To Renovate or to Relocate

Your house might have seen better days. But the question here is whether you should renovate or relocate. When is it time to throw in the towel and cut your losses? Should you persevere and continue building memories?

You have to consider many factors when mulling over the question of whether you should renovate or relocate. It is not just a matter of expenses. But you have to take into account the emotional toll on your loved ones.

Before you reach out to a home improvement specialist or a realtor, let us take a closer look at these factors. This way, you will get to an informed decision.

Minor Repairs

If your main problem is a crack on your patio, you might want to reach out to your nearest concrete lifting specialists. One phone call would solve your problem. But it would be a different case if you have several repair issues in your house.

If that is the case, should you move out? You should not immediately jump to that conclusion. You still have to weigh in a few more things.

Relocating to a new place might not be a problem if you are not financially bound to your home. This will be a tad tricky if you are still paying for the mortgage.

In this scenario, you would need to sell your old home to get a new one. You would need to fix all of the defects. In that case, is there still a need to move to a new house?

Incidental Expenses

You may think that the cost of relocating is just the expenses associated with the physical move. This may include a professional fee for packing your things and lifting the boxes out of your old home and into your new place. But think again, there are other fees that you need to think about.

You may have to buy new furniture for your new place because your old pieces do not fit. You may not have to buy them as soon as you settle. But you will likely want to purchase them within your first month.

Then there are the utilities. The cost of having the utility hooked up in your new place is something that you would need to shell out even before you have moved in.

Repairs can also be costly. If the concern is superficial, you may only need to pay a small amount. But if the damage is structural, you may have to shell out several thousand dollars.

Time Constraint

Repairs may only take a few days. Or it can take as long as a few months. But you can arrange things in a way that will make it possible for you to remain in your old house.

With that being said, it is important to do your assignment. When you are prepared for the overhaul project, it will lessen the impact of the obstruction that the construction is causing.

Relocating to a whole new city will take at least a month for you to settle. You may finally understand the inner workings of the city after three to four months. But this may be a bit tricky for young ones.

If you have kids, you have to be extra careful with how they handle the stress of moving. They likely need more time to adjust to their new environment. Before jumping to conclusions, you need to consider how much time your kids need to adapt to their new surroundings.

Stress Management

The adjustment period leads us to the question about your child’s comfort. You have to ask yourself if your child can cope with the stress of moving to a new place.

On top of the physical exhaustion of having to move from one city to another, your kid has to deal with the trauma of leaving their old friends and teachers. They have to face a whole new world.

On the other hand, having to deal with the chaos of an extensive construction project is stressful. But your children do not have to face the emotional upheaval of leaving the warmth of the community that they have grown to love.

To renovate or to relocate, that is the question. You may not need to conduct a thorough scientific experiment to answer that question. But you need to weigh factors strategically. These elements can carry an emotional and financial impact on your life.

Before you make the final choice, you need to do your homework. This way, you will a financially sound decision that will give you and your loved ones the least emotional stress.