Renovation can be costly. Relocation can be a huge headache. But which will be the better choice? In some point in time, you could have asked this to yourself. Many factors should be considered. And this article will let you articulate and think about those considerations and factors.
Consider the Location of the New Property You are Eyeing
Are you prepared to leave the neighborhood that you were living in for years? Is the new property seated on a very convenient location? Those are just a few of the important questions you must ask yourself. And here are a few more:
- If you have a kid, is the local school good for your child?
- Is it near a market or mall? Is it walking distance from the new property?
- Is the property scalable? Are you allowed to renovate or expand the house on it?
- Is the house on the property a cookie-cutter house? Is it identical to the houses of your neighbor? Are you okay with that?
- Will you get what you want and will it be much more cost effective to relocate than renovate?
Some of these things can make or break your plan to relocate. Some of them cannot be controlled, which can easily make you create a decision for your family. Of course, your answers to those questions depend on your priorities.
Can You Let Go of Your House?
Have you made a lot of memories there and are you willing to let go of that special place? This is an essential factor that you must consider. Leaving your current house can be heartbreaking. Make sure that you also consult the other family members. Some of them might not handle letting go of the friends and places they have been accustomed and familiar with after all these years.
Is Your Budget Ready?
Remember that relocating might seem inexpensive first. However, you should know that it could be costly, too. You will need to hire movers, cleaners, and even real estate agents. You might also need to finish some contracts if you are renting. And you will be required to update some documents to reflect the changes in your address, and so on.
Why Renovate Instead?
If you are going to sell your house to relocate, it will be a good move to perform a renovation first. The good thing here is that the value of your property will rise. And you can easily get the amount of money you have spent on the renovation job.
On the other hand, it will delay your relocation plan. If you suddenly change your mind, then you will still have a nice house to keep. If your mind does not change, you still get to sell your old house on a higher price.
In a Nutshell
Depending on your priorities and family members, this decision can be complex or simple. Make sure to talk to them first. Having a nice house is good, but living with depressed people is much worse.