If you’re a homeowner in Rhode Island wondering whether it’s time to remodel or start house hunting, you’re not alone. I get this question all the time…from clients, friends, even neighbors: “Should I renovate my home or just move?” 

The answer isn’t black and white, but with today’s high mortgage rates, low housing inventory, and rising construction costs, the stakes are real; and making the wrong move (literally or figuratively) could cost you thousands. 

Let’s break down what you really need to know, using the latest data, local insight, and tips I’ve gathered from running Remodeling Right right here in Portsmouth, Rhode Island. 

3 Reasons Why Renovating Might Be the Better Option Right Now 

1. You’re Probably Locked Into a Killer Mortgage Rate 

If you refinanced or bought before 2022, chances are you’re sitting on a sub-4% mortgage. Now? Rates are hovering around 6.7% and showing no signs of dropping fast. That jump could mean hundreds or even thousands of dollars more per month if you move. 

Keeping your existing rate and upgrading your current home could be one of the smartest financial decisions you make. 

2. You’re Sitting on Serious Home Equity 

According to recent reports, U.S. homeowners are sitting on a record $35 trillion in home equity. In Rhode Island, the median home value is up nearly 35% since 2020. That means most homeowners can access funds through a Home Equity Line of Credit (HELOC) to pay for renovations without refinancing their mortgage. 

In other words: you can upgrade without selling or taking on a higher interest loan. 

3. Renovating Often Beats the Cost of Moving 

The average cost to move including realtor fees, closing costs, moving expenses, and higher mortgage rates can easily add up to $45,000–$80,000+, depending on your situation. 

Most kitchen or bathroom remodels in our region fall between $60,000–$85,000, depending on the scope. Not only can you customize the space to your lifestyle, but you may also boost your resale value in the long run. 

When Moving Might Actually Make More Sense 

Don’t get me wrong, renovating isn’t always the right move. Here’s when it may be smarter to sell and start fresh: 

● You need a complete change of location (better school district, shorter commute, more land). 

● Your current layout can’t support your future plans (think: adding a full in-law suite or second floor which we can do too!) 

● You’ve outgrown the neighborhood or home size, and the cost to expand is just too high. 

● You want a turn-key experience, not a few months of living in or through a renovation. (Its just not for everyone) 

In these cases, selling and buying might give you more value per dollar if you’re comfortable with a higher monthly payment. 

Local Rhode Island Remodeling ROI: What Pays Off? 

We have remodeled a LOT of homes in and around the Aquidneck Island area to include towns North Kingston, Jamestown, Bristol and Newport. Based on the conversations we have with real estate experts I have compiled some average costs and ROI’s to see which ones are paying off now and which ones take a little extra time. 

Minor Kitchen remodel (Facelift) has an average cost of $30,000-$50,000 with an estimated ROI of 72%-85% 

Major Kitchen remodels (full renovation) has an average cost of $65,000-$95,000 with an estimated ROI of 60%-70% (Want to know how long a remodel really takes? Check out our Kitchen remodeling timeline breakdown for a week-by-week look.) 

Bathroom remodels come in with an average cost of $45,000-$55,000 and get an estimated ROI of 60%-70% 

New Decks and outdoor spaces have an average cost of $25,000-$50,000 with an ROI of 65% – 80% 

Entry Door or Window upgrades typically have a cost of $8000-$35,000+ with an outstanding ROI of 80%-95% 

Pro Tip: Even when the dollar-for-dollar ROI isn’t 100%, the enjoyment factor often is. A well-done remodel makes your home feel fresh again, while still building equity. 

5 Questions to Help You Decide: Renovate or Move? 

1. Are you happy with your current location? If yes, remodeling might be your best bet. 

2. Do you have space to expand or upgrade? Additions, reconfigurations, or full gut renovations can completely change the feel of your home. A pre-construction service like the one we offer at Remodeling Right will help you figure this all out. 

3. What’s your monthly budget—and how would a higher interest rate affect it? Run the numbers before jumping ship. 

4. How long do you plan to stay? If you’ll be in your home 5+ more years, the benefits of remodeling multiply, yes I said multiply 

5. Are you mentally ready to manage a remodel? We make the process painless, but there’s still planning and patience involved. 

My Honest Take: Renovating = Retaining Control 

When you renovate, you control the timeline, the quality, and the design. You’re not settling for what’s available on the market, you’re building what you actually want. 

At Remodeling Right, we help homeowners design and execute renovations that bring real value, not just on paper, but in how you live in your space. And with home equity lending still widely available, we’re seeing more families choosing to stay and transform rather than pack and move. 

If you’re unsure what makes more sense for your situation, let’s talk. We’ll walk your space, talk through ideas, and help you compare renovation costs versus the true cost of moving. 

Whether you’re dreaming of a luxury kitchen remodel, adding a bathroom, or simply updating finishes throughout your home…you don’t have to move to love where you live. 

Ready to explore your options? 

Book a free consultation with us, or check out our Kitchen Remodeling Pricing Guide to get a better idea of what your project might cost.