5 questions to ask yourself when deciding between renovating and moving
Renovating your home is more emotionally draining than sprucing up your investment properties, but it's well worth considering as an alternative to moving.
Blogger: Jane Eyles-Bennett, Hotspace Consultants
Most of us purchase a home believing that we’ll live in it for at least the foreseeable future. We lovingly inspect and decorate each room, feeling that we have found the place where we belong. Inevitably, not more than a few years go by and someone mentions the lack of space, the desire for better schools or the frequency of repairs. You begin to wonder if a new home should be on the horizon for you. Before you convince yourself that you don’t want to renovate and moving will solve all of your problems, consider these questions.
What is your current home worth?
Before you start packing boxes, get a realistic idea of what your home is worth. Speak to a local real estate agent, but also do some of your own research into what has sold in your neighborhood. An agent is motivated to tell you that your home will quickly sell for a high dollar amount, but that doesn’t make it true. Consider the repairs and refurbishments that will need to take place before putting your house on the market. Will you be more content yourself once that work is done?
What is your real cost of moving?
We get so excited about the idea of a new dream home that we tend to forget that downsides exist. How much are you going to spend on moving, new furnishings, cleaning, and repairs? Finance charges are a significant expense that many homebuyers do not calculate when looking for a new home. Before moving, think about how much you could do to your existing home using the amount that would be spent on moving.
Have you fully considered your current home’s possibilities?
This is an ideal time to meet with a renovation consultant or interior designer. They will be able to give you a better idea of your current home’s full potential. After living in a home for years, it’s difficult for many to envision it any other way, but a qualified design consultant will look at it with a fresh, professional eye.
What are your reasons for wanting to move?
Are you thinking about moving because you are too far from work, don’t like your neighborhood or would like to switch school districts? These are issues that cannot be solved with renovations and moving may be your solution. If you’re considering moving because you need more space, don’t like your backyard or are dreaming of a new kitchen design, it may be more cost effective for you to refurbish the home that you live in.
What will make your family happy?
If you have considered the possibilities, including recommended renovations to your current home and just do not see yourself happy living there, then it may be time to move. While buying a house is an investment and is a decision that should be made wisely, it also affects us emotionally. As the old adage says, “home is where the heart is,” and it should be a place that your family loves to spend time together.
About Jane Eyles-Bennett
Jane Eyles-Bennett is an interior designer specialising in renovating property for profit. With over 500 happy clients to her name and millions of dollars in extra profits generated for them during her career, her business Hotspace Consultants is who smart property investors turn to for guidance when embarking on a renovation.
More from this writer:
-
12 steps to a successful renovation
-
5 budget-friendly ways to update your investment property
-
4 reasons to say 'no' to feature walls
-
DIY renovating vs hiring a professional
-
Lifting the lid on TV renovation shows
-
Managing your renovation risks
-
How to renovate your investment property to target future buyers