First of all, when talking about remodeling vs. buying, it’s important to note that construction costs are high right now. These increased costs apply to do-it-yourself projects, not only, but also to renovation work you hire a remodeling contractor to complete.
Home sale prices also are higher than they have been, so you can’t necessarily expect to find great savings by opting to purchase instead of remodel.
So, the decision of whether to renovate or buy comes down to a few basic questions. The only right answer is the one that makes the most sense for you. In your thought process, consider:
Is your current home in the right location? Do you have good neighbors? How is the school district? Is the area walkable? Is your home close to the services you need?
Is your home big enough for your future needs? Or is it too big? Can accommodations be made to improve aging in place? Common reasons to move instead of renovate include that the house is too small for a growing family, it’s too big to care for, or it’s not well-suited for growing old.
Are you financially or emotionally tied to your current home? Are you comfortable with leaving your memories behind? Would moving result in a big financial hit because of an underwater mortgage?
If you answered “yes” to any of these questions, it’s a good idea to at least consider remodeling instead of buying.
One point in favor of remodeling is that you can make any customizations you want. If you like your kitchen cabinets or bathroom tile or master bedroom a certain way, you’ll probably have more success crafting your vision through a renovation than finding a house in which someone already has done the work to your liking. In remodeling your home, you can make it fit perfectly with your family’s lifestyle and needs.
A major downside to the renovation path is that you’ll have to either live through dust and disorder or live somewhere else entirely, such as with family or at an extended-stay hotel. Another drawback is that remodeling will occasionally reveal bigger problems that need fixing — replacing the windows, for example, might reveal rot that needs to be taken care of (it’s good to get that fixed, of course, but the cost of the remodel might be higher than you’d first planned).
There are many factors to consider, but ultimately you’ll want to look at your own life situation to decide what’s best for you. We hope these questions can help. If you do decide to renovate, Hudson Remodeling has had happy clients throughout Whatcom County, and we’d love to consult with you about your remodeling ideas.
Read more: Design ideas for every area of the home.