How To Know If You Should Stay or Move to a New Home

By Nick Waldner

Nick started and leads the #1 KW Team in all of Maryland and DC, selling over 400 homes a year! With 20+ years in the industry, he is the leading expert in Maryland!

When making big decisions about your home, one of the most common dilemmas is whether to renovate or move. It’s a question many homeowners face, especially when space starts to feel tight or their needs change. You may be wondering if it’s worth investing in a major remodel or if it would be better to start fresh in a new home. It’s not always an easy decision, and the right choice depends on your unique situation. However, here are some key factors to help guide your decision:

1. Renovations must add value to your home. The first step is to evaluate if your home can support the renovations you want. If you paid $400,000 for your home and plan to spend $200,000 on upgrades, can you realistically sell for $600,000? In some areas, this might work if home values support it. However, if the highest sale in your neighborhood is $375,000, it could be hard to recover that investment. This is why it’s crucial to understand the potential resale value of your home after a renovation.

2. Does your house suit the renovations? It’s important to assess whether your house has the features you need for the renovation. For example, a client wanted a new kitchen and larger family room, but their 1950s home with eight-foot ceilings made this difficult. Raising the roof to get the space they wanted would have been costly. Homes built in the 2000s with open spaces and high ceilings are often easier and cheaper to renovate.

3. Do not over-improve your home. Lastly, avoid over-improving your home for the neighborhood. If you invest too much and end up with the most expensive home on the block, it might be harder to sell. Buyers typically want to buy into a neighborhood with room for growth. They’re more likely to buy a $1 million home in a neighborhood with other homes selling for $1.4 million than one where the highest price is already $1 million.

Ultimately, deciding whether to renovate or buy new requires careful consideration of your current home’s potential, the cost of improvements, and the long-term resale value. If you’re thinking about staying put and renovating, it’s important to evaluate whether the upgrades are possible and if they’ll add real value. Meanwhile, if your home lacks the features you need, or if over-improving might price you out of your neighborhood, it might be better to consider moving.

In any case, having a conversation about your goals and options is a good first step. If you need guidance, I’m here to help you out. You can call me at 410-505-8268 or send an email to Nick@WaldnerWintersTeam.com. I look forward to hearing from you.