By Alena Kairys

Feb 8, 2021

If you’ve owned your home for a while, daily life may not be as magical as when you first moved in. If your home has lost some of its luster, you might be thinking it’s time to look for something new. Before you decide to buy a new house, consider giving your current home some TLC. Here are 4 reasons to renovate, not relocate.

1. Can Be Cheaper

Between hiring movers, rental vehicles, storage spaces, and packing materials, moving can be an expensive process. These costs are in addition to buying a new home and the fees associated with that. Plus, once you move-in to a new house, you’ll probably want to make a few changes. Instead of spending more money to personalize a new home, you can customize the home you already have. Depending on the projects you want completed on your current home, renovating could be more economical than buying a new house. To get a sense of how much renovating versus relocating could cost you, compare a contractor’s quote with an assessment of your home’s value and how much similar homes in your area are selling for. Though they’re just estimates, it can be helpful to get a ballpark number of what you could expect with your decision.

2. Your Home, Your Way

Don’t underestimate how much a renovation or even a simple paint job can affect how you feel about your home. Changing the design of your home can immensely impact your psychology. Have you always wanted a home with a certain feature, such as built-ins, a kitchen island, or a patio? This is a great opportunity to add that “something” to revive your home! If faded paint and drab flooring are making your life seem drab, too, why not switch it up so you feel happier when you enter a room? Replacing worn furniture and light fixtures can also refresh your home in a simple way. The beauty of owning your own home is that you have the freedom to tailor it to the way you want it.

3. Can Add Home Value

Besides the benefit of upgrading your house, home improvement projects are one way you can build equity in your home. While you can do a full-scale remodel if you have the budget, you don’t always need to tear a room apart to get a significant return on investment. Even a minor kitchen remodel could recoup around 77% of its value. Keep in mind that not all home improvement projects are created equal. The approximate value added depends on factors like the project itself, your home’s current value, and similar homes in your area. If you’re concerned with how an upgrade could affect your home value, contact a real estate agent for more information. Making renovations now could be beneficial when you’re ready to sell your home.

4. Location, Community, and Memories

When you relocate, you’re not just trading in for a new house, you’re also adopting a new neighborhood, social network, or even culture. The connections you have with your community shouldn’t be minimized. From your neighbors, friends, and local hangouts, these elements truly make you feel at home. Depending on how far away you’re thinking of moving, ask yourself how you’d feel not being as close to those familiar places and people. Additionally, there’s no putting a price on all the memories you’ve made in your home. From the joyous to the painful moments, every area of your home tells a story about your life. If you feel like there are still many years of great memories to be made in your home, you don’t have to move on just yet.

Before deciding whether to renovate or relocate, you should always assess your home needs and your budget. If you decide to make improvements, consider renovation loan to help finance them.

Owning a home can be like a relationship; you need to maintain and nurture it to get the most out of it. Every relationship has its ups and downs, and sometimes you realize the relationship has run its course. When it comes to how you feel about your home, it may be worth it to work things out rather than to say goodbye. After devoting some resources to making improvements, you may find that you’ve fallen in love with your home all over again! 

If you have any questions about how to finance a home renovation or remodel, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!

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