When applying for a mortgage, it’s important to understand the difference between conforming and nonconforming…
As life evolves, so do our household needs. From new family members to an empty nest, change is inevitable.
But when change comes knocking, should you renovate your current home or uproot and relocate to a bigger, better house? Let’s break down the pros and cons of each choice:
Renovation: Tailoring Your Space
Renovations offer a chance to craft your living space to fit your precise needs. Upgrades can enhance your daily life and even boost your property’s value. Plus, you stay close to work, school and the people you cherish.
However, renovations can be disruptive and costly, and often go over budget due to unforeseen issues. Additionally, the noise and chaos of construction might not be ideal if you have a bustling household. Some projects could even require you to move elsewhere temporarily, adding further expenses.
Relocation: A Fresh Start
Moving avoids the upheaval of renovations, allowing you to step right into a more suitable home or neighborhood. Additionally, it could be the perfect time to sell your current home for a favorable price.
On the other hand, it is a competitive market to buy a new home. Many buyers settle for properties that need modifications, which can defeat the purpose of moving in the first place. Moving away from schools, family and friends can also come with emotional costs. Lastly, your new neighborhood might involve unexpected changes to your day-to-day lifestyle, such as a longer commute.
Crunching the Numbers
Finances play a pivotal role when deciding between renovating and relocating. Not all renovation projects are created equal when it comes to spending. But for those who snagged a lower rate for their mortgage, financing an upgrade may be more ideal than obtaining a new mortgage at a higher rate.
Have any questions about changing up your home? Whether you’re renovating or relocating, financing can help. Reach out anytime.