“Should I stay or should I go?” Those aren’t just the lyrics to a great classic rock song – it’s also a question many homeowners find themselves asking when they realize they need more space, feel that their house is outdated, or are ready for a change. Moving into a new house can have its perks, but so can staying and making improvements. Here are some reasons why you should consider renovating rather than going anywhere.
1. Moving (and Selling a House) is a Pain
There’s no way around it – moving isn’t fun. In fact, it’s downright stressful. Change in general can be difficult to deal with, but between packing up your entire home, hiring movers, paying for the move and fitting moving day into your schedule, it’s no wonder that moving is considered one of life’s most stressful experiences.
On the flip side, selling a home can be just as stressful. Showings can happen at the last minute, which means your house constantly has to be spotless. Plus, there’s a lot of uncertainty as to how long the house will be on the market – if it sells quickly, you may not be prepared to move right away, and if it takes a while to find a buyer, you may be delayed in buying and moving into your new home. And there’s always a fear that the sale could unexpectedly fall through at the last minute.
2. Old and New Memories
That old saying “There’s no place like home” is true. We can’t help it – many of us are emotionally attached to our homes. That’s probably especially true if you’ve lived in your current house for longer than a few years. Home is always there waiting for you at the end of the day, despite life’s ups and downs. It’s your family’s sanctuary, and it may even be the place where you’ve raised your children. Plus, it’s the place you know like the back of your hand – where every light switch is, which cupboards the dishes are in, etc.
If you were to sell your current house, would you really by ready to say goodbye? By renovating instead, you could stay in the same place and continue to make new memories. Depending on the type of upgrades you’re considering, you could create more space to host get-togethers or add a backyard pool for more family fun.
3. Your Quality of Life Might Change
Are you happy with your current neighborhood? Your commute? Your kids’ schools? If so, you’ll be giving that up if you decide to move. Many of us tend to take some of these factors, all of which can help add to an overall good quality of life, for granted.
There’s something comfortable about familiarity – knowing the layout of your local grocery store, how close you are to your favorite restaurants, and what traffic in your area is typically like. If you’re comfortable with your home’s location, make sure you really consider whether you’d be willing to “start over,” so to speak. Even if you’re thinking about moving to a house that’s pretty close to your current one, you’ll still have to acclimate yourself to an entirely new place (and new neighbors).
4. Renovating Can Increase Your Property Value
If your house needs a facelift, the benefits of updating go beyond just aesthetics – you could be adding value to your house. Certain upgrades in particular may boost your home’s value, including revamping the kitchen, finishing the attic or basement, replacing the front door with a steel one, or adding a deck.
If you stay in your home and enjoy the upgrades you make, your home may continue to increase in value over the years. Bottom line? You’re likely to sell it for much more down the road than you would if you sell it anytime soon if current trends continue, with or without upgrades.
The home that you want to create is within reach. Contact PrimeLending today to speak with a lending expert who can tell you more about your renovation loan options.