The decision to renovate or relocate is a big deal. Depending on your lifestyle and current and future needs, there are ways to come to a decision that is easier than you might think. In a booming real estate market, it can be tempting to throw your house on the market instead of making repairs. At the same time, most savvy homeowners are aware that they’d still need another home after selling their own. If you’re not sure whether to relocate or renovate your home in these unconventional times, read on.
Assess your home’s needs
The first step in making your decision should be to take a close look at your home’s needs. Checking on big systems like cooling systems, HVAC equipment, heat pumps, and more are great places to start. There’s a big difference between signs that you might need a new thermostat for your HVAC system and a furnace replacement job. Once you have a handle on how much work your home needs, you’ll be in a better position to know if you can afford a new HVAC unit or if you should put your home on the market as is.
It’s important to think about whether or not to call in the pros even if you do plan to sell. That is, you’ll also need to decide on a bigger goal. Are you looking to make the most you can from the sale of your home or are you looking for a fast sale turnaround? Weighing the pros and cons of work that needs to be done versus your timeframes and ultimate goals will make a difference.
Consider your location and future lifestyle or needs
Many people make the mistake of focusing so much on a home that they don’t consider the larger community. The reality is that our lives change as we make it through major milestones. An empty nester or someone near retirement age will have different goals than a couple just starting a family. When considering what to do with your home, you’ll need to think about your lifestyle and current needs.
Maybe you’re a younger couple looking for land for sale in North Carolina because that’s where the jobs are. While your goal might be to raise your family in western North Carolina now, you’ll need to determine if a subdivision or undeveloped land will be right for your needs down the road. While some people plan to stay in homes for the long run, others are fine with relocating as needs change. When deciding if you’ll renovate or relocate as you age, consider whether you’re prepared for a lifestyle change. Your current and future needs will play a big part in choosing to renovate and stay or make a bigger change.
Look closer at your finances and weigh costs
Another way to make your choice is to consider your budget and finances now and in the future. Like your lifestyle will change, your budget will, too. From job promotions to a career winding down, it’s a good idea to predict what you’ll need coming in for at least the next five years. If making bigger repairs is something you can afford right now, it might make more sense to stay and renovate for now. You can always think about selling your home later on as your needs change or your family grows.
In the end, your final decision on whether to relocate or renovate is a personal one that only you can make. Weighing your options, considering your reasons, and understanding the current market are all great ways to get yourself to a choice you’ll be glad you made.
