Remodeling your current home is a big project. Moving is also a big deal and comes with a lot of change. There is a time to remodel and a time to move. Neither option is wrong or right, but one might fit your situation better than another.
Understanding the benefits of remodeling vs. moving to a new home might help. Let’s look at some of the most important benefits you’ll gain.
Top 5 Benefits of Remodeling Instead of Moving
1. More Customization
When you decide to remodel, you get to choose what your home will look like and how it will function. Moving means finding a new home, which may or may not have everything on your wish list. With home remodeling, you get to choose the colors, materials, and what you change.
Often, when you move, you will find a home and still want to change things about it. It’s hard to find the perfect home for you. However, when you remodel the home you’re already in, you can make it fit your specific needs.
2. You Might be able to Finance the Renovations
Often, you don’t have to pay out-of-pocket to remodel your home. Instead, you can refinance your mortgage or take out a home equity loan and use the equity you have built up to make changes to your home. Plus, a home equity loan will likely be tax deductible.
3. You Don’t Have to Move
Unless you hate where you live, not moving can be a huge benefit or remodeling your current home. Not only will you have to leave your neighborhood, but you also have to pack up everything and actually move.
Moving is stressful. It can change your commute to work, the school your children attend, and so much more. When you remodel, nothing changes except for how your home looks and functions.
4. No Need to Buy or Sell a Home
Moving probably means selling your current home and buying another home. This can be a difficult process and it might be even more difficult if you have a good interest rate on your current mortgage.
Buying and selling can be expensive, too. You will need to pay real estate agents, inspectors, and many other people throughout the process. Instead, you can remodel your home and stay where you are.
5. Can Increase the Value of Your Home
When you move, you will be looking for a new home and starting over. If you choose to remodel, you can, instead, increase the value of your current home. This can help you build equity and gain some if not all, the money back you spend on remodeling.
While not every project will add value to your home, remodeling can increase the value. It will go up even more over time, so if you plan to stay in your home for many years, remodeling might make a lot of sense.
If you’re considering a kitchen remodeling project or a whole-house remodeling project instead of moving, consider these benefits. You might find that it makes more sense to stay put and remodel than sell your home, buy another home, and figure out you still want to remodel.