In Reno vs. Relocate, hosts Robin Lewis and Vanessa Roman spend a lot of time talking about the pros and cons of renovating your home versus moving to a different house.
We caught up with real estate expert and savvy mother of three, Vanessa Roman, and asked her: When does it make sense to renovate, and when are you better off relocating?
Here's what she had to say.
When to Renovate
Vanessa explained that there are four major instances in which she encourages her clients to renovate.
The first is during troublesome periods in the housing market.
"Often times when you have ebbs and flows in a property market, like what the U.S. has experienced in the last 4-5 years, it can be impossible to offload a property. So does renovation make sense? Yes."
However, Roman is quick explain that there are certain factors that may make your home less than suitable to you and your family's needs. That said, if the economy is poor or the housing market is less than stellar, it may not be in your best interest to sell. This is when renovation makes a whole lot of sense.
Read on to learn what you need to consider before jumping into a renovation.
So you've expanded your family and you feel that your house is too small. The housing market is less than ideal to sell, so you and your husband have decided to renovate.
What is step 1?
"You don't want to put $20,000 into updating your kitchen if, for example, your windows are rotting. You have to fix the structure of your house first and then make it pretty," says Roman.
Roman explains that kitchen and bathroom renovations prove to be the most lucrative investments for families looking to eventually sell, however no matter how beautiful these rooms in your home are, a weak roof or moisture in the basement will prevent you from selling later.
Avoid "putting lipstick on a pig," as it's called in the business, and be sure to maintain the structure of your home before 'making it pretty.'
Padding Your Pockets
Another time that renovating is a great idea? When you're looking to make some extra cash.
"A legal rental suite is always a really great source of income when property values are fluctuating," says Vanessa.
Remodeling and renting out your basement or detached garage is always a great way to make some extra money. If you plan to do this, however, bring in a team of experts and make sure that you're well within your region's building codes.
Historic or Older Homes
Roman explains that in some towns like Boston, where older or historic homes are very popular, the living spaces tend to be more separate and formal.
"Back in the 50s and 60s, kitchens weren't seen as much as a part of an integral home," says Roman.
"In today's world, we love the idea of kids, friends, family, and food in one room. That's why you will find houses now being built with as few walls as possible. We want these great big open spaces and the kitchen is now the heart of the home."
If you agree with Roman, it may be worth your while to look into open-concept style architecture.
When to Relocate
Roman said there are three major instances in which she recommends to a client that they need to relocate.
The first is when "your situation has changed drastically enough that the house will no longer suit your needs."
Roman defines this as when your family has increased in size and your home is no longer large enough to accommodate you.
"For example, you are single, you buy your first property and it's a one-bedroom condo. You get married, have two kids, and now it's too small. There is no way that you're going to change your house to fit your needs," says Roman.
Your Neighborhood has Undergone a Negative Transformation
The second reason that Roman suggests moving is when your neighborhood has changed – and not for the better.
Living in an unsafe or degrading neighborhood will not only put your family at risk, but it will also affect the cost of your home when you choose to sell later on.
This is a scenario in which Roman says, "Though you may have thought you bought in an up and coming neighborhood, now there are safety issues for your family, and it's time to relocate."
Job Change/Commute Time
It's all fun and games until someone gets stuck in traffic.
Roman's last and final reason for relocating is just that -- a change in job or commute time.
"Commutes are long and tiring, and nobody wants to do them. Sometimes it makes sense to leave suburban areas and come into a more urban setting to have a better quality of life," says Roman.
For more home advice be sure to tune into the premiere of Reno vs. Relocate on November 7th @ 10/9c!