Renovations are great home projects to embark on. However, they can amount to a lot of time, money, and disruption to your home. If your home just needs a little maintenance, then that’s something you can do over time, but if your home requires a whole new look, then it might be worth considering moving house. Both come with a variety of pros and cons, and it will depend on your personal and financial situation, as to which option is best for you.
If you’re stuck trying to make a decision and you’re not sure whether to invest in renovations for your home or move house entirely, here are some top things to think about to help you get started.
#1 Budget
Your financial situation is going to drive the projects. Without money, you will not be able to move forward on renovations, or moving house. So it is first important to consider your financial situation and your available budget. It is likely that you have a sum of money, or have a goal to save a sum of money. This money can be used towards the first phases of the renovations, or the deposit for a new home.
Renovations can be done in one go, or they can be phased across several years. This is great because you don’t need all the funds upfront. However, this does mean prolonged disruption to your life. With some renovations, you may need to find suitable accommodation while the work is being completed, so you can continue to use the bathroom, kitchen, and bedrooms which will also cost money.
Buying a new home has a big payment upfront and a process that can be completed in less than a year, but once you have moved in, you don’t have to worry about anything else.
#2 Practicalities
While a renovation might work out cheaper than buying a new home, it is not always the most practical thing to do. If you want to remodel your entire home, it is going to take a long time, be disruptive to your life (and your family) and work out expensive. It may not be worth the investment if you plan to renovate every inch of your home.
On the other hand, if you just want to remodel your kitchen, that might be cheaper and quicker to do, than moving house.
#3 Needs and desires
With a renovation, you can completely customize the design to your heart’s content. If you decide to move house, you will have to find a property that suits your needs and desires. However, you will be able to choose something that you like and is modern. You will also have the help of a real estate agent to find the property, who will do all the work for you. Alternatively, if you want to turn over a new leaf and give yourself a fresh start, you can opt for house and land packages, which means you can build your ideal property on a piece of land in accordance with your needs.
There are many pros and cons to renovating your home or moving home. The right choice will depend on your financial situation, practicalities, and your requirements.
