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Knowledge Centre > Articles > Remodelling vs. Moving: Advantages and Drawbacks Compared

Remodelling vs. Moving: Advantages and Drawbacks Compared

knowledge

17 Sep 2018

Our needs evolve over time and before you know it, your current home no longer represents exactly what you want. So, do you have a feeling that the walls are closing in on you and your growing family? Are you ready to make a positive change? The dilemma that many people face is whether to move to a new home or remodel the existing one. Well, both options have unique pros and cons you would be wise to weigh. To navigate the labyrinth of key decisions, you have to prioritize your goals and lifestyle, and your finances will dictate what happens next.

Numbers game

First of all, it is highly advisable to figure out the costs of each course of action. Of course, remodeling costs just a fraction of what you would have to come up with for a new home. Yet, things are not as simple. Selling your property may cover the capital investment and besides, the cost of remodeling goes up if you need to invest in furnishing. Another thing to bear in mind is that remodeling ceases to be cost-effective once you start giving every inch of your space a makeover. It could make more financial sense to purchase a new property than to do this.

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Therefore, remember that it is possible to update your home gradually, one room at a time. You are in full control of the workflow and provided that you play it smart and focus on ROI, you can work miracles on a limited budget. The only problem is that you might have to find a new place to live in until the project is complete. Furthermore, you should know that the moving process is linked to various expenses. It may also cost you a fortune. The takeaway is not to overlook a single thing, be it appraisal costs, legal fees, agent fee, or hiring a van.

Beyond face value

In both scenarios, you should work with professionals to save a lot of time and nerves. Real estate agents are there to do the heavy lifting for you, find suitable targets for buying and list your old place. And when it comes to moving, you can make your life much easier by letting professionals handle logistic hassle and tedious things such as packing and storing. For example,these removalists servicing Eastern Suburbs servicing help with everything from devising a timetable to executing it. As long as you have funds, the process can play out like clockwork.

In any event, to work out a solid plan, you should first do a realistic assessment of your property. Does it miss just some features in order to be a real home or have you outgrown it some time ago? One of the biggest advantages of remodeling is that you get a chance to customize the living environment according to all your wishes and your budget. You can finally fulfill the vision of your perfect abode and meet all your needs. Still, a new home may have everything you want already built-in, including nice flooring, modern finishes, internet wiring, energy-efficient appliances, etc.

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Finally, you need to grasp the big picture – location. The thing with remodeling is also that you stay in familiar surroundings. Namely, you know the neighbors and where the amenities are. Your job might be close and you do not want to risk losing it. Your kids are going to local schools and have friends there. Then again, all of these elements may also prompt the opposite decision. It all depends on your present living situation and whether you seek to turn an entirely new leaf or not.

Cover all your bases

Making the right call is seldom simple. There are a lot of moving parts to take into account, as well as factors that determine the emotional, practical, and financial impact of your decision. So, do your homework and form a budget. Get your priorities straight and see what you really want, a fresh start or an updated lifestyle. It most often comes down to how big of a change you want and if you can afford it. See what is going to solve your problems more (cost-)efficiently. Like it or not, there are no one-size-fits-all solutions here.