Should You Move or Remodel?
Idaho is one of the fastest growing states in the nation. According to the 2020 Census, the only state that has us beat for the fastest growth rate is Utah. If you’re a Boise native, this information likely doesn’t come as a surprise! Even homeowners who have only been here for a short time are aware of this intense growth and the demand for housing. Home prices in the Treasure Valley and beyond continue to soar with no apparent end in sight. According to Home Buying Institute, if you bought a home in the Boise Metro area 10 years ago, it has likely more than tripled in value. This might sound like great news for a Boise, Eagle, or Meridian homeowner looking to sell…until the search for a new home begins.
Many people are deciding to remodel instead of dealing with the daunting search for a new home in such an expensive and competitive market. This year has brought Renaissance Remodeling a record number of inquiries and remodel projects, with our schedule for 2022 already beginning to fill. It can be tough to decide whether buying or remodeling is the better fit, and ultimately the pros and cons should be carefully weighed. We’ve put together our top three points to consider when determining whether moving or remodeling is best for you!
Your Location
The location of your home is so important. You can always remodel your home, but you can’t really change what surrounds it. If you’re happy with your neighborhood, the route you take to work, the school district your kids go to, and the overall lifestyle that comes with your location, then renovating instead of relocating might be a better decision for you. From another perspective, if you find a home with an incredible location but the layout isn’t exactly what you want, you can always remodel to have both the perfect home and the perfect location for you.
Your Finances
Like we mentioned, moving and remodeling aren’t always mutually exclusive! You can do both, in fact we get inquiries all the time from people who want to remodel their newly purchased home. But many people don’t necessarily have the money to do both, and that’s where weighing your financial options becomes especially important. Making upgrades will likely increase the value of your home, with some projects having a greater return on investment than others, but this can also mean a higher property tax rate. Using a home equity loan to pay for a major remodel project is a popular approach for many homeowners, and this option that can be less costly than purchasing a new home.
Your Future
Your reason for wanting to remodel is another important factor. Remodeling your home is a major life decision! If you definitely plan on moving in the near future, hiring a remodel contractor might not be the best use of your time and money. If this home is where you plan to raise a family, retire with your partner, or any other long-term dreams that make a place a forever home, then remodeling can be incredibly rewarding. So many special moments and memories are made within the home, and a home remodel with a design build company means creating a space that perfectly fits your unique list of wants and needs.
