Renovating vs Moving - A Few Things to Consider

With home prices and construction costs soaring, the decision to upgrade to a new(er) or larger home can be daunting. Whether you're looking to gain some space, a better layout, or even just an overall refresh, you might consider renovating or adding-on as a more cost-effective alternative to purchasing or building a new home.

Some food for thought:

• While construction costs per square foot tend to be higher for renovations than new builds, the net difference both financially and emotionally can often tip the scale. Striking a balance between cost and return on your investment is critical in the decision to renovate, move, or build new.

• In certain markets, finding a desirable next home can often prove to be difficult or too expensive, despite the fact that you might be able to sell your home easily. The difference in the sale price of your current home and the purchase price of a new home can be bigger than you'd prefer to take on.

• Sometimes, you might love the location of your home but feel like the home itself no longer fits your lifestyle. It can be hard to leave great neighbors, great schools, or peaceful tree-lined streets...would you gain comparable aspects with your move?

• If you would like to put your own personal touch into your home but may not have the budget or desire to build a custom home, renovating can potentially give you the best of both worlds.

I'd love to hear your thoughts...would you rather customize your existing home, move to a different one, or build a new home?