If you still like the neighbourhood and the home you live in, renovating may be the better option instead of selling up and moving elsewhere. There are many compelling reasons why you may want to consider remodeling or renovating instead of relocating.
First of all, renovating is an exciting way to get the home you want in the neighbourhood you’ve already grown to love. Sprucing up existing areas or even adding another floor to your home may be your most convenient option compared to changing addresses and going back to square one.
Aside from these, here are 3 other reasons why you should renovate instead of relocating:
1. Save on the cost of moving
Renovating a home can help you save on a ton of expenses like legal fees, agent’s commission, and a host of other fees associated with buying and selling property. That’s thousands of dollars that can go towards improving a home that you already love. One real estate website pegs the cost of moving a typical $200,000 home at $15,000 to $50,000.
2. Avoid hidden issues in your new house
Leaving your current house to live in another exposes you to the risk of inheriting the previous homeowner’s problems. There are always a few issues that do not show up on your new home’s inspection report. Stuff like electrical, exterior wood, roofing, boxing, siding and subfloor structural issues often don’t turn up until months later, when the cost of repairing — or worse, renovating — will then have to come out of your pocket.
3. Increase your home’s value
A well designed and executed renovation job can add considerable value to your home. A renovation is a chance to enhance your property’s value while you’re living there, regardless of how the housing market is doing. In a way, a renovation can be a solid investment of your time and hard-earned money.
Of course, there are a lot more reasons not to relocate but to renovate, but the important thing is to focus on what you love to add to your home and then finding the right builder to ensure your renovation project will deliver what your heart desires.