You might love your corner cafe and your neighborhood block party, but that doesn’t make your basement’s shag carpet and wood paneling any more tolerable. Can your dated space be salvaged with a remodel or is it time to start shopping? There are many factors to consider when weighing a remodel against a move.
At Peacock & Company, we understand that choosing your surrounding space is a huge and completely personal decision. As remodeling experts in the South Bend area, we’re happy to use what we know about the remodeling process to help you decide if it is right for you. Head here if you’re interested in finding out more about our services.
Factors to Consider Before Moving or Remodeling
Emotional Attachment
There will only be one nursery where you rocked your first baby and one threshold you crossed as a newly married couple. The sentimental value of these places becomes more pronounced when we face the prospect of leaving them. Are you ready for a fresh start or do you value being surrounded by your memories?
Routines and Commute
Moving will introduce new routines for every area of your life. If you’re ready for a change, this can be exciting! Are you interested in the amenities a new neighborhood might offer? Can you shorten your commute? Or does learning a new grocery store and a new way around the worst traffic in town make your hair stand on end?
Customization
How important is customization? One amazing part of a remodel is designing your new space exactly how you want it. You can also achieve completely customized results with new construction, though this is likely (but not always) the most expensive option. You are less likely to find an existing home with absolutely every feature on your list.
Cost of Remodeling Vs. Moving
Scope of the Project
Renovations will undoubtedly be cheaper if you can get away with a quick facelift. Though the line between a remodel and a renovation is blurry, some call a project a renovation if it brings your area back to good condition, and a remodel if it changes facets of your space. If you will need to make large structural changes, like an addition or whole home remodel, buying an existing home will likely be a cheaper way to acquire these features, though an existing build does not deliver custom results.
Materials
The materials you choose for your project will determine much of the cost. Whenever we explore the cost of a specific project, as we did for bathrooms and kitchens here, we divide our blog into tiers to address the wide range of costs materials can span. For example, modest kitchen remodeling projects cost an average of $60,000, whereas premium kitchen remodels average $125,000 in South Bend.
One-time Costs
Consider the one-time costs associated with moving, such as inspection, closing costs, and costs related to physically moving. Renovation may also include hidden costs such as needing to stay somewhere else while parts of the work are completed. These factors will be different for everyone, but it is important to take them into account.
The Real Estate Market
The factors related to buying and selling a home are different in each market. Do some research or consult a real estate agent about the housing market in your area to decide if now is a good time to sell your home and relocate.
The Value of Your Time
How long will a remodel take? Smaller projects take between one and three months, whereas larger additions can take longer. New construction takes longer still, whereas the time needed to move varies greatly depending on your real estate market.
Loans for Traditional Mortgages, New Construction, and Remodeling
Many people are surprised to find out how financing options differ between traditional mortgages, new construction, and loans for remodeling.
New construction is either financed with a loan that converts to a traditional mortgage upon completion or a construction-only loan where you must then secure a mortgage upon completion. In either case, requirements for credit score, debt-to-income ratio, and proof of income tend to be more strict than those for a traditional mortgage. Interest rates are also typically higher.
Remodeling projects can be funded in various ways, including several methods that use home equity. Other options include a Home Equity Line of Credit, a personal loan, or a credit card.
Finding the Right Contractor
You deserve professional, friendly service if you are considering a home remodeling project. The right contractor can help you realize your dreams and maximize your remodeling budget. If you are investigating contractors in your area, we would be pleased if you read our blog about questions to ask contractors before remodeling to ensure you find a qualified professional for your project.
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Our passion here at Peacock and Company is bringing tired spaces into the modern age!. We are looking forward to talking to you about your remodeling vision. We know you’ll be thrilled with our premium remodeling results.
