Have you fallen out of love with the home you were once so excited to claim as your own? Perhaps your family’s dynamics or stage of life has changed, and it no longer serves you as well as it once did? Or have the headaches of maintenance and repair led to more stress than it’s worth? 

In the unpredictable economy we’ve seen over the last five years, many have found themselves in the exact same position you are facing. Should you find a way to renovate and make our current home work for you, or is it time to look for a place that better suits your needs?

At HomeWise Roofing and Exteriors, we realize the “right” answer depends on many factors, so let’s begin with a few reflective questions to help you think practically about your situation.

Which Approach Makes Better Financial Sense?

If you’ve paid off your mortgage and haven’t had a house payment for some time, or if you bought your home several years ago and have been enjoying 3-4% interest rates, you may be shocked to learn that 15-year mortgage rates are currently hovering around 6.5% and 30-year rates are just under 7% with most lenders. 

Are you ready for that monthly increase in expenses? What impact might taking on a mortgage or paying a mortgage with a greatly increased rate have on your monthly budget? Financial experts recommend no more than 28% of your gross monthly income be allocated to your mortgage.

Keep in mind also, that the cost of houses themselves have increased significantly since the Covid-19 pandemic, with the median listing price in Omaha at $339,000 in June of this year, compared to $100,000 less as recently as June 2022.

Even if moving sounds appealing at this point, remember that the process of preparing to sell a house and moving itself comes with a hefty price tag. To make your house attract quality buyers, you’ll need to make all the repairs that make it move-in-ready. You’ll have home inspection costs, closing fees, and movers to hire. All your utility and other accounts will have to be changed over to the new address, a service which typically comes with a security deposit or new account set up fee.

We’re not trying to dissuade you from moving if your home no longer serves the needs of your family, but we hope you will think practically and not emotionally about a decision of this magnitude.

How Do the Benefits Versus the Costs of Renovating Balance Out?

More than once, we have helped homeowners get their homes ready to sell, and as soon as they saw the transformation and the newness of their renovated home, they fell in love with it again. They inevitably mused, “Why didn’t we do this a long time ago so we could enjoy the benefits of our improved living space?”

Take a moment and list your reasons for considering moving. Now, look at your list and ask yourself, is moving the only way to achieve these goals? 

For example, let’s say you have a new teenage driver, and your home only has a two-car garage. Your teen is parking in the driveway, blocking everyone else in (or out) and necessitating a game of Fruit Basket Turnover every time someone comes or goes. You begin to think, “We really need a three-car garage.” You could, at this point, talk with remodeling experts and get an estimate on extending your garage, or you could start shopping for a new home that already has one. If you otherwise love your home, are satisfied with your school district, have great neighbors, and love the convenience of your location, renovating is definitely a better option in that case.

If, by contrast, your home is on the verge of needing many repairs, you don’t have connections with your neighbors, your kids are in private school, and living in another neighborhood could solve all kinds of logistics problems, moving may be a better option for you.

When you stand back and look at your home situation with clarity, considering the costs, benefits, and detriments of both options, it should become clear pretty quickly which option is the better choice for your family.

Have You Done Your Homework?

While we’re dreaming and scheming, let’s make another list. What would it take for you to be satisfied with your current home? We don’t mean it has to be perfect, but what changes are necessary to make your residence work for your family? Jot down your thoughts, and then sort them into needs and wants. Focus on the “needs.” 

Now it’s time to conduct some research. Your best bet is to talk with professionals in the areas you want work done and have at least three companies come out, hear your wishes, describe how they would go about doing the project, and provide you with a cost estimate. 

Do this for each project you need to have done. Now take a look at your remodeling costs, not only in terms of dollars spent, but in terms of time, inconvenience, and any other factors that will impact and interrupt your family’s daily life.

Is Your Path Forward Becoming Clearer? 

Hopefully, with some research, evaluation, and reflection on the opportunity versus costs of renovating vs. moving, you’re starting to get a sense of the right path for your family at this time. 

At HomeWise Roofing and Exteriors, it’s our mission to build life-long relationships with our customers, and we would love the opportunity to provide you with estimates and a range of options for your home’s exterior, whether you decide to renovate or relocate. We can help you think through your needs and wishes and provide you with a plan you’ll be happy with. Every contract comes with a quality workmanship agreement that will give you peace of mind. Give us a call to schedule your consultation today.