Should You Renovate or Sell Your Home? 5 Factors to Consider.

Perhaps you have owned your home for a few years, but now you’re wondering if it’s time to move on and relocate to a house that is a better fit for your needs. Or maybe you’d like to update certain rooms in your house, yet you’re unsure if renovations would be worth the time and effort.

This is a common dilemma for many homeowners. At some point, you’ll likely struggle to decide whether it’s time to remodel your home or move into a new house. No matter which option you’re leaning toward, this shouldn’t be a snap decision, and you should take some time to think about all your possible choices. These guidelines can help you decide if it’s time to renovate or relocate.

Break Down Your Budget

Even if you’re fairly certain that moving will have you coming out on top financially, you need to include the costs of selling your home and relocating in your budget calculations. Selling isn’t free, and neither is moving!

Trulia states that many sellers overlook certain important costs when trying to determine how much they will profit from the sale, including staging and cleaning, storage for their belongings, and real estate commissions. You should also be realistic about the cost of your desired renovations because your plans might end up costing you more than you originally hoped.

Research Your Local Market

Take some time to do in-depth research on your local real estate market. This will help you assess your own property value and determine an estimate for your listing price. Figure out if you’re located in a buyer’s or seller’s market, and whether you can realistically expect your property value to continue rising over the next few years.

Simple Remodeling Projects

If you’re unsatisfied with your home as it is, it can be tempting to daydream about completely remodeling your property. However, hiring contractors to carry out some basic renovations won’t cost you as much, and you can still give specific rooms a new look and feel. For example, you may want to think about adding a deck in your backyard, renovating your kitchen or bathroom to increase property value, or finishing your basement to create a space for relaxation and entertainment.

You should ensure that any contractor you work with has proper licensing and insurance. You should also ask for local references from their previous clients, and choose someone you feel comfortable working with.

Consider Your Neighborhood

If you genuinely love your neighborhood, it might not be time to move just yet. Are you satisfied with the length of your commute and the local school district? Do you have friendly neighbors who are always there to lend a helping hand? Does your family live nearby? If your answer to all of these questions is “Yes,” staying put is probably your best option for now.

Why Do You Need a Change?

Before you make your final choice, think about your reasons for wanting to move or renovate your home. If your family genuinely needs a lot more space or you feel unsafe in your neighborhood, renovations will not solve your problems, and you will need to start thinking about where to move. But if you’re relatively happy where you are and just wish your home was more modern, renovations could be a better solution than moving.

Every homeowner wants to feel that their property suits their lifestyle. Maybe your family has “outgrown” your space, or maybe you’ve come to the conclusion that your house simply needs some basic renovations. Once you find a solution that works for you, you can take steps toward moving or making some changes to your home.

Content courtesy of …

Bret Engle of Diyguys.net 

Thanks Bret!

Pic Cred …

Milivoj Kuhar at Unsplash.com

 

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