If your home isn’t working for your family anymore, deciding whether it’s best to remodel or move can be a tough decision. On one hand, you love your home and might be intimidated by the thought of buying in Ann Arbor’s competitive market. On the other, a remodel can seem like a long, daunting process. If you’ve been going back and forth on the decision to remodel or move, this blog is for you.
Here, we’ll break down the basics of both options, the pros and cons of remodeling and moving, and the costs associated with either decision. Let’s start with a list of key factors to consider when deciding whether a move or a remodel is best for you.
When it comes to making the decision to remodel or move, it’s never cut and dry. There’s no picture-perfect scenario that will make the decision easy for you, but there are a few reasons that many homeowners opt to remodel or move.
Remodeling might be the best option for you if:
If you love your home and location but are ready to make changes to the space you have, remodeling your home in Ann Arbor might be the best option.
Moving is likely the best option if:
If there’s just no way to make the home work for you, or if you’re not enamored with your neighborhood and location, moving might be a better fit for your family.
These basics offer guidelines to get you started on the decision-making process. Next, we’ll break down the costs associated with each option, as well as the pros and cons of remodeling and moving.
No matter what your budget, you will want to know which option will work best for your family, and while cost isn’t always the most important factor, it is an element to consider. Let’s look at the costs associated with remodeling vs moving.
There are so many factors that can dramatically affect what can be done to your home and, in turn, will affect the cost of a remodel.
If you’re planning to add on, reconfigure floor plans, or totally update an older home, know that you could spend $200,000 or more fairly easily.
Moving also has its costs. If you love the area you’re in, you’re unlikely to find a similar property for what you spent on your current home. The high demand for property, especially here in Ann Arbor, has significantly increased in the last few years. Expect that you will pay more for what you are looking for than what it cost when you purchased your existing home.
In addition, there are costs associated with buying, selling, moving, and financing when you move from one home to another and these should also be factored into the equation. Sellers can expect to pay up to 10% of the selling price in real estate commissions and other fees. For buying a home, plan on a typical range of 2-5% of the purchase price for closing costs. Moving adds even more to the list of expenses.
Remodeling is a great option for many Ann Arbor families. If you love your home, your neighbors, and your location — even if it’s not perfect for your family — it can be hard to say goodbye. Here’s a look at the pros and cons that come with remodeling:
If you’re considering moving, but want to make sure you’ve looked at that decision from every angle, here are the most common pros and cons that come with moving to a new home.
Making the choice between starting a remodel or moving to a new home is not an easy decision. Your choice will ultimately come down to your priorities. Do you love your current home, its character, and your neighborhood? Or are you looking for a fresh start?
If you’re having a hard time making a choice, it’s always best to talk to a professional:
The best way to make a confident decision is to gather all of the information available to you. When you have a clear comparison between what a remodel vs a move looks like for your Ann Arbor home, you’ll be able to make the decision that’s best for your family.
Talking to a professional can help you realize all of the options that are available to you — sometimes a creative, outside of the box solution is what you need! If you’re ready to start a conversation about remodeling your Ann Arbor home, talk to the team at Meadowlark Design + Build. We’d be happy to answer your questions.