Should You Renovate Your Colorado Springs Home, or Relocate?

If you’ve outgrown your home or your lifestyle has changed, you have a big decision to make: Should you renovate your Colorado Springs home, or relocate?

Each option has pros and cons, and there’s a lot on the line—from your finances to your quality of life. Feeling stuck? These 3 questions can help you decide:

1. ????What are my motivations for making a change?
2. ????Which option makes the most financial sense?
3. ????Which path will be least disruptive to my life?

As a top Colorado Springs Realtor® with over 20 years of experience, I understand the dilemma many homeowners face when their current homes no longer meet their evolving needs. The decision to renovate or relocate is never an easy one. It's a complicated process that involves considering a myriad of factors, from potential costs and long-term financial implications to lifestyle changes.

When you're contemplating a major remodel, you're signing up for an enormous commitment. There's the task of hiring contractors, selecting the right materials, and managing your budget, which can consume substantial time and energy. Not to mention, you'll have to deal with the disruption of living amidst construction or possibly moving to a temporary residence.

Contrarily, the prospect of moving can be just as daunting. Many view buying a new home as a highly stressful event. In fact, a survey found that 40% of participants labeled home buying as "the most stressful event in modern life."1 So, the big question remains: Should you renovate or relocate?

Here are three crucial questions that can guide your decision-making process:

1. ????What are my motivations for making a change?

A careful examination of your motivations can guide your decision. If issues like dated kitchens and bathrooms are your primary concerns, these are relatively easy to fix through remodeling, resulting in a dramatic transformation that increases your home's enjoyment.

Other issues like limited space might necessitate more complex changes, such as adding an extra bathroom or a home office. Large-scale projects, including home extensions, can also be viable options for multi-generational living. As a Colorado Springs Realtor, I have trusted architect and contractor partners that can help you evaluate these options and ensure top-notch service.

However, there are times when even a total rebuild might not solve your issues. If you've switched jobs and face a long commute, or you need to live closer to a family member, relocating might be the best option. Even more so, the shift to remote work may open up new relocation possibilities. In these cases, I can assist you in evaluating potential neighborhoods in Colorado Springs that might be a better fit.

2. ????Which option makes the most financial sense?

Both renovating and relocating come with costs. If you're considering renovation, get several estimates from contractors to understand the financial commitment. Costs can include everything from materials and permits to potential updates to your electrical and plumbing systems. Also, factor in any hidden expenses, such as additional home insurance, short-term rentals, and storage units.

In considering relocation, remember that the cost of a new home varies significantly depending on the features you seek. Sometimes, it may be cheaper to move to a home that already has what you desire than making significant changes to your existing home. If you're pondering a move, it's advisable to consult a real estate agent early. As a top agent in Colorado Springs, I can help you assess your home's value, estimate the price of a new home, and help you understand the associated costs.

3. ????Which path will be least disruptive to my life?

This is an essential yet often overlooked aspect of the renovate or relocate question. Renovations can be time-consuming and require you to make numerous decisions, from the type of cabinets to the color of paint. Even if you're not physically moving, you might still have to pack your belongings to keep them safe during construction.

Relocation, while not without its stressors, could sometimes offer a quicker timeline than a major renovation. However, it does involve prepping your current home for the market, packing, and getting acclimated to a new neighborhood. As an experienced Colorado Springs Realtor, I can help make this process smoother for you, helping you find a property that fits your needs, selling your existing home for top dollar, and connecting you with trusted moving companies.

Whatever you decide, whether to renovate your existing home or sell your Colorado Springs home, my team and I stand ready to offer you all the resources and assistance you need. This is a critical decision that could greatly improve your quality of life, and we're here to help you navigate it. Reach out to us for a free consultation! 719-434-7525

Please remember that this article is intended for informational purposes only and doesn't constitute financial, legal, or tax advice. Consult the appropriate professionals for advice tailored to your situation.

Sources:

1. HousingWire - https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/

2. National Association of the Remodeling Industry - https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY

3. Business Insider - https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3

4. Forbes - https://www.forbes.com/home-improvement/contractor/home-renovation-costs/

5. U.S. News & World Report - https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home

6. Bankrate - https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences

7. House Beautiful - https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/

8. National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers

9. Forbes - https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/