Are you playing a mental tug-of-war between turning your current pad into the home you want versus saying "thank you, next" and moving on to the house of your dreams? You're not alone!
Research from Housing Centers of Harvard showed that home improvement spending across the country soared to $472 billion in 2022. This is a huge increase from the years before. While the Annual Social and Economic data shows that, out of people who moved home in 2022, 17.2% cited moving for a “newer/better/larger house.” So movers and renovators are busy, busy, busy in this real estate market.
The classic "Love It or List It" conundrum, however, can have you tangled in emotional knots, over whether you should:
- stay in your current house and invest into it to make it exactly what you need, or
- start afresh, and spend the equity you’ve built in your current house to buy a move-in ready home that needs no effort
Let's break down the pros and cons of both:
❤️ Team Love It // Renovating Your Current Home
The pros
- Sentimental value: Your home isn't just four walls; it's where your heart is! Renovating means keeping those precious memories intact while creating new, better, spaces.
- Customization Queen: If you’re already committing to a home renovation, it opens the door to many other opportunities. If you decide on a kitchen remodel, perhaps now’s the time you’ll want to tear down the dining room wall so you can install a huuuge island? Want to create the basement home theater of your dreams? You could install a whole spa-like shower room down there too, giving you that extra bathroom you always wanted!
- No moving hassles: Let's face it, moving is probably your least favorite activity. Renovating means you get to skip the packing-unpacking saga. Although you might want to rent out a storage unit temporarily while you renovate — giving you the perfect opportunity to declutter.
The cons
- Unwelcome surprises: Renovations can be like opening a mystery box; sometimes, you find more than you bargained for (hello, unexpected plumbing issues!). You may budget $30k for a new kitchen, but if there’s unexpected things going on, you might need a lot more than that.
- Living in a construction zone: Think of it as camping, but indoors and with more dust. Not everyone is happy living like this for weeks, or months, on end. Many home renovators might stay in hotels during the worst of the construction, or lucky individuals with family nearby may be able to stay in a spare room. How will you handle this situation?
- Time-consuming: Rome wasn't built in a day, and neither is your dream kitchen. Or bathroom. Or any other major renovation. And there are often unexpected delays. Can you be patient and work around the inconvenience?
🛒 Team List It // Selling and Moving On
The pros
- Fresh start: Moving means a clean slate and maybe even better neighbors (no guarantees on the latter, though). Perhaps you always desired retiring in a certain town — now might be the perfect time to grab that opportunity.
- No renovation headaches: Leave the dust and noise behind and move into a turnkey property. Move-in ready with everything you desired? Perfect.
- Upgrades: More rooms, better location, a yard big enough for your dog to play fetch to its heart's delight — the possibilities are endless. And you can use the equity gained in your current home to help you make that move seamlessly.
📮 RELATED POST: USE YOUR EQUITY TO BUY A BIGGER HOME
The cons
- The hunt: Finding the right home can be like dating – it takes time to find The One. And you may still need to compromise, because there’s never going to be a “perfect” home. It’s important to create your list of wants and needs, and go through a thorough Buyer Consultation with a trusted hyperlocal real estate agent so have the best chance of success.
- Closing costs and moving expenses: These can add up quickly. Your real estate agent should tell you upfront what you can expect to pay on your dream home.
- Emotional rollercoaster: Saying goodbye to your old home can tug on those heartstrings. Especially if you’ve had kids grow up there, or said goodbye to beloved pets there. You’ll want to take some time to say ‘farewell’ so you feel ready to move on if you opt to ‘list it’.
Decisions, decisions
Deciding whether to renovate your current home or list it and move on is more than a financial decision; it's a deeply personal one. Renovating means holding onto a place rich with memories and customizing it to suit your evolving lifestyle. It's about making your current space the dream home you've always wanted, despite potential budget surprises and the chaos of living in a construction zone.
On the flip side, listing and moving offers a fresh start, a chance to upgrade, and the excitement of discovering a new neighborhood. It's about embracing change, new beginnings, and finding a home that meets your needs without the renovation headaches.
If you want to chat strategy with one of South Jersey's top realtors, send us a message.
