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Relocate or Renovate: Which is Better?

March 2, 2017

relocate-or-renovate-which-is-better

To relocate or to renovate? Despite the countless home renovation and sale shows on TV – it all really depends on you! There is no definite answer to this question as every circumstance is different. Depending on your family needs, budget capacity and preference, you may choose to move to another home or simply renovate your current space.

The needs of your family change as your kids grow up and demands for space are increasing. There are also other factors that may come into play, like wishing to upgrade your home lifestyle. No matter what you reason is, the final answer will always depend on your circumstances.

So, before you decide to renovate or to relocate, here is a list of pro’s and con’s to consider.

Renovate:

Advantages

  • Familiar neighborhood – You and your family are already familiar with your neighbors and your commute time is already something you have been living with. No adjustment needed here.
  • Customize your home – You can personalize your home according to what you want.
  • Cheaper – Cost of renovation is cheaper than buying a brand new home, that is, depending on your plan of renovation. Overhauling the kitchen, all bathrooms, and adding a pool will certainly add up!
  • Can be done gradually, per room or per project – You can choose to do your home renovations gradually and per project. You can start this year with the bedrooms and next year, the kitchen as time and budget will permit.

Disadvantages

  • Renovation hassle – There is a greater hassle in having your home renovated. You need to store renovation materials, manage waste and deal with different contractors coming in and out of your home.
  • Construction risk – Safety risk is greater considering that there are materials and tools involved in your home. Therefore if you have children, their ages may come into play.
  • Fewer financial options – There are only a few financial options when it comes to renovation so many home renovations normally start with their owners capital.

Relocate:

Advantages

  • Starting fresh – Moving to a new home can give you and your family a new place with a new beginning.
  • New environment to explore – With a brand new neighborhood, there will be a lot to explore. You can enjoy finding your new favorite nearby shops, restaurants, parks, etc.
  • Offers practical solution for major overhauls – If your home needs a major overhaul, moving to a new house will be more practical than upgrading a major part of the house.
  • Better financial options – Banks offer more financial options for home loans
  • Having a dedicated helper – obtaining a top-notch Realtor (we are of course happy to help!) during your home search will remove so much of the headache from you as they will help you find your home, set up inspections, even suggest vendors for upgrades and familiarize you with the area.

Disadvantages

  • Moving hassle – There is the hassle of packing and unpacking of your things, not to mention the risk in logistics. Everyone has had something break or be damaged in a move – it just comes with the turf.
  • Family adjusting to new the environment – You and your family will have to adjust to the new neighborhood, meet new local friends and perhaps start a new school if you are switching districts.

Starting a new financial loan – With the new home, especially if you are upgrading, you will have to start a new loan to pay every month (if your current mortgage is paid off already).

Chris George Homes
Oklahoma City Realtor
Let’s get in touch: 405.843.8188

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