Move or Renovate?

[JaniceSW]

If you were given or won a significant sum of money, let's say around $50,000, would you invest in an entirely new home or would you renovate the one you have?  I have thought about moving or doing some renovation over the last several years and decided to stay where I am and perform some renovations.  So, just wondering which choice you think you might make!

[Nancy5]

Hard choice considering we just (over the past 3years) had kitchen and 3 bathrooms completely gutted and remodeled). I probably would choose remodel because I love the area and my house.  I guess if you're not happy in your home or neighborhood you would buy another.

[mrsmere]

I would just invest the money because my home was renovated in 2017 after a water leak and it's a headache thinking about all the junk my hubby would not want to part with.  If I were to move, it would be to a condo because a house is a lot of work.

[makeblessed]

I would just invest the money, no interest in renovating or moving.

[vickysue]

I would just renovate this one. It is small and easy to care for. We have already done the outside and put on a new roof and all 13 windows are already done.  Now  comes the inside which wouldn't be that bad. First rip up the old carpet. then  clean and paint the wood floor then on goes the  tile and  that is in each room. redo the bathroom and kitchen.  And still have $29,000.00 left over.  Yep that is not  bad.

[metsrock69]

I would renovate just because I enjoy the challenge. I flipped one house a few years back and it was  profitable.
I am always looking to flip another one

[braggin]

I am happy living where I am so I think I would do the same thing you are doing: renovating instead of moving to a more expensive place.

[heypeg]

I guess it depends on your needs and how the house fits your family now. Too big, too small, etc.

[judylucas]

I would invest the money and move into an apartment

[sak4kat]

I suppose it would depend on where I'm at in my life and which direction I plan to go.  Right now I rent so if I had $50,000 handed to me I would use it to buy a dump and fix it up while still living in the rental I'm in now.  In fact my husband and I were literally just talking about this right before I opened up the post.  Interesting.  How the timing of things inspires one sometimes.

[mrisha]

Well since I want to move, I would invest the money in my new home.

[jkhanson]

We are renting right now after selling our house to downsize.  I'd use the money for our "forever" home when we decide what and where we want that to be. 

[sdenimandlace1]

I would fix the house I already own.

[JaniceSW]

I suppose it would depend on where I'm at in my life and which direction I plan to go.  Right now I rent so if I had $50,000 handed to me I would use it to buy a dump and fix it up while still living in the rental I'm in now.  In fact my husband and I were literally just talking about this right before I opened up the post.  Interesting.  How the timing of things inspires one sometimes.

You are so right about what stage you are in life and what your expectations are. These two factors were what helped me make my decision.  Of course, also looking at the actual price of the housing I wanted, the new taxes, and the areas available within my income.  With my house paid for, already in an area with fairly low taxation, and the convenience of the area, I decided to stay and do a few renovations.

[nannycoe1]

I would sell this home and rent an apartment and spend the extra money on things I need