Should I Renovate My House, or Move?

If your current home is far from your dream home, you’re in good company. Maybe you wish to expand your family and need more space in which to do it. Perhaps some of the things that were a compromise when you bought this house are no longer negotiable—you really do need that big bedroom closet, for example, or the narrow galley kitchen just won’t cut it anymore.

But nobody really enjoys moving. The truth is that moving ranks as one of the most stressful life events, period. In a 2020 survey, most participants rated moving as being more stressful than getting a divorce or having children! So why would anyone voluntarily do it? Couldn’t one just renovate? Let’s explore both options.

How do I know which path is right for me?

HGTV has added “renovation” to just about everybody’s vocabulary. Thanks to a host of popular shows, it seems as though everyone has a plan for what they’d change about their house. In fact, 76% of Americans would rather renovate their current homes than make a down payment on a new one—given a set amount of money, that is.

Of course, renovations are pricey. And the fairytale renos we see on TV are far from representative of reality. Unfortunately, those same shows can encourage people to DIY things that maybe shouldn’t be DIY-ed. Taking out a load-bearing wall, for example, could be a very expensive mistake.

So, we know that moving is stressful, and renovations are complex and expensive. Moving isn’t exactly cheap, either—and that’s without considering the cost of the new house, realtor commission, or necessary repairs to sell. But who wants to live in a perpetual construction zone?

To help you think it through, here are some questions to ask yourself:

Do you love the literal “where” of where you live?

• Are you fond of your neighbors?

• Do you cherish being on the bus route, or a short walk away from the bakery where you can get cinnamon rolls and coffee on Saturday mornings?

• Do your kids have friends down the street?

• Are you zoned for a school you trust and like?

• Is your commute manageable?

If your answer is a resounding “YES,” you might want to look closely at the possibility of renovating. What’s the likelihood you’ll find a house in your current neighborhood with all the upgrades and layout changes your family needs?

On the flip side, if you dislike your neighborhood, can’t stand the commute, or aren’t comfortable with the school your kids are zoned into, granite countertops and walk-in closets probably won’t make up for that. Here are some common reasons that moving might just be simpler:

• Is the lack of storage in your kitchen beginning to disrupt your daily life?

• Are your kids getting too old to share a bedroom?

• Do you want to gouge out your eyes each time you encounter the 1970s pea green tile in the master bathroom?

Perhaps you’ve gotten fed up with several issues that used to seem small—but over time have come to eclipse everything else you see when you look at your home.

Sometimes, those issues just can’t be solved by a renovation. For example, if your family is growing and you need multiple extra bedrooms and bathrooms, it may not be practical to reconfigure your current layout. But if your frustrations are limited to a single room, an unfinished basement, or smaller-scale aesthetic concerns, renovation might be the most logical (and cost-effective) path forward.

Is one option more expensive than the other?

Neither moving nor renovating comes cheap. Renovations typically range from $17,960 to $76,951, depending on the size and scope of the project, the materials you choose, and any unforeseen complications.

But moving comes with its own set of expenses. If you buy a larger home, you’ll likely face a higher purchase price and increased property taxes, utilities, insurance, and more. You’ll also need to furnish additional space and pay around $5,000 or more just to get your current home ready for sale.

Finding a financial path that works

This is where Unison comes in. Traditionally, if you didn’t have a large amount in savings, your best options for funding a major renovation were a HELOC, cash-out refinance, or home equity loan—all of which add new monthly payments and interest to your plate.

Unison offers a different approach.

As a platform for innovative home equity solutions, Unison connects homeowners with flexible, non-traditional options to access their equity in a way that fits their goals. Two of the most popular options:

• Equity Sharing Agreement (ESA): A debt-free option that converts up to 17.5% of your home’s value into cash, with no interest or monthly payments. You pay back the amount (plus or minus a share of your home’s future change in value) only when you sell or settle the agreement.

• Equity Sharing Home Loan (ESHL): An “interest-only” loan option that offers extremely competitive rates and monthly payments around half the amount of traditional loans. To offset the low rate, a portion of your home’s future appreciation is shared—making the monthly cost more manageable.

Whether you're looking to renovate your home, pay off high-interest debt, or explore multiple goals at once, Unison can help you access the equity you’ve already earned—without locking you into rigid loan terms or high monthly obligations.

Planning ahead for smart renovation

If you’re investing in renovations that increase your home’s long-term value, Unison can help there, too. After an initial period, homeowners with an ESA may be eligible for a Remodeling Adjustment—which allows you to keep the full increase in home value that resulted from your improvements.

And if you're not sure where to start, Unison can help you prioritize renovation projects based on what’s likely to generate the best return. After all, not all improvements pay off equally—and cutting corners can backfire fast.

We’ve helped over 10,000 homeowners improve their financial health and quality of life—whether that meant upgrading their homes, eliminating debt, starting a business, or securing a more comfortable retirement. A renovation might be just the beginning of what your equity can help you accomplish.

If you’re part of the 76% of people who’d rather renovate than move (if only they had the means!), Unison might be the partner that turns your “if” into a “when.”

Disclaimer: This content is provided for general informational and educational purposes only and is not intended to serve as financial, investment, legal, tax, or lending advice. The information presented may not apply to your specific situation, and actual outcomes can vary based on individual circumstances, market conditions, and applicable laws. Home equity sharing agreements and loans involve risks, including the potential loss of future home appreciation or other financial implications. Terms, availability, and eligibility for any products mentioned may differ by state, lender, or other factors. We strongly recommend consulting with a qualified financial advisor, attorney, or licensed professional before making any decisions or entering into agreements. Unison Mortgage Corp. is a licensed lender (NMLS ID 2574289); this article may include promotional content related to its services.