As a seasoned professional in the Woodbury, MN, luxury real estate market, I often sit down with clients who are grappling with a significant decision: should they renovate their current home or move to a new one? This is a complex question that involves numerous factors, including your financial situation, personal preferences, and long-term plans.
Reasons to Renovate Your Current Home
If you love your location – the neighborhood, the schools, the proximity to your kids’ activities, and the maturity of the area – then it might be worth considering a house renovation. This is especially true if your home can function for you and your family as you age. With the cost of new construction potentially being very high, upgrading your current home can be a financially sound decision.
However, it’s essential to consider whether the home improvement will be too intrusive to live through. We all know that living through a kitchen remodel can be really cumbersome, especially if you have kids. If the renovations will be so intrusive that it’s six months of living hell, it might be a good idea to consider relocation.
Reasons to Move to a New Home
On the other hand, moving to a new home might be the right choice if renovating your current home would price you out of the neighborhood. If you’re going to put a significant amount of money into your home and it’s going to make your house the most expensive one in the neighborhood, it might be time to look for a new neighborhood.
Another reason to move will be if your lifestyle and needs have changed. For instance, if you find yourself using amenities in other parts of the city more often, or if you’re no longer commuting to the office due to changes brought about by COVID, moving to a new location might be the best decision.
Deciding Whether to Renovate or Move: A Flowchart
| Renovate | Move |
| Pros: Love the location, the home is functional for aging, and cost-effective compared to new construction | Pros: Avoid pricing yourself out of the neighborhood, avoid intrusive renovations, better align with lifestyle changes |
| Cons: Renovations can be intrusive, and the potential to overprice home in the neighborhood | Cons: Potential higher cost, need to adapt to a new neighborhood |
If you’re on the fence about whether to stay in your current home and remodel or move to another home, don’t hesitate to reach out to me. We can have a casual conversation, do a walkthrough, and discuss whether the improvements you’re thinking of making will add value and whether it makes financial sense for you to stay where you’re at or move to something else.
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