Remodeling and renovating are very different processes, but if you're unhappy with your current home and in need of a change, both options may be on the table. The decision you make should be based on many factors. Weighing variables like cost, time, and the pros and cons of each will help you decide which one is right for you.
Cost Comparison
Which costs more: moving or relocating? If you're on a budget, costs could be deciding factor.
Move.org lists the cost of a local full-service move as $2,000, but the cost of moving is much higher than the cost of the actual relocation, especially if you're a homeowner. Selling your home is a process in and of itself - a process that often involves repairs and renovations before putting your home up for sale. Do extensive research into your local real estate market and the financial markets. Call real estate agents, lenders, research local home prices, and talk to builders. The cost of selling a home priced at around $250,000 is as much as $41,000, including fees paid to the real estate agent. Closing costs to purchase a home priced at $250,000 can be as much as $12,500.
Then, finally, once you've moved into your new home, you may spend thousands of dollars on the cost of redecorating and refurnishing. All in all, a reasonable estimate for the cost of selling your old home and moving into a new home may be anywhere from $50,000 to $75,000.
Remodeling costs vary depending on the size of the project, your personal tastes, who you hire, and the remodeling timeline. Whole house renovation costs may be anywhere from the tens of thousands to hundreds of thousands, though a typical price in Sarasota is between $40,000 and $60,000. The final price depends on the scope of your project. You can get a reasonable estimate by talking to a contractor.
Time Comparison
Moving takes a long time. From the moment you decide to sell your home to the moment that you unpack your last box, a year may pass. If your old home needs substantial work before it's ready to sell, you may take months simply getting ready to list your home for sale. If you choose not to repair or remodel your home before selling, your home may sell for thousands less than its true value.
Remodeling a home takes months, depending on the scope of the project. Your contractor can give you a time estimate after your first consultation, so you'll know exactly how long you can expect the project to take.
Benefits of Remodeling
There are many benefits of remodeling your home.
- Often takes less time
- A budget-focused remodel may cost far less than a relocation
- Less long-term disruption to everyday life (your children can stay in the same school district, your commute does not change, and so on)
- You'll keep your neighbors and stay in a familiar place
- You'll know the total cost at the start of the project, because you'll sign a contract with your contractor
Benefits of Relocation
Relocating also has benefits, depending on your needs.
- Relocation offers a change of pace
- You can choose a new location if one is desired
- You'll may buy a larger home if one is needed
- Relocation is a chance to move closer to important services
Renovating Your Home? Contact a Reputable Contractor
Ultimately, the decision to remodel or renovate depends on your priorities as a homeowner. Do you want to stay in the same place? Does your home meet your needs structurally, with enough bedrooms and enough space? Do you want your upgrade to be over as soon as possible? If so, then a remodel is probably for you.
If you're looking for a radical change and cost is not a consideration, then relocation may be more appropriate. Keep this in mind, however: whether you're remodeling your home or moving, you may need a contractor either way. If you choose to sell your home, you'll need a builder to fix up your property, or you'll have to sell for far less.
For more information about how to remodel your home in Sarasota, contact Gilbert Design Build.
