It’s the age-old homeowner dilemma: Should you put money into your current home and make it work, or is it time to move on and find something that better suits your life? In Salt Lake City, that question has become even more relevant in 2025 as the market continues to shift.
Inventory is up. Mortgage rates are holding steady. And prices have flattened out, compared to the past few years. So, how do you decide if now’s the time to renovate—or relocate?
Start With the Why
Maybe you’ve outgrown your space. Maybe you’re dreaming of an updated kitchen. Or perhaps the stairs feel steeper than they used to. Understanding why you’re feeling the itch for change is the first step in making the right decision. Are you craving more functionality, or is it really about lifestyle? Is your current home something you can improve, or is it time to move on?
Renovating: Making the Old New Again
If you love your neighborhood, your commute is easy, and the idea of packing up your life makes you break out in hives, renovation might be the answer.
Renovating gives you control. You can create the space you want, stay where you are, and potentially increase your home’s value. But renovations come with their own challenges, especially in older homes. Salt Lake’s historic neighborhoods, like Sugar House and The Avenues, are full of charm. Still, that charm often comes with outdated wiring, old plumbing, or asbestos that needs to be addressed before you can even think about paint colors.
And let’s not forget the time, budget, and mess. Even a seemingly simple kitchen remodel can stretch timelines and budgets if unexpected surprises arise, which they almost always do.
Relocating: A Fresh Start
On the other hand, maybe you’ve realized that the layout just doesn’t work, you need a home office, or you’re ready for a yard (or less of one). In that case, relocating might be the right call.
The good news? Buyers have more breathing room in today’s market. There are more homes on the market now than there were a year ago, and homes are sitting just a little longer before going under contract. That gives buyers more options, more negotiating power, and a better shot at finding the right fit without having to settle.
Of course, buying a new home comes with its own costs, moving expenses, closing costs, and potentially a higher monthly payment if you’re giving up a lower mortgage rate. But if your current home just isn’t meeting your needs and never will, those costs might be worth it in the long run.
The Financial Factor
Let’s talk money. Renovation costs can vary wildly depending on the project scope, materials, and any surprises behind the walls. On the flip side, if you’re sitting on equity, selling and using those funds toward a new purchase may make more sense, especially if the renovations wouldn’t significantly boost your home’s value.
And in 2025, with interest rates holding in the upper 6% range, affordability is a major consideration. If you already have a low interest rate locked in, it might be hard to give that up. But if your budget allows, buying something that already has the features you want could save you time and stress.
Questions to Ask Yourself
- Can I reasonably fix what’s not working in my current home?
- Am I emotionally attached to my home, or just the idea of avoiding a move?
- Would the cost of renovating outweigh the potential increase in value?
- Is the market favorable enough to make a move worthwhile?
Final Thoughts
There’s no one-size-fits-all answer to the “renovate or relocate” question. Every situation is unique, and what makes sense for one family might not for another. The best decision is an informed one, based on your needs, budget, and current market conditions in Salt Lake City.
Whether you decide to stay and spruce up your space or make a move into something new, we’re here to help you think through your options.
Salt Lake City Real Estate: Your Partner in 2025
If you’re considering buying or selling a home in or around Salt Lake City, we’re here to help! Whether selling a home to buy another, buying your first home, or relocating, we provide expert advice and service to help you navigate the local real estate market. Kevin Coyle of SLC Homes has the resources and expertise to assist you every step of the way. Contact us today to start your journey toward accomplishing your real estate goals!
