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?
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.
Related from Homes By Haris
- Ways To Raise Your Home Value
- Make Your Home Easier to Sell with these 10 easy steps
- What’s Your Home Really Worth?
From around the web
- Life in a Construction Zone: 5 Things to Expect When You Renovate Your Home by Realtor.com®
- Move or Improve? These Scenarios Will Help You Decide How to Spend Your Dough by Realtor.com®
Real Estate Tips on Homes By Haris.
Are you looking to buy a home in Chicago, Chicago North Shore & Chicago Northwest suburbs? Call, text or email Haris! 848-878-2588