Here you are, at a crossroads: should you remodel your current home to fit your needs or should you sell and upsize in homes to something totally new? It’s a great question, and when it comes down to it, you’re the only one that will be able to make the decision for yourself. However, we thought it would be beneficial to at least look at a few of the pros and cons to each option and think through them together. Let’s consider remodeling first.
Remodeling definitely has its pros and cons! Anyone that has gone through this process before could probably tell you that with (hopefully) a smile on their face. A huge pro to remodeling for most would be not having to move. You already know the neighborhood, the area, the best way to commute to work. Your kids wouldn’t have to change public schools and you can continue a mostly uninterrupted way of life. Remodeling also brings the option for YOU to pick out finishes in your home that you completely love. Everything from paint choices, to where old walls are knocked down or new walls are put up, countertop selection, cabinet knobs, the list is truly endless. And with complete customization of your space, you’re more likely to increase your quality of life by being that much more happy with where you are living!
The flipside of remodeling is that it can bring with it some cons. Cons are okay, as long as you are aware of them before you begin a big undertaking like remodeling or adding extra living space to your home. If you do choose to do a major renovation on your current home, just realize that there may be moments of fleeting regret or annoyance at the construction dust infiltrating your space, or the lack of working bathrooms for example, or even disrupted sleeping spaces if you’re remodeling bedrooms. Just remember that these are temporary, keep your head down and work on the task at hand and this will be over in due time.
In addition to some of these simpler pros and cons to think about remodeling, check out these costs for popular remodeling projects, which were collected by Home Advisor:
- Cost to remodel a kitchen: $4,000 – $60,00.
- Cost to remodel a bathroom: $4,000 – $55,000.
- Cost to remodel a basement: $11,000 – $30,000.
- Cost to build a home addition: $21,000 – $70,000 on average but can reach $125,000
So now let’s consider some pros and cons of selling your current home and upsizing to something that checks off all the boxes for you in a home more suited to your needs.
Upsizing… Funny word, great concept though! One pro for moving into a larger home would be that you get to enjoy an entirely new environment. Before you move in, you can give the space a quick lift by painting and installing new flooring to get that new home, clean feeling. You can easily get more square footage when you upsize as well, opposed to remodeling or adding on, which usually limits the additional square footage you can realistically add to an existing home. A new floor plan that flows would also be a pro for upsizing. Sometimes when doing a remodel, no matter how hard you try, the home just wouldn’t “flow” naturally with that addition. Usually, when you upsize to a larger home, the floor plan can be just the perfect selling point that will make you want to sign on the dotted line to purchase that larger home!
Cons of moving can be just as persuasive as the pros though. Moving will require you to get to know a new part of town, with a different commute, and potentially different schools. Also, moving can cause some additional emotions if you’re leaving behind a home that has meant a lot to you for many years. Perhaps it would be hard for you to leave the place where many milestones and memories were created and made. All of these are considerations when deciding to upsize.
And as we looked at average remodel prices earlier, there are several costs associated with moving that need to be thought about before you make your final decision, such as:
- Remodeling, furnishing, and buying appliances for a new home: $8,000 on average
- Home appraisals and title insurance: $500-$2000
- Holding two overlapping mortgages, depending on how long the overlap lasts
- Moving itself is expensive, local movers cost about $100/hour with cross country moves costing up to $5000
- Costs of moving to a larger, more valuable home will bring higher property taxes, higher utility usage, and possibly even a high cost of living in the neighborhood
- Upsizing also usually involves a more expensive mortgage, so think about the monthly payments with higher interest rates, as well as the fact that a greater percentage of your net worth is tied to real estate
So with all of this in mind, it gives you some good thoughts to consider when making the choice to either remodel or upsize your home. Like was said earlier, you’re the only one that can ultimately make the best decision for your situation. Time to get out the scratchpad and pen and make YOUR pros and cons list for each of these options! We wish you the best and whatever choice you do make, we hope it brings you the most peace and comfort for your living needs!