The U.S. Census Bureau’s Current Population Survey Data reveals that roughly 27.3 million Americans moved in 2022. While there are several reasons for relocating, a desire for that perfect home is certainly a factor for many people. Should you remodel your existing home, or will 2023 be the year that you too change residences? Consider the following to help you decide.
Location
How satisfied are you with your current location? Safety, cost of living, and available amenities will all play a role, as will traffic and your commute time. However, an emotional attachment to your home or even your neighbors can make it hard to pack up and leave.
Having the ideal location isn’t enough, though. Consider whether you might be “over-improving” your home by making certain upgrades. You should know if you will recoup as much of your investment as possible when it’s time to sell. Furthermore, local zoning ordinances could make obtaining the desired improvements more challenging.
What is the Housing Market Like?
Think about where you may want to go should you decide not to stay in your home. Then do some research to determine what the housing markets are like, both in your current location as well as the one you are hoping to move to. If possible, visit the desired area in person to get a feel for traffic, noise levels, and proximity to amenities.
How difficult would it be to sell your current home and find an affordable one elsewhere? Would you need to make certain repairs before listing or could you just sell your home as is? What advantages and disadvantages would a new neighborhood bring? While nothing is ever guaranteed, knowing what to expect can reduce the anxiety associated with packing up and relocating.
Cost of Moving
According to Moving.com, the average cost of a local move is $1,250 in February 2023. That’s for an average-sized two or three-bedroom home within the same city. That number increases to nearly $5,000 for a long-distance move of around 1,000 miles. However, those figures only account for moving and do not include things such as:
- The cost of a storage unit
- Time taken off work to move
- Dual rent and utilities while the move is ongoing
- Having your old place deep cleaned
- Eating out during the move because you are too busy or unable to cook
When you consider all the hidden expenses, moving isn’t as inexpensive as it may appear on the surface. Accordingly, you should calculate all the possible costs and then decide if that money could be better used toward renovating your home instead.
There are certain fees associated with selling your home as well. So after Realtor fees and closing costs, you could wind up with considerably less than what you expected. This could make finding that dream home in your new location all the more difficult.
Extent of Renovations
What type of renovations would you require in order to stay put? Consider the scope of your project as well as any concessions you might need to make while the work is ongoing. In addition, you should also consider how long you might benefit from your remodeling project. For example, if you are continuing to add to your family, is there a possibility you could need another room addition in just a few years?
When discussing renovations, it’s essential to start with the right contractor. Only then will you be satisfied enough with the results to make staying in your home enjoyable. Are you having trouble deciding whether to move or renovate your existing residence? If so, contact us today to schedule your consultation.