Top Factors to Determine if Moving or Remodeling is a Better Option

When a family has been at home for a while, there comes a time when it may not meet all of the growing needs. When this happens, most homeowners struggle with whether moving or remodeling an existing space is the better option. St. Louis Park basement remodeling experts, Executive Remodeling share the top considerations in making the big decision.

Moving and home remodeling are both huge undertakings. The only way to determine what is suitable for a particular circumstance is to weigh all the most critical factors.

Determine the Cost of Moving

Moving is exciting, but it does come with a cost. First, selling a current home costs about 15% of the home selling price in commissions, repairs, and other fees. Buying a new home also involves costs such as home appraisals, insurance, and closing costs. Most times, a move will also include expenses such as new furniture, appliances, or repairs. In addition to these factors, it is also important to calculate the actual moving costs, whether that includes rental trucks, gasoline, movers, and time off from work.

Moving to a new home may also include other financial considerations such as higher property taxes, increased mortgage rates, higher utility costs, or increased cost of living.

Determine the Cost of a Home Remodel

Determining the actual cost of a home remodeling project requires the help of a qualified and experienced general contractor.

While improving the home can increase property taxes, it does so because it also increases the home’s value. Different types of home remodeling projects recoup different values, and some of that value is seen in an immediate value added to your home. Some of the value is recouped over time as the homeowner lives in the home.

Is Moving More Practical or Advantageous?

In some cases, it may be easy to decide to move if there are factors that make it more practical such as:

  • The new home meets your needs
  • Selling the current home is easy and profitable
  • Changing schools is not a problem
  • You do not want to live through a construction project
  • It is less costly to move
  • It is closer to work
  • Is it a better financial decision

Is a Home Remodel More Practical or Advantageous?

There are advantages to moving and remodeling, but a home remodel may be the better option in many circumstances.

  • Moving may be more expensive
  • The home has unutilized space, such as a basement, that can be converted
  • Homeowners are established in the neighborhood
  • It is important that space be customized
  • Will remodeling make the home more attractive to future buyers
  • Would the remodel add other values, such as better energy efficiency
  • Is the current square footage ample but just poorly designed

When it comes to whether or not it is best to move or opt for a home remodel, there is no one-size-fits-all answer. Before deciding, it is best to do some due diligence by talking to financial and real estate experts and local professionals in home renovation to help weigh your options.

Minneapolis-St. Paul Remodeling Contractors

Home remodeling can add value, space, functionality, and efficiency to a home, so it is essential to work with trusted professionals. If you are looking for a “general contractor near me,” it is time to consider the St. Louis Park home addition experts. Executive Remodeling is a full-service home renovation company with nearly 20 years dedicated to industry expertise. Connect with the team by calling (612) 333-5577 to schedule a free consultation.

Executive Remodeling

5810 W 36TH ST UNIT B

ST LOUIS PARK MN 55416-5108

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