Moving Up: When to Renovate Your Current Home vs. Finding Your Next One
Your family is growing, your needs are changing, and you're starting to feel cramped in your current space. Sound familiar? You're facing one of the biggest decisions homeowners make: should you renovate and expand your current home, or find a new one that better fits your lifestyle?
It's a question we hear often at HomeSource Design Center, and there's no one-size-fits-all answer. The right choice depends on your specific situation, timeline, and goals. Here's how to think through this important decision.
The Real Cost of Major Renovations vs. Moving
Let's start with the numbers, because they often surprise people.
Renovation Costs in Asheville
Based on our experience with local projects, here's what major renovations typically cost:
Home additions: $150-$300 per square foot for quality construction
Kitchen remodels: $40,000-$150,000, depending on size and finishes
Primary suite additions: $50,000-$120,000, including bathroom
Whole home renovations: $100-$200 per square foot
These numbers can add up quickly. A 500-square-foot addition with a new kitchen might run $100,000-$150,000 or more.
Moving Costs In Asheville
Moving involves more expenses than many people realize:
Real estate commissions: Typically 6% of your home's sale price
Closing costs: 2-3% when buying your new home
Moving expenses: $1,000-$5,000 depending on distance and services
Overlap costs: Carrying two mortgages or temporary housing
Price difference: The gap between what you sell for and what you buy
According to recent data from HomeSource Realty, Asheville's median home price has been rising, which affects both sides of the equation. If you're moving up in the same market, you'll likely pay more for your new home than you'll receive for your current one.
When Renovating Makes Sense
You Love Your Location: If you're happy with your neighborhood, schools, and commute, that's worth a lot. Good locations are hard to find, and starting over somewhere new might mean compromising on things you currently enjoy.
Your Home Has Good Bones: Some homes are perfect candidates for expansion or major updates:
Solid foundation and structural elements
Good lot size and setbacks for additions
Existing layout that works well with planned changes
Quality construction that's worth preserving
Market Conditions Favor Staying: HomeSource Realty's current market insights show that inventory has increased in Asheville, giving buyers more options. But this also means your home might take longer to sell, and you could face more competition when buying your next property.
Your Timeline is Flexible: Major renovations take time - often longer than expected. If you can live through construction noise and temporary inconvenience, renovating allows you to create exactly what you want.
When Moving Makes More Sense
You Need Significant Space Changes: Sometimes, the math just doesn't work for renovations.
Adding a second story to a ranch home
Major structural changes to improve flow
Expanding beyond what your lot allows
Working around historical restrictions or HOA limitations
Your Current Home Has Limitations: Some issues are expensive or impossible to fix:
Poor lot drainage or foundation problems
Homes on busy roads or in declining neighborhoods
Properties with significant structural issues
Layouts that can't be easily improved
Life Changes Require Different Features: If your needs have fundamentally changed, a new home might be the answer:
Aging family members who need single-level living
Home-based business requiring separate entrances
Lifestyle changes like wanting rural property vs. urban living
Financial Considerations: Moving might make financial sense if:
Your current home has appreciated significantly
You can find a move-in-ready property that meets your needs
The cost difference between buying and renovating heavily favors moving
Questions to Ask Yourself
What specifically isn't working about your current home? Make a detailed list. Sometimes issues that feel overwhelming have simpler solutions than you think.
How much of your home do you actually like? If you love 80% of your space and only need to fix 20%, renovation might be the clear winner.
What would your dream renovation look like? Get some preliminary estimates to understand real costs.
How long do you plan to stay? If this isn't your "forever home," factor in resale value for any improvements.
What's your timeline? Moving can happen relatively quickly, while major renovations might take 6-12 months or more.
How do you handle disruption? Living through renovations requires patience and flexibility.
Work with HomeSource Realty
Before making this decision, get a realistic assessment of your current home's value and what you could buy in today's market. HomeSource Realty's agents understand local market conditions and can help you understand:
How long your home might take to sell
What similar homes are selling for
Available inventory in your price range and desired areas
Market trends that might affect your timeline
Consult with HomeSource Design Center
If you're leaning toward renovation, we can help you understand what's possible and realistic for your space and budget. Our designers can:
Assess your home's renovation potential
Provide preliminary design concepts
Give you realistic cost estimates
Connect you with HomeSource Builders for construction estimates
Making the Decision
Here's a framework that helps many of our clients:
If renovation costs less than 50% of the price difference between your current home and your ideal new home, and you love your location, renovating often makes sense.
If moving gets you significantly more space or better features for a reasonable cost difference, and you're open to a new area, moving might be the better choice.
If you're unsure, start with the renovation assessment. It's easier to explore renovation possibilities first, then compare those costs and outcomes to what you could buy elsewhere.
Getting Started
Whether you decide to renovate or move, having the right team makes all the difference. HomeSource Realty can help you understand your current market position and explore available properties, while HomeSource Design Center can help you envision what's possible with your current space.
Ready to explore your options? Contact HomeSource Realty to discuss market conditions and available properties, or schedule a consultation with our design team to assess your current home's potential. Either way, we'll help you make the decision that's right for your situation.
Let’s Talk!
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