs etc.

Remodel or Move Questions to consider before you decide

Will a remodel or move benefit your lifestyle?

It’s important to consider the issues that you are having and whether or not a remodel will realistically solve them. It’s easy to think that a remodel can solve most of your problems with the home but in reality, there are some things that a remodel simply cannot fix such as:

Location
Work and/or school commute
School district reputation
Home type or style
Neighborhood
Square footage (unless you add-on)

If you are ready for change, a remodel or move could be your best option. I hope with our tips this helps your decision whether you should remodel or move.