*Swampscott Home Remodeling Project by Wolfe Design Build*

Whether it’s a growing family or living spaces that are no longer functional, there is an increasing debate among homeowners on how to solve this problem. The question that keeps homeowners up at night is often whether to renovate their current home or relocate to a new one. The case can be made to jump ship and find a home that meets your family’s needs, whether it is an additional bedroom, a more functional kitchen or an expanded living room. But the argument can also be made that investing in a custom-designed remodel of your existing home can give you and your family everything you need (and more) without leaving the neighborhood you love.

Let’s take a closer look at the debate between remodeling or renovating, including overall value, customization options, and neighborhood considerations.

Comparing Costs: Remodeling vs. Buying New

As with most decisions, it’s a good idea to compare costs for each option. Buying a new home is a huge endeavor that includes paying hidden fees such as real estate commissions, closing costs, moving expenses, and potentially a higher mortgage rate than the one you currently have on your existing home. Homeowners who bought in the 2020s likely secured a relatively low interest rate, and purchasing a home today would mean a considerably higher interest rate. These factors must be part of the equation when deciding between these two options.

Remodeling also comes with costs that should be considered. While it is impossible to calculate a general cost figure, as it would depend on the project's size and scope, one thing to keep in mind when calculating the cost of any renovation or remodel is the return on investment and the value the updates will bring to the home. Kitchen and bathroom remodels as well as additions, often have a significant return on investment, making them a wise choice for homeowners looking to build equity.

How Home Remodeling Can Benefit You

*Modern Home Remodel by Wolfe Design Build*

Choosing the remodel route for your home can be beneficial in two significant ways, tipping the scales in away from the home-buying process. Remaining in a house and transforming the spaces to meet your needs allows you not only to stay in a neighborhood you love but also be able to customize your home, which may be difficult to find in a new build.

Let’s look at some of the ways in which home remodeling can be a more suitable option:

Remaining in the Home/Neighborhood You Love

As they say in real estate, one of the most important things when buying a home is “location, location, location.” If you already have a location you love, neighbors that you adore and a school system that works for your children, you may want to stay put. Finding a community you love is no small feat, and it should be weighed heavily when deciding whether to renovate or move. Uprooting and moving to a new home and neighborhood can be stressful, especially if it means a new school system for children and a longer commute for adults.

Customization Opportunities with Remodeling

The opportunity to transform a home into the space you envisioned is one of the most exciting aspects of remodeling. The design build process allows the homeowner to choose everything from designs to materials and finishes, ensuring the residence truly reflects your personal style. Remodeling is the opportunity to make a home into everything desired without leaving the space you are familiar with.

Maximize Home Value

Remodeling allows homeowners to remain in the space they love while significantly enhancing their living area and overall home value. Key upgrades, such as kitchen and bathroom remodels, open-concept layouts, or adding modern finishes, can substantially boost your home’s market value when it comes time to sell. Additionally, renovation costs can help build home equity, a stark contrast to the major upfront expenses that come with buying a new house.

When to Consider Buying New

There are instances when buying new, rather than remodeling, is a better choice. For example, some homes have no room for expansion due to lot size, property lines or structural considerations. In other situations, homeowners may be looking to start fresh in a new location, a better school district, or one with a shorter work commute. A new home may include these factors, as well as more energy-efficient and modern amenities, to make the case for moving more appealing.

Choose Wolfe Design Build for Your Home Transformation

Deciding between relocating or renovating may be a challenging one, but the Wolfe Design Build team can help you make the choice that’s right for you and your family. We will work with you to determine the size and scope of the renovation that best fits your current and future needs. Contact our team for a consultation and start making your dream home a reality.