Regular home inspections are necessary to keep your house safe. You might never know if there is new mold growth. This checkup is essential before moving into an old home.
During the inspection, the experts uncovered problems. Their initial assessment is that reparations will cost a fortune. In this case, how will you proceed?
You now face the question that has plagued generations of homeowners. Should you renovate or relocate? It is a question that you should mull over. Taking time to reflect on this question will prevent a lifetime of regret.
Let us review the different elements that are at play here. You might be surprised that external forces can have an impact on your decision. Here are some of these factors that you need to consider:
Timeliness
The pandemic has pushed financial institutions to lower mortgage rates. Does this mean that you should immediately jump on the bandwagon? Slow down! Let us carefully review this option.
It seems to be an excellent time to borrow money. But you may want to reconsider things if you still have financial obligations to your current home. In this situation, don’t you think that it would be better to repair your house?
Let us say that you are thinking of selling your current home. Doing this will give you more financial flexibility. But you have to remember that you need to fix your house’s issue to sell it. Considering that you are already correcting the problem, is there still a need to move to a new place?
Expenses
You may think that moving into a new home will give you a fresh start. This point has to be acknowledged because you might just have gone through an excruciating life change. But does this change of scenery worth the cost?
You might think that it is. But you have to remember that on top of the monthly amortization that you have to pay in the future, you would be paying for other expenses. One of which would be the moving services. Another cost would be the utilities hook-up expense.
Of course, you would be shelling out cash if you plan to renovate your home. If the damage is extensive, you and your loved ones might need to stay in a hotel for a couple of days.
One good thing about undertaking a home improvement project is that you might be eligible for a tax credit. You might qualify for one if you installed a machine that makes your home energy-efficient. Of course, you can also do this for your new home. But you have to remember that it will be cheaper if you have this installed in your current home while it is being repaired.
Let us say that you pushed through with your plans to relocate. It may take a few months to adapt to the new climate. But has your wallet adjusted to your new lifestyle?
This new lifestyle will not be a problem if the cost of living is the same as your previous place. But if living in the location is more expensive, you may already start regretting relocating.
Emotions
It was mentioned that you are thinking of relocating because the old house reminds you of painful memories. But moving out of your old home can also have devastating effects on your kids. This move will further traumatize your children.
Relocating to a new place is already a horrible experience for kids. This is still true even if their parents are not going through a divorce. They have to leave their comfort zone. They are leaving their friends and their school.
It will also affect their school performance. They might be ahead in some lessons. They can also be behind in other topics. They have to manage this kind of challenge on top of having to leave their friends and beloved teachers.
Of course, they will eventually move on. Your kids will meet new friends. But the process of relocation may have a lasting effect on your children. Are you willing to let them go through such horrors?
Both options have their pros and cons. They can be expensive. But you can lessen the distressing impact by preparing.
Your preparation will include researching the cost of living. You also need to roll out the pros and cons to your loved ones. Doing this will help them prepare for all eventualities.
You also need to inform your little ones. Doing this will help them cope with any changes. You can also assess how the change will affect your kids. It will make the transition easy for everyone in your family.
