Over the years we’ve been asked whether it’s better to renovate or move to a new home (and by new we mean new to the homeowner, not necessarily new construction). In the years before the pandemic when mortgage rates were lower, housing inventory was stable, and renovation was definitely an option, we helped clients figure out the best decision for their lifestyle, goals, and budget.

However, the pandemic has changed the big picture. Throughout Massachusetts, the new reality is leaving homeowners between a rock and a hard place; the housing inventory is low, especially in the $750,000-1.5M price range, while finding an available contractor plus supply chain woes (yes, still) have created headaches for home renovation projects.

We recently attended the Boston Magazine Top Places to Live event at Seven Tide in Boston. The panelists all touched on the renovate vs. move debate.

Whole house renovation in Weston with a new sunroom addition, designed by KitchenVisions and built by JensenHus Design Build.

So what’s the answer to renovate or move? We’re not HGTV’s “Love It or List It” but here are some questions to consider:

1. Do you love your neighborhood?

Even if you don’t currently love your house, often that can be remedied, but replacing a beloved neighborhood is much harder, especially in the current real estate climate when houses are sold within 14 days, and sellers are receiving multiple offers over the asking price. There are pros and cons when it comes to staying in the house because of the neighborhood and much depends on how long you plan to stay in your home. If you’re planning to stay 5 years or longer, not only will your investment be amortized, but you’ll have the benefit of enjoying the changes you’ve made.

2. Are you able to move out of your house during a renovation or are you willing to live without a kitchen or bathroom during construction?

There’s no way around the fact that renovations are disruptive. There will be dust. There will be noise. Workers will be in and out of your house. Depending on the project being undertaken you might have to temporarily move out. If you’re staying in your home during a kitchen renovation, do you have space for a temporary kitchen setup?

3. Are you up for house-hunting in a competitive market? Let’s make that a very competitive market.

As we mentioned above, homes are selling very quickly, and some buyers are forgoing inspections and other contingencies. For the record, we don’t recommend skipping a home inspection. Not only might it uncover a potential problem, but good home inspections can tell you a lot about your home and what to expect once you’ve moved in. House hunting can be just as stressful as renovating your home and some of the costs involved with moving can be unpredictable. In either situation, we recommend working with professionals who will help you devise a realistic budget – whether renovating or moving.

4. Are you downsizing or craving new construction?

It’s not easy to shrink your living space without moving. (In most cases you can add square footage, but not always). A case can definitely be made for moving when you’re looking for less space or a brand-new home – either custom-built or spec home (usually pre-built by a developer). There are fewer and fewer empty lots in a lot of towns in Massachusetts, so often new homes are built after the old one is torn down. Whole-house renovations often look and feel like new homes!

It may be a different story for first-time buyers, but for those transitioning from one home to another – are you ready to sell your house? Is your house prepared to go on the market?

5. Budget, budget, budget. What’s your budget?

Often the decision to stay or go – love it or leave it – depends on your budget. Since most of the available housing stock is older, your new-to-you home might also require updating, from simple cosmetics – new paint, new carpeting – to total gut renovations. Some realtors recommend that homeowners update before putting their house on the market, but in this hot housing market, many buyers prefer to buy “as is” and make updates based on their own vision and taste.

Are you are looking to invest to stay in your home for a period of time before putting your home on the market? Let us offer ideas for remodeling your home - whether to live on one floor (‘aging in place’) or create spaces out of the existing footprint – where extended family can visit or new families may grow.

KitchenVisions can assist! Let’s talk.

Renovate or Move? Considerations in today's competitive market...