Ready To Upgrade To A New Home? Renovate Instead!

Considering buying a new house or moving to a new rental? You might be better off doing a home renovation on a budget and staying put instead. Upgrading your home can make all of the difference in the world. Find out why.After living in a home for an extended period of time, my wife and I normally get sick of certain aspects of that home.

Whether we realize the home isn’t going to fit our long term needs or we start getting the urge to have a more awesome kitchen, the idea of moving to a new home pops up from time to time.

Unfortunately, moving is super expensive, even when we were just renting and didn’t own a home.

Now that we’re homeowners, the financial stakes are even higher if we decide to move.

Luckily, both you and I can avoid spending a ton of money on moving and selling a home by doing one simple thing instead.

What is it?

Renovate Your Home Instead Of Moving

If you’re just moving because you’re sick of your home, it might be time to seriously consider renovating rather than moving. Yes, even renters may be able to enact this trick to save a ton of money and headache.

Renovating Instead Of Moving For Renters

You rarely hear about renters renovating the homes they live in, but in certain circumstances it can be done.

You’ll need to check with your landlord first to make sure they approve of any renovations. If you’re lucky, they may even pay for part or all of the renovations you are considering.

You could be moving because your rental doesn’t have a dishwasher. After a couple years of handwashing dishes, that could be enough to push you to move.

However, dishwashers are relatively inexpensive. You can get a really nice dishwasher for less than $1,000 or a budget model for as little as a few hundred dollars.

The expense of buying and installing a dishwasher would likely be way less than the cost of moving. It is in cases like this that it makes sense to ask to renovate before you decide to move as a renter.

Even if you have to foot the bill for the full cost of the renovations, it may still be much cheaper than moving to a newer, nicer home. You’ll have to pay hundreds or thousands of dollars to move. You’ll likely have to pay more in rent for your newer, nicer home, too.

Sadly, the added cost of moving your stuff isn’t the only headache. You’ll have to spend massive amounts of time transferring your utilities, packing and unpacking boxes and dealing with any other unexpected headaches that pop up.

Of course, bigger renovations such as adding square footage to a home would almost never be cheaper than moving to a new rental. Sometimes you just have to deal with the costs and headache to move to a better situation.

Renovating Instead Of Moving For Homeowners

When it comes to a homeowner moving, expenses can add up even faster. In addition to all of the headaches that renters have to deal with during a move, you’ll have to deal with the costs and headache of selling your home. That’s normally not cheap or easy.

As a home seller, you’ll easily pay a 5% or 6% commission to real estate agents, among other closing costs. You’ll have to spruce up your home so it shows well, which almost always costs more money than you would think.

You may even have to pay to stage your home to get the best possible selling price. All of these costs could easily add up to tens of thousands of dollars.

Don’t get so caught up in all of your selling costs because you’ll have to spend even more money when you either buy or rent your next home. The amount of money you could potentially save by not moving is staggering.

Rather than spending tens of thousands of dollars and having nothing to show for it, you could put a fraction of that money into upgrading and renovating your current home.

You could upgrade your kitchen, put wood floors throughout your home, landscape your yard or even add more living space. These upgrades would likely increase the value of your home while helping you fall in love with your home all over again.

Sometimes it might make more sense to renovate your home to get what you want rather than spending massive amounts of money to upgrade to a new to you home.

Have you ever thought about renovating your current home rather than spending the massive amounts of money it costs to move? What would be the number one thing you want to renovate in your current home? Let me know in the comments below.

Photo by: paulidin Text added by: Lance Cothern

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. Remember that you can do this with the outside of your home as well. I’ve seen people perform incredible transformations with their yards with patios, plantings,etc. and for people who love the outdoors, that can be just as rewarding of a project as a new kitchen or bath.

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