Many of the Richmond-area homeowners Kitchen and Bath Experts meets were not sure at first whether to remodel or sell and buy something newer. Increasingly, they are choosing to stay. Nationally, a Bank of America report covered in July 2026 found that more than a quarter of homeowners are using money they had set aside for their next home to renovate the one they already have, with kitchens and bathrooms among the top projects. Here is how to think through the decision for your own home.
Updated November 2026.
Why homeowners are staying
- Their mortgage rate. Many homeowners locked in a much lower rate than today's. Moving means giving that up on a larger loan.
- The cost of moving itself. Selling and buying come with agent commissions, closing costs, moving costs and the work of preparing a house to sell.
- Limited inventory. Finding a move-up home in the right school zone in Henrico, Chesterfield or Hanover can take a long time.
- They like where they live. Neighbors, schools, commutes and community ties are worth a lot, and a remodel keeps them.
- Equity. Many homeowners have built up significant equity that can fund a renovation.
How to compare the two honestly
Make a simple side-by-side list.
Moving:
- The price difference between your home and the one you would buy
- Selling costs on your current home
- Buying and closing costs on the new one
- The change in your monthly mortgage payment at today's rates
- Moving costs, and any updates the new house would need anyway
Remodeling:
- The cost of the kitchen, bathroom or other projects that would make the house work for you. See our kitchen remodel cost and bathroom remodel cost guides.
- How you would pay for it: savings, a home equity line of credit or other financing. Talk with your lender or financial advisor about the right option for you.
- A few weeks of living with construction. See how long a kitchen remodel takes.
For many families, the remodel comes out well ahead once all the costs of moving are counted. The exception is when the house simply cannot do what you need, such as when you need more bedrooms than the lot can support.
Questions to ask yourself
- What exactly is wrong with the house? If the answer is "the kitchen is dated and the bathrooms are small," that is a remodel. If it is "we need two more bedrooms and a bigger yard," moving may be the answer.
- How long do you plan to stay? If it is five years or more, you will get years of daily use from a remodel. See our aging-in-place kitchen and bathroom guides if you plan to stay for good.
- Can the layout be fixed? Removing a wall or rearranging a kitchen often solves problems people assume require a new house. See our guide to open-concept kitchens.
- Is the neighborhood right? You can change a house; you cannot change its location.
The upgrades that make staying worth it
- A kitchen that fits how you live: better layout, an island, more storage and good lighting.
- A primary bath that feels like a retreat: a bigger shower, a double vanity and better storage. See our primary bathroom ideas.
- An updated hall bath for kids or guests. See small bathroom ideas.
- Aging-in-place features if you want to stay for decades.
Bank of America's report flagged kitchens and bathrooms as high-value upgrades and suggested caution with specialized rooms such as home theaters, which can be hard to recoup.
If you might sell in a few years
If a move is still likely in the next few years, focus on the updates buyers notice most and avoid highly personal choices. Our guide to remodeling before you sell covers which updates tend to pay off.
Frequently asked questions
Is it cheaper to remodel or move? It depends on your home, your mortgage rate and what you need. Once selling and buying costs are counted, remodeling often comes out ahead for kitchen and bath updates.
Will a remodel increase my home's value? Updated kitchens and bathrooms generally make a home more appealing to buyers, but few projects return every dollar at sale. The main return is years of living in a home that works for you.
How do people pay for a remodel? Savings, a home equity line of credit or loan, or contractor financing are common. Your lender can tell you what fits your situation.
Make your current home the one you want
We will walk through your home, show you what a remodel could change, and give you one fixed price so you can compare it with the cost of moving. Schedule a free in-home consultation.