To renovate or relocate – how to decide which option is best for you

There may come a time when you decide your current space isn’t meeting your needs. Whether you need more room or an updated kitchen, you might reach a point when you decide that something has to be done. But how do you decide what to do? Do you make the necessary renovations to your current home, or do you relocate entirely? 

 

Why renovate?

One of the top reasons to renovate rather than move is to keep your home’s location. If you love the area where you live, you don’t give that up for an additional bedroom or closet – you can instead tackle a project that will make your current home better meet your needs. 

 

Another benefit of renovation is customization. When you make renovations, you are able to choose all of the finishes, paint colors and materials to fit your personal style. When you buy, you’re moving into a home finished with someone else’s preferences. On top of that, renovating increases your property value. If you already have equity in your home, it can help you add additional value to your home. If you do have to sell your house one day, a home that has been renovated could sell at a higher price point.

 

Why relocate?

Renovation isn’t for every family or for every home. If you live with family, consider their size now and in the future. Are you planning on having children, or do you have relatives that may move in with you in the next couple of years? If so, you may need more room than a simple renovation project can give you. Similarly, if you live alone you might consider relocating to a downsized space. Relocation can also be beneficial just so that you can avoid the frustrations of renovation – living your normal life in a home that has become a construction site can be difficult, time-consuming and stressful. Purchasing a home also provides you with a new investment, opening up your future for even more opportunity. 

 

While weighing both of your options, it is still important to consider cost. What makes the most financial sense for you and your family? If your current home is already at the top of the price range for your neighborhood, adding new features through renovations won’t have a significant return on your investment. If you don’t have much equity in your current home, selling and buying a new one might be more expensive and can impact the wealth you’ve built. Talk with housing experts at United Housing to discuss your options fully. Give us a call at 901-272-1122.

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2750 Colony Park Drive
Memphis, TN 38118

 

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