Making the right decision on whether to remodel or to relocate requires that you weigh your options carefully. There are advantages to both and there are disadvantages to remodeling and relocating as well. What decision you make depends upon how much weight you give to the points raised so that you can make an informed decision that is right for you.
Relocating: Advantages vs. Disadvantages
There are undisputable advantages to relocating to a new place. For one thing, you’ll get to start over, which might be a very good thing. Moving into a new home for the first time is a thrilling event that cannot be rivaled by many other events. You have fresh, new space to settle into, new neighbors to turn into friends and the chance to build whatever kind of lifestyle you want. You also get some tax benefits to selling your current home and moving into a new one, depending upon what the conditions are like when you decide to do it.
As for the disadvantages – there is at least one. You’re going to pay a lot for the entire transaction, including the commissions that any agents are going to charge, along with closing costs and other real estate fees. There are also unexpected miscellaneous expenses and costs that will definitely require some cash outlay.
Remodeling: Advantages vs. Disadvantages
The advantages to remodeling start with the cost. It is going to be cheaper to remodel per square foot. Remodel costs are almost always less than the current retail price for a home that you are considering purchasing. Even after all of the costs are factored in, you are going to be paying a lot less for the remodel than you would for all of the costs that come with buying and selling. Also, staying where you are at is less risky and allows you to maintain stability without having to worry about the potential of changing jobs, schools, stores and friends.
Of course, remodeling has its disadvantages too. There are a number of problems that always seem to crop up with a remodel job. The job can be tough and mentally and physically demanding, and the psychological burden of long-term construction is sometimes difficult to bear.
You’ll have to decide for yourself which advantages you want and which disadvantages you can live with so you can decide to remodel or relocate.
If you’re interested in remodeling and are looking for more information on best practices, pricing and how to prep your home call Carick Home Improvements today. We’ll be happy to sit down with you for a Free Consultation and answer any questions you have – (416) 781-6671