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.

From around the web

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 

Leave a Reply