How much does it cost to move? For most of us, the costs of moving include buying new appliances, furniture, and more. Plus, gas or airfare if you have to fly long distances to your new home! All these expenses can quickly add up to thousands of dollars. What if you could avoid those costs by remodeling your current home?
1) A fixed address
The first benefit of remodeling is that it gives you a fixed address. Moving your family, especially younger children, can be stressful and tiring. Moving can be expensive, so it means more financial stability and security for your family. Your neighborhood will likely retain its value if you stay put with home improvements and renovations.
2) No new school worries
You’re already living in your home, so you know all about its quirks—the squeaky floorboards, drafty windows, and creaky pipes. These are also known as character-building features to buyers. When you remodel a kitchen or bathroom, potential buyers can simply see that as part of your investment in your home; but when you move, they might assume it’s a sign that you’re ready for something different.
3) Big savings
One significant benefit to remodeling instead of selling your home is saving money. Most remodels can be done significantly less than it would cost to build a new home, so you won’t have to cough up as much cash. Consider renovating instead if you’re trying to avoid taking on a high-interest loan or your down payment isn’t enough for a house you like.
4) Instant equity
Because you’re increasing property value with home improvements, your property will be worth more than before you started working on it. If you ever need to sell, any money you put into home improvements won’t have to be reimbursed to a potential buyer.
5) Design freedom
While most home-buyers look for new houses with empty spaces to imprint their personalities, existing homeowners have a little more freedom to create exactly what they want. Whether it’s a unique floor plan or total gut renovation, remodeling gives you complete control over how you want your house to feel and function. This also means that any changes you make will likely stay in place for decades—so choose wisely!
6) Rebuilding, not starting from scratch
Instead of selling your home and moving somewhere else, why not build new on your existing property? It’s often easier to apply for a building permit than sell your house. But that’s just one benefit. When you stay put by remodeling instead of moving, you avoid paying mortgage interest and any other costs associated with owning two homes. And remodeling reduces your expenses in ways that more than compensate for what you spend on materials. Do a remodel once; save forever!
7) Renovating makes any old place feel new again.
Home inspectors are the insurance that your renovation won’t turn into a nightmare. Their in-depth knowledge will give you the confidence to move forward and make intelligent decisions as you upgrade. Whether upgrading a major feature or simply refreshing a minor detail, home inspection services can help put your mind at ease that nothing significant is missing or broken. There’s no reason not to employ their services to save money and time.
8) The potential to build a life-long family business
This doesn’t have to be your plan, but it could be. You’re not going to buy a business every week. But if you find one you like and run with it, it can last for generations. The decision to keep some good money flowing into your family is never easy, so don’t be quick to decide on something that isn’t right for you or your family.
9) Increased resale value
A major home remodel can add 15% or more to your property’s resale value—and any renovations you perform yourself will increase its value even more. This is because a remodeled house shows that homeowners cared enough about their home to invest time and money in it. In contrast, a vacant house—or one with outdated fixtures, worn paint, or broken-down appliances—looks as if its owner didn’t care enough to keep it up.
10) It keeps you grounded in your community
When we move, we lose touch with our neighbors and struggle to become part of a new community. However, when you remodel your home, you are in your existing neighborhood and will continue to be invested in it. Sure, you’ll have some extra cash at first, but if you choose to remodel instead of move, you can keep up on local issues and stay connected with your community. And that’s worth more than any amount of money.