Improve or move?
Unless you built a custom home, you probably have a long list of
things you'd like to improve in your current home. Browsing online
listings might get you in the mood to upgrade to a new home, or you
might be thinking about renovating your current home after binging on
HGTV. The answer to renovation vs. relocation depends greatly on what
you're trying to fix.
Thinking about a new kitchen?
If you're dreaming of a chef's kitchen with new appliances and beautiful
cabinets, renovating your own kitchen gives you incredible ROI and is
less costly than moving. You'll increase the value of your own home if
you ever decide to sell, and there's a great sense of accomplishment
that comes with completing a custom renovation.
Need more space?
If you're running low on bedrooms, there may not be a lot of options.
Converting an existing room to a bedroom doesn't create any new space.
If you're in a condo, an addition is probably impossible. And additions
can be expensive even if it's a possibility. Moving is usually the best
If the neighborhood isn't ideal
You may have seen some potential for your neighborhood when you first
moved there, but perhaps it still isn't welcoming the shops and
restaurants you expected. If that's the case, consider moving. There's
no sense in waiting years for the neighborhood to improve, especially if
you can move to a house in the same price range in a more preferred
part of the city.