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Initially, maybe you liked the rustic feeling of your cozy little home and thought it was perfect. At that time, maybe it did cater to all your needs, and it became a home you love and cherish.
But as your needs change and your family grows, you can’t just shake off the feeling that the bedrooms may be too cramped. Maybe the kitchen doesn’t have enough space anymore to fit in the jumbo-size fridge that you need in a family home, and now you’re debating whether you should renovate this home or move.
Keep in mind that you must consider several different things when making your decision, such as time, precision, cost, and convenience. And to assist you in that decision, we will discuss some pros and cons of renovation and moving.
Benefits of Renovation
1. Renovation Costs Less Than Moving
One of the key aspects everyone must consider is the cost of things, especially if you’re on a tight budget. In cities like Bentonville, where sales taxes are high and recent job growth isn’t favorable for the citizens, taking costs into account is particularly important.
Naturally, renovating a home or remodeling it costs less than moving. However, while renovating won’t empty your bank account, it will still drain it considerably.
The reason is that while there is an option to control the workflow and project according to your budget, you may also need to spend money on other expenses. For example, you will have to bear the cost of living and storage during the renovation process.
For this reason, the best course of action is to look for a storage unit nearby. If you live in Bentonville, for instance, look for affordable Bentonville storage units near your home. That way, you won’t have to cover too many miles moving back and forth during the renovation process.
2. You Have the Liberty to Customize
Buying a new home, especially on a budget, can limit your options. You’ll have to compromise on the things you want and adjust to the established structure. But when it comes to renovating your old home, you have the liberty to do whatever you want.
Tired of the vinyl and want to install hardwood floors? It’s all up to you! Want a granite countertop that contrasts the current color scheme? Go ahead. In a nutshell, renovating your home gives you the option to do whatever you want as long as it is within your budget.
3. You Will Live in Familiar Surroundings
Renovating and staying in your current home means you won’t have to enter a new environment and learn to adjust to the new location.
You won’t have to go through awkward neighborhood greetings or put your kids in a new school. You can continue being a part of this community while fulfilling your needs in the current location.
Drawbacks of Renovation
While there are so many benefits, there are bound to be some drawbacks. Some of the drawbacks include:
1. It’s not Always Practical
Upgrading a few things is fine. But if you need to remodel everything, renovating your home is not worth the cost. You will be essentially rebuilding the house, and it would bring little investment return. In such a case, it is preferable to move.
2. Added Costs
If you think you can stay in a renovating home, you are grossly mistaken. The daily commotion, work, and chaos are bound to disturb your routine.
The more practical approach would be to stay in a hotel until you can find a place. Hence, this option is just another added cost on top of the renovation itself.
Benefits of Moving Out
1. You get to Start a New Chapter
Staying in the same place can put some limitations on your personal growth. On the other hand, while moving out does come with the benefit of a better home, it also comes with a new environment.
You will be surrounded by new neighbors, parks, venues, and schools. You will experience a whole new environment and acquire new opportunities.
2. You can Acquire an Upgraded Home
When considering the move vs. renovate argument, you should always consider the cost of furnishing. Upgrading your current appliances and hardware to keep up with the modern needs can take out quite a chunk of your savings.
In that case, relocating to a new home is a clear solution. A new place will not only come with a modern interior design but also have all the characteristics of an upgraded home. May it be kitchen appliances, utilities, or even a patio. The smallest detail will be in touch with modern times, saving you from the added cost of refurbishing.
3. The Real Estate Agent Does All the Work
Sure, you can shortlist properties and hunt for homes yourself. But acquiring the help of a real estate agent will smoothen the process exponentially.
They will not only help you find a new home but also help in finding potential buyers for the current home. Moreover, they can work around your vision and budget to find a place that fulfills your demands and needs.
Not to mention that it is also the responsibility of a real estate agent to manage the taxes and insurance. So as long as you have the funds, your real estate agent can do all the work for you.
Drawbacks of Moving Out
1. Relocation Costs a Fortune
You might be mistaken if you think the money you acquire from selling your current home would be sufficient.
The reason is that buying modern homes and paying your agent a commission adds up several costs, which can go beyond your initial budget. Therefore, be ready to spend your life’s savings if you plan to buy a new home.
2. It can be a Logistical Hell
The bigger the family is, the messier it is to move to a new home. You will have to sort through mountains of things to decide which ones go with you, which you need to throw, and which you must donate. Sorting the whole home, packing, and moving is a hectic process that will take a lot of time and effort.
Conclusion
Whether you move or renovate your home, you will need to make a few sacrifices. If you renovate your existing place, you will need to cut down on the ideas a little bit for the projects to fit your budget.
And if you move, get ready to spend a lot of money. For this reason, always do a realistic assessment of your home and budget before you make a decision, and invest wisely.
