Remodeling vs. Moving – Which is Right for You?

As far back as 535 BC, it’s been said that change is the only constant in life. Looking over the past five years alone, it’s clear that Heraclitus was on to something. These days it could mean a new baby, older kids moving out, an aging family member moving in, or the home you love being outdated and not supporting your current lifestyle. Add the uncertainty of inflation and rising interest rates, and you may find yourself at a crossroads. Should you remodel your existing home or move?

It’s imperative to consider the advantages and disadvantages of both options, as there isn’t a one-size-fits-all answer. Do you know anyone who enjoys house hunting in a strained market, researching school districts, or packing and unpacking during a move? On the other hand, the idea of living in a home that’s partially under construction may not sound like much fun, either. Still, several surveys, including one by Discover Home Loans, indicate that nearly 80% of respondents prefer renovating over moving.

Locally, according to Rocket Homes, it’s still a seller’s market, showing a 6.2% increase in median sold prices over a year ago in St. Louis County and 8.2% in St. Charles County. Great news if you’re selling; however, you may feel twice the impact of those increases as the buyer, with the average 30-year fixed mortgage rate being double what it was in 2021.  

If you’re an existing homeowner locked into a low pre-inflation rate, refreshing the home you love may be less costly and offer a better return on your investment. Keep in mind that the rise in home value also means higher equity. Home equity loans typically offer lower fixed rates than personal loans or credit cards and are fixed, unlike HELOCs.  

Ultimately, deciding whether to move or remodel is deeply personal, and we would love to help you explore your options and give you peace of mind. Our roots travel deep into the foundations of the St. Louis kitchen and bath remodeling industry. In choosing Callier & Thompson, you can be confident that an established, trustworthy company with professional designers, skilled artisans, and a 60-year history works for you.  Contact us today!