Renovate or Move: Making the Best Choice | Journey Home Lending

Kids everywhere, animals running all over, furniture crammed into spaces too small…if any of this sounds like your home, it could be time for a bigger place to lay your head.

Regardless of your reason, if you are ready to upgrade or expand your space, you will need to decide how you are going to go about it.

If you have the property, you could renovate and add on or rearrange your current home. If living through construction sounds awful or you don’t think there is enough room, house-hunting might be on your to-do list. Which one is right for you?

Renovating Your Current Space

Multiple reports have found that moving is considered one of the most stressful events in life. Walking away from an investment, along with packing up your belongings while you try and settle into a new space, is hard. Skipping the stress of moving could make renovating an appealing choice.

Stress can’t be the only factor you consider as you make your decision, though. As hard as moving might be, living through construction isn’t an easy experience either. To make the most informed decision, consider cost.

Do you need just a little extra space for a home office or craft room? Could a refigure of your current home make it work better? These smaller changes could be substantially less than purchasing a new home.

If your reasoning for making a change is because you need a lot more space or desire a total change, renovation could still be a good choice. Consider your emotional ties to your current home, or think about the location.

While buying new when you need a larger home may be more economical, weigh out what you are leaving behind. Schools, neighbors and commutes should all be a factor in making your final decision on renovating or buying new.

Buying a New Home

Renovating is a great choice when you can’t let go of your current space, but how do you know when it is the right time to purchase new? Some factors to consider are the same you have to think through before remodeling, such as cost and location, but you should also research the status of the market and think about timing as it relates to your family.

The housing market changes a lot, but if you can catch a season where home prices are low it can be a great opportunity to upgrade your living space or finally shift into the neighborhood you have always wanted to be in.

In the same light, if your family is in a season of life that lends to moving, buying a new house could be the best option. Consider your children’s ages: Are they too young to have attachments, or old enough to let go of them easier? Is there a better school district moving would get you into?

Regardless of your decision, take your time, do your research and focus on the long-term. Even if your cramped home is making you feel a little crazy, this isn’t a decision that should be made on a whim. Your home should bring you peace, but it should also meet the needs of your family for many years to come.

Weigh out all your options and exercise patience as you decide between renovating or buying new. Remember why you want or need something new in the first place. When you take your time and lay out all the factors on each side, you will feel better about making the best choice on where you will live.

Ready to renovate or start shopping for a new home? Contact us, and we will walk you through the process.