Deciding whether to remodel or move is a major choice that requires thoughtful consideration by homeowners.   

From all-cash offers to offers well over asking price and free leasebacks to free pizza, the current sellers’ market we are experiencing in Hampton Roads and across the country has many homeowners asking should we stay or should we go? Recently, the lifestyle changes brought on by the pandemic have only exasperated this age-old dilemma. The prospect of an increased return on investment combined with the need for a more functional home is enticing, but how do you know if selling is the right option?  

With financial, emotional, and logistical factors to consider, deciding whether to remodel or move can be complicated. Here are a few steps to help you determine if you should remodel or if you should move.  

  1. Determine your needs and priorities.
    Understanding your housing needs and comparing them to your current housing situation is one of the best determinants. To help you focus your thoughts, ask yourself these questions: What are my currents needs in a house? What are my future needs in a house? What is my current house missing? What do I wish I could change about my house? What are my top priorities and non-negotiables for my house?  

Next, ask yourself: Can a remodel meet my needs? Are their current homes in my market that can meet my needs? 

 2. Evaluate and compare the cost to remodel vs. the cost to move.
To accurately compare costs, it’s best to work with professionals instead of making assumptions. A mortgage lender and realtor will help you determine your budget and what you can get for it. A professional home remodeler, like Criner Remodeling, can provide an estimate for the work needed to remodel your home to fit your needs (see step one). The financial component to this decision is significant, and having professional input can provide you with peace of mind.  

Tip: For moving, don’t forget to factor in additional costs such as moving expenses, taxes, and repairs. For remodeling, determine if you will need to temporarily relocate, eat out more because of a lack of kitchen, or plan for increased property taxes, and factor in the associated costs.  

Next, ask yourself: Can I afford to move? Can I afford to remodel?  

3. Factor in your timeline. 
With the current market, houses are selling faster than ever, and some potential buyers are asking for quicker closing dates. When factoring in time, ask yourself the following questions: How quickly could I move? How quickly can I have somewhere else ready to live? How will moving impact my family’s current routine (school, work, etc.)?     

4. Finally, consider your emotional attachment to your house and community. 
While you cannot put a price tag on memories and attachment, they are still important to consider. If you love your home and the community you live in, it may be hard to find another house that genuinely makes you happy. Ask yourself what you will miss if you moved to help you make your final decision.  

If you decide it’s time to remodel and not move, Criner Remodeling is here to help. You can count on us to deliver a remodel that you will cherish for years to come. We love helping our customers adapt their homes to meet their needs and dreams and would love to help you as well. Contact us today to get started.