When buying a house to move to, there are compromises that are made. Maybe the kitchen is dated and missing an island. Perhaps the flow of the house is chopped up with walls that obstruct the view and natural light. Maybe the master bathroom is cookie cutter and the walk-in closet is lacking. Often the laundry room design was neglected. Perhaps the yard is not developed for entertaining.
In the past, people would settle for the home they could afford, build equity and plan to later “trade-up” for a home that is more move-in ready (paying for someone else’s remodel). However, with limited number of homes for sale and higher interest rates, more people (76%) are choosing to “trade-up in place.” Rather buying another home and getting a new set of compromises to live with and the stress of relocating, more homeowners are opting do a whole house remodel to customize their current home to their needs and style and build more value. Besides, it is by living in a home that one can fully realize what changes need to be made. Here are the primary benefits to remodeling instead of moving:
Customize to fit your needs. If you love where you live, stay and do a home remodeling project to get the house of your dreams. You know just how the layout and design does or does not facilitate your day. You will have first-hand knowledge and experience to show and tell your designer what the problems are, what your wishes are, your style and budget. They can offer solutions that you may not even thought of, like how to get more storage! What it would have cost you to buy what you want, invest in your home.
Increase the value of your home. A well-designed home remodeling project will increase the value of your home, and it can be even more attractive to buyers when it is time to sell. One can think of it in terms that the next buyer will pay for a portion of the remodeling costs (see the Cost vs Value 2024 Report), and you get to enjoy it in the meantime. Realtors often hear that after a homeowner has spruced up and updated their home to sell, that the sellers wished they had done it sooner because they want to live there!
There is a disadvantage to remodeling in that it is a noisy, dusty, and disruptive process. Considering it costs an average of $10,000 to move from one house to another, that is a substantial saving towards the remodel. You might consider allocating that expense of moving for living in a temporary location while the remodeling is being done! Or if you stay in the home, for the convenience of eating out.
In the HGTV show, Love It or List It, either the husband or wife is not happy with the home and wants move while the other wants to stay. Both the show’s Designer and Realtor work hard to be the solution. Many times, the home for sale the realtor finds provides so much more space/rooms and amenities, but the couple after seeing their own home made new, just how they wanted it to be, find the emotional attachment is strong and they decide to stay in their home because they love it. There is no place like home!
Happy Home Remodeling!
SINCE 1979