Remodel or Move: Which Makes More Sense Financially?

Home ownership is complicated business. It’s great to own a home-you can settle down with your family, start a stable life, and no longer have to deal with the constant stresses and expenses of moving. On the other hand, the new expenses of maintenance, home improvement projects, and that scary feeling of being tied down to a single plot of land can be overwhelming. You may have inherited a house or made a significant investment, but either way you may not be satisfied with your current living situation for any number of reasons. The two options for improving your situation are remodeling and moving, but how can you decide which is right for you financially?

The first thing to look at is your house itself. What needs to be done? Are there structural issues in your home, or are your qualms mostly aesthetic and cosmetic. If you are simply unsatisfied with the way your home looks, you may be able to solve your problems by undertaking a few relatively easy and inexpensive remodeling projects. Fresh paint in your rooms and hallways, new lighting fixtures, and creative thinking about furniture and arrangements can make your home feel like a totally new space at very little cost.

Think about what is replaceable in your home, and what is not. Furniture, appliances, plumbing and electrical issues are relatively easy to sort out. If this sounds like your situation, a couple weeks dedicated to remodeling could be your solution. Other issues may not be so easy to fix. If your house has structural issues, renovating will be a much more involved project that you may feel is not worth your time and money. Likewise, if you have concerns about the amount of space in and around your home, there may not be many options for remodeling. Do you really want to make the investments needed to build an addition onto a cramped house?

You may also want to look outside of your house. If you live in an undesirable neighborhood, remodeling may not give you the satisfaction you need, and the usual increase in the house’s worth may not come along with your home improvements if you live in an area with low property values. Investing large amounts of money in home improvement for a house that won’t increase in value doesn’t make much financial sense. If remodeling your home sounds like putting lipstick on a pig, moving is probably the more prudent choice.

All in all, the decision on whether to remodel or move will depend entirely on your specific situation. Look to professionals for estimates on remodeling costs; websites like can offer a glimpse into what kind of investment you will be looking at for your home improvements. Remodeling can be relatively cheap or very expensive depending on the amount of work that needs to be done. If a reasonable investment in renovation can make you satisfied with your home, then remodeling is the way to go. However, if factors beyond your financial resources or realistic control are keeping you from a happy home life, it’s time to think about moving on.

One Response to Remodel or Move: Which Makes More Sense Financially?

  1. Please help me l need money to finish high school

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