Should you remodel or move? In today’s housing market, this decision can be tricky. Lumber prices have skyrocketed over the past several years, causing custom homes to sell for hundreds of thousands more than they used to. As a result, selling and buying homes has become increasingly difficult. That said, remodeling isn’t always cheap either. Depending on what kinds of changes you’d like to make to your custom home and how drastic your desires are, remodeling may not be the best option for you. Be sure to consider the pros and cons of moving and remodeling before committing to one or the other, keeping in mind the possibility of a custom built home or a custom redesign.
Pros of Moving
One significant benefit of moving is that it is cheaper than renovating upfront. Renovations can cost hundreds of thousands of dollars from the get-go, and they are extremely difficult to receive loans for, while brand new custom houses can be covered with loans and long-term mortgages.
Cons of Moving
One of the biggest drawbacks of moving is leaving memories behind. Although it can be nice to start afresh and build a home from the ground up, it can be melancholy to let go of years of memories with friends and family. On top of that, you’ll have to leave behind neighbors, school boundaries, and conveniently located friends. Doing so may not be the end of the world for a young couple, but it may feel that way for young children that are building friendships and attachments to their schools and neighborhood activities. Before committing to moving to a custom home, consider the emotional impact it may have on your children and family members.
Pros of Remodeling
One major benefit of remodeling is that it is cheaper in the long run. Although the out-of-pocket expenses far exceed those associated with moving, renovations don’t come with mortgages, which could potentially save you a lot of money. Another benefit is the emotional attachment. It can be difficult to recognize how attached you are to your home until it’s gone. If you choose to remodel instead of move, you can continue to create memories with your spouse and family in your nostalgic home rather than trying to recreate a sense of congeniality and welcomeness in a new building. One of the most significant benefits of remodeling is the fact that you can customize your home to your exact needs and desires.
Cons of Remodeling
One con of remodeling is the fact that it can take a ridiculously long time. While moving to a custom house is often instantaneous, remodeling can take months or even years. You may have to deal with loud noises, closed-off rooms, and piping and electricity issues for months before the renovations are completed. You may also have to relocate your bedroom or your child’s bedroom for a time while adjustments are made such as painting and expanding.
Mathis Custom Remodeling provides custom home redesigns and custom home remodeling in Salt Lake City and the surrounding area.
