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Should I Move or Renovate My Home?

Jul 15, 2020, 09:05 AM
Split screen showing a new home versus a home being improved

Chances are you’ve seen one of the popular home-improvement shows on television where homeowners question whether to renovate or move to a new home.Unfortunately, if you’re a homeowner, this situation is almost unavoidable as life circumstances change over time.

Although we can’t get you on T.V., we may be able to offer some helpful pointers – so, here are some things to consider:

Is your home in your heart? Your home may be much more than four walls and a roof. It may be the place where you and your partner celebrated your first anniversary together or watched your children take their first steps.

What about your neighbors? Perhaps your neighbors are your friends, and you rely on them in case of an emergency. Your kids may play together and go to the same school. If you have a strong connection to the neighborhood and emotional ties to your home, renovating may be the right answer unless you can find a home for sale and that meets your needs in the same area.

Does your current home have what you consider to be a serious problem? It could be neighbors you can’t tolerate, a not-so-great school district or a cramped physical setting — including home and yard — that will never meet the needs of your growing family. If this is the case, you really have just one choice: Move.

How long will your renovation take? Don’t overlook the fact that renovation involves a serious, long-term commitment in time and energy. You’ll have to be patient. And realize it may be difficult to live in something that’s a construction zone for possibly a few months, depending on the extent of your renovation.

What do the numbers tell you? Remodeling can be expensive. Then again, so can moving. The best way to make an informed decision is to compare the numbers.

Moving costs typically include real estate commissions, closing costs and hiring movers.

Other costs are less obvious. Your home might not sell for as much as you’d like. And, if you’re moving to a bigger home, chances are you’re looking at a bigger mortgage and higher monthly payments.

As for renovating, the costs will vary based on your needs. If the challenge is that you need more space, it may help to consult with a professional. You might be pleasantly surprised to discover what you can accomplish simply by decluttering or reconfiguring your home’s layout within its existing footprint. Either way, don’t forget to do your homework. Ask friends, family and neighbors for realtor and contractor recommendations.

Whether you’re looking at remodeling or moving, U.S. Eagle can help. Talk to us about pre-qualifying for a mortgage so you know what you can afford to buy. Rates are incredibly low – at some of their lowest in 50 years.1 Sellers are motivated. And you’ll pay NO ORIGINATION FEE – which could mean $3,078 in savings!2,3For a limited time, we’re making the savings even better with ZERO ORIGINATION FEES – which could mean $2,000 in savings or more!2 Visit USEagle.org/Opportunity or call 505.342.8957 to see if you can save. It doesn’t cost you anything to find out. You can also use the equity in your home to pay for the renovations you need.

 1As of May 2020 national findings by CNBC.com. Individual savings may vary. 2$2,000 savings based on typical 1% origination fee for $200,000 refinance. Individual savings may vary. No origination fee offer

 available for limited time – through 8/31/20. All loans subject to credit approval. Must meet US Eagle membership qualifications including opening a $5 share account. See US Eagle for complete details.

 Already decided? You can also check out our financial literacy collections covering topics, like: owning a home, buying a home, selling a home, and moving to help you through the process!

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