If you are thinking about renovating your current home or moving to a new home, it is not an easy decision to make. In fact, it can be one of the most stressful events in someone’s life. However, the commotion caused when remodeling your home isn't always pleasant or smooth sailing either.
When making this decision, a variety of factors must be taken into account, ranging from your financial status to the impact it will have on your home insurance policy as you make this decision.
Individual homeowners will have to weigh the pros and cons of each option before deciding which is best for them. Take a look at the considerations in the guide below to determine if you are better off upgrading your home or if it’s time to start looking for new homes in Anaheim.
Does it make more financial sense to renovate or move?
When families are deciding whether to renovate their home or move out altogether, the cost is often the most important factor to consider. If you plan to renovate, keep in mind your current mortgage, your savings, and any out-of-pocket expenses you'll incur. Although moving may be less expensive up front, you will most likely spend more money in the long run.
Are you emotionally attached to your current home?
When you have lived in a house for so long, it can be difficult to leave it behind with so many memories. If you are leaving a home you have loved and cherished for so long, consider the emotional consequences of leaving before you decide if you are ready to move away good.
Is the timing right for your family?
The main problem with moving is not only that it is incredibly stressful, but it is also extremely time-consuming. As a matter of fact, moving is one of the most important endeavors that you will ever undertake. If you decide to move, you will also need to adjust your children's schools, commute to work, and mortgage costs.
If you plan to renovate your home, you must remember that it can also be a very time-consuming process. Depending on the type of renovation you are looking for, the entire process can take weeks, months, or even years to complete.
Pros of relocating
You’ll be purchasing a new investment
If you’ve got equity on your side, selling your current home and buying a new one can be a smart upgrade for your portfolio. If your current home is worth more than what you owe, it’s a good time to sell. Your mortgage should be paid off, your closing costs must be covered, and your down payment needs to be put down.
You will gain a new perspective
When you move to a new location, you will experience a change of scenery. By changing your perspective, you can expand your horizons and ultimately improve your mental health and wellness. While it is a cliché statement, sometimes, the grass may be greener on the other side of the fence. Consider looking at Anaheim houses for sale if you’ve been dreaming of a change.
When looking for a new house, list what you like and dislike about your current neighborhood. Then, see if the neighborhood you are considering has anything different from what you like or dislike about your current neighborhood.
Pros of renovating
Customize to fit your needs
As a homeowner, remodeling your home can be the easiest, most convenient, and most cost-effective solution to living in a home that meets your needs without having to move. Although you will be living on a construction site, you can customize your home without moving.
Increase your home’s value
As long as you choose projects and additions that will increase the value of your home, you will be able to maximize the return on your investment when you decide to sell it. Home remodeling is one of the most effective strategies for increasing the value of your home.
Even though renovations often require a considerable amount of up-front money, they are often well worth it if you have a small amount of savings or are willing to take out a loan to fund them.
Most often, remodeling your existing home is going to be the cheaper option compared to purchasing a new home. It’s probably easiest to break down the figures by the square foot, considering that total costs will depend heavily on both market shifts and where you live. Keep in mind that, on average, home upgrades cost about $100 per square foot to accomplish, while moving costs per square foot are much less.
Looking for Anaheim homes for sale?
Are you considering Anaheim homes for sale? If so, consider the dedicated team of real estate professionals at Pompey Group, Realtors®
who are ready to assist you in every step of the homebuyers journey. Nicole Pompey has decades of experience supporting families as they navigate their way to the home of their dreams. If you’re looking at properties in Anaheim, Fullerton or Riverside, choose a team that knows the lay of the land. Give Pompey Group, Realtors®
a call to begin your search.