As professional home remodeling contractors, we at LaBonte Construction understand that deciding whether to move or remodel is not easy.
We’ve been transforming houses into dream homes for years. And we’re here to help you make the right decision. Your home is where memories are made, and it’s important to consider all factors before making a choice.
Assess Your Current Home
Evaluate the strengths
Take note of the aspects that you love about your home. Is it the cozy living room, the charming backyard, or the nostalgic neighborhood? These are the features that make your home special and hold sentimental value.
Identify the weaknesses
Consider the space limitations—do you find yourself feeling cramped or wishing for more storage? Think about the functionality and layout of your home. Are there rooms that could be better organized or opened up for a more seamless flow?
Also, take a moment to reflect on the overall aesthetic appeal. Does your home reflect your personal style, or do you find it outdated and in need of a refresh?
And of course, don’t forget to consider the structural integrity of your home. Are there any issues like leaky pipes or faulty electrical systems that require attention?
Consider Potential for Improvement
Imagine your home with upgraded features and a layout that perfectly suits your needs. Think about the rooms that could benefit from a makeover, whether it’s the kitchen, bathroom, or even adding an extra bedroom. Take a moment to envision the possibilities and jot down your ideas.
Adding an addition to your home can increase living space and inject new life into the entire household. And it can also add value to your home if you need to relocate in the future.
Move or Remodel: Weigh the Pros and Cons
Understanding the benefits and challenges will help you make a well-informed decision.
Advantages of Remodeling
Avoid Rising Mortgage Rates and Other Costs
The recent economic downturn has prompted the Federal Reserve Bank to raise interest rates 10 times since March 2022. Since then, the average 30-year fixed rate mortgage has risen from 3.76% to 6.57% as of May 25—an increase of nearly 175%.
In addition, moving involves realtor fees, transportation expenses, and potential upgrades or customization to make the new space feel truly yours.
Opportunity to Personalize and Customize your Home
Whether it’s creating an open-concept living area, upgrading appliances, or adding a cozy nook, remodeling allows you to tailor your home to your lifestyle.
Preservation of Sentimental Value and Familiarity
Remodeling allows you to keep the emotional connection to your home while enhancing the functionality and aesthetics. You don’t have to say goodbye to the neighborhood you love or the neighbors who have become like family.
Challenges of remodeling
Disruptions During the Remodeling Process
Temporary relocation. Depending on the scope of the project, it may require temporarily relocating or adjusting to living in a construction zone. You’ll need to consider the timeline, coordination with contractors, and potential inconveniences such as noise and dust.
Unexpected issues. Remodeling can also sometimes uncover unexpected issues or delays, affecting both the timeline and budget. Be prepared for such possibilities to help navigate these challenges.
Advantages of Buying a New House
Move-in Ready Condition
With a new house, you can avoid the hassle and time-consuming process of remodeling. Modern features and up-to-date appliances can enhance your daily living experience, providing convenience and energy efficiency.
Finding a Location that Better Suits your Needs
Whether you’re seeking a quieter suburb, a vibrant city neighborhood, or a community with specific amenities, you have the freedom to choose the ideal setting for your lifestyle.
Long-Term Financial Investment
If the real estate market is favorable, you have the potential for equity growth over time.
Challenges of Buying a New House
Moving is stressful. Cleveland-based University Hospitals and mental health website Verywell Mind list only the death of a loved one and divorce or separation as more stressful. Moving is higher on their lists than coping with long-term illness or loss of a job.
Other studies—including one conducted for a moving company—found moving to be the most stressful life event.
Also, it’s essential to carefully consider the financial aspects, including upfront costs like closing fees, down payment, and the overall affordability of a new home.
And remember those rising interest rates.
Move or Remodel: Seeking Professional Guidance
Our team can sit down with you to discuss your goals, preferences, and budget. We’ll review your assessment of your current home, along with your ideas for improvement, and provide valuable input.
Our experience allows us to offer creative solutions that optimize space, functionality, and aesthetics. We’ll work collaboratively to refine the remodeling plan, stay within your budget, and address any concerns or challenges that arise.
Additionally, we’ll provide you with a detailed cost estimate for the remodeling project. This estimate will give you a clearer picture of the financial investment required and allow you to make an informed decision. We’ll discuss potential alternatives and options that strike a balance between remodeling your current home and buying a new one.
Throughout the process, we’ll be by your side, providing guidance, answering your questions, and ensuring transparency. Our goal is to empower you to make the best choice for your unique situation and help turn your vision into reality.
Move or Remodel: Conclusion
Deciding whether to remodel your home or buy a new one is a significant choice that deserves careful consideration. Your home is more than just a building.
By assessing the strengths and weaknesses of your current home, weighing the pros and cons of remodeling, and exploring the option of buying a new home, you are taking the first steps toward making an informed decision.
When you’re ready to discuss windows for your home remodeling project, contact us at LaBonte Construction, voted Best of Milwaukee 2022 in Home Remodeling by Shepherd Express readers.
We also were voted best in the Basement/Rec Room Remodeler, Bathroom Remodeler, and Kitchen Remodeler categories.