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Renovate or Move? How to Decide

As a homeowner, there may come a time when you ask yourself: "Should I buy a new home, or stay put and renovate my old one?" 

Consider these factors when weighing your decision:

  • Mortgage rates. Would your mortgage rate increase if you were to buy a new home?
  • Renovation scope. How much would you need to do to your home to achieve the look you're hoping for? How much would it cost?
  • Local market. What do housing prices look like?
  • Long-term goals. Are you in a location you're happy with for the long-term?

High-ROI Renovation Projects

Want to make sure the time and money you spend remodeling is worth it? Then choose your projects carefully. 

According to Remodeling Magazine, here are the highest-ROI home renovation projects you can opt for:

  • A new garage door (98.3% costs recouped, $3,411 in resale value)
  • Adding a steel entryway door (91.3% costs recouped, $1,344 in resale value)
  • A wood deck addition (82.8% costs recouped, $9,065 in resale value)
  • Minor kitchen remodel (81.1% costs recouped, $17,193 in resale value)
  • Siding replacement (76.7% costs recouped, $11,554 in resale value)

Check out Remodeling's full Cost vs Value report for more guidance.

Are Home Improvements Worth It?

Renovate or Move? How to Decide. Homes by Haris

Home Improvement Projects Are Worth Cost and Time Says Realtor® Survey

The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors®, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry. A PDF copy of Remodeling Impact Report from National Association of REALTORS®

After completing a remodeling project: 

  • 74% of owners have a greater desire to be in their home 
  • 65% say they experience increased enjoyment 
  • 77% feel a major sense of accomplishment
  • 58% report a feeling of happiness when they see their completed projects 
  • 38% say they have a feeling of satisfaction.

The infographic below looks at the top three scores projects and the top return-on-investment projects from NAR. 

Remodeling Impact

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Are you looking to buy a home in Chicago, Chicago North Shore & Chicago Northwest suburbs? Call, text or email Haris! 848-878-2588