Should You Renovate or Sell Your Home?
It’s not uncommon to have one or two things you want to change around your home, but is it time to renovate or is it time to move? For some people, the change they need is a simple fix. Be it landscaping, a fresh coat of paint, or a new built-in for organization, you’re sure you can accomplish it in a month or two. But if your project requires demolition, electrical or plumbing, it may be time to take stock, and think about a move. Before making the decision on whether to renovate or sell, consider the following.
WHEN TO RENOVATE & REMODEL
If you’re wanting to make cosmetic changes. Cosmetic changes constitute as things that can be seen inside and outside the house which would involve remodels such as painting, fixing minor cracks in walls, changing light fixtures, replacing flooring, and updating household hardware.
If you’re looking for relatively quick and inexpensive fixes. If you feel like your home just needs a little refresh, a small renovation or remodel project is the perfect place to start. You don’t always have to spend a pretty penny to update your home, and may be able to accomplish a new design style with a few simple projects.
If you love your location. If you can’t see yourself living anywhere but your current hood but have the itch to buy a new home, try a few cosmetic updates. If your home is a little outdated compared to your neighbors’, making a few minor improvements could give your place a whole new look and feel.
When you can’t picture your life in another home. If your home holds sentimental value to the point where you can’t imagine living elsewhere, think about renovating. Taking your beloved space and giving it a new look will be rewarding—and help you make even more memories within its walls. (I like this. Nice work.)
WHEN TO SELL
When you outgrow the square footage. If you find yourself with a growing family or needing more space to house parents and relatives, moving to a home with a higher square footage could be the best solution.
If you don’t want to start a structural renovation. When your floor plan fails to meet your needs and you decide you’ll have to start knocking down walls and changing your home’s structure, it may be time to sell. Just because your floor plan isn’t ideal for you anymore, it may be for someone else.
If you don’t love the location of your home. All neighborhoods change and evolve, but if you find yourself falling out of love with what you once thought was the perfect location, then it may be time to move. If you find yourself thinking you’d rather live closer to work, away from a busy area, or close by friends and family, you’ll likely be happier selling.
When renovation costs surpass moving costs. If your renovation will cost more than a move, looking at other move-in ready homes makes more financial sense. Once you determine how much a renovation will cost, speak with an agent about how much relocation would be so you can weigh your options.
It can be a challenging and emotional decision to sell your home, and not one to rush into. If you think it’s possible to make your space exactly what you want it to be without spending an arm and a leg, a renovation or remodel is probably the best option. Just be sure you don’t over-improve your home for its location, and stick to a budget with a little wiggle room to get the job done.