Before choosing to either sell or remodel your dwelling, you want to take into account whether you’ll get a return investment on both options. If you choose to update, what’s the average time you’ll gain back the money for your renovation project. If you list and sell, you need to assess whether you’ll earn back the expenses of purchasing a new home. The following are signs to help in your decision making.
There’s more to a dwelling than the structure. It can also be a place where you’ve raised your family. You may even love the location or community. Before you decide if you’re ready to move or renovate, you want to take your feelings into consideration. If you still are strongly connected to your outdoor oasis or master suite, remodeling sounds like the best choice. A real estate agent and residential architect will be able to offer ideas on ways to upgrade your home and get the most value out of the improvements.
The Risk of Over-improving
Certain renovations such as a remodeled kitchen, appliances, updated plumbing and furnace or AC replacement will add value to your home. But over-improving your dwelling with projects such as bonus rooms or a pool won’t be valuable to prospective buyers if you choose to sell. The agent is still going to compare other residences in your community when deciding on a price to list your dwelling at. If you want to stay in your home, you can maintain it with simple improvements. You can boost the look of your curb appeal with concrete paving for your drive, walkway and patio. It’s much easier to maintain than asphalt, and it’s the preferred choice for most buyers. Because the material is less costly to manufacture, you’ll also be able to increase the appearance and value of your dwelling without going over your budget.
Realistic budgeting is another critical component to your decision on whether to improve your home or sell it. Determine the work you intend to do on the home and amount of money to be used for the renovations. If the costs don’t quite add up, you may be better suited to selling and finding a home that can realistically fit your lifestyle.
Outgrowing Living Space
An easy sign that you may be ready to sell your home is the need for additional space. But finding ways to increase your current layout efficiently without adding additional square footage could point you in the direction of a renovation. A designer will be able to assess your floor plan to see if there are ways to reconfigure your home. It’s less stressful and costly than moving to another location. If you’re unable to come up with more space, it’s probably time to sell.
Problems Only a Move Can Solve
Neighbor problems, a lack of yard space or a better school district are easy issues that only a move can solve. With today’s uncertain economy, you may also find yourself struggling financially. If your current home is too costly, you may also have to downsize to something within your budget.
Length of Renovation
A major home renovation is a long-term commitment that can be disruptive to your family. It’s also going to be costly and time consuming. Whether it’s new cabinets, countertops, floors or appliances, the work can take up to six months to complete. If you need electrical, plumbing or other structural changes, it may be even longer. If you have the patience to undergo the numerous changes, it makes perfect sense to renovate.
Deciding on whether to sell or renovate your current home is a major decision, and it shouldn’t be taken lightly. But by taking the above signs into account, you’ll be able to determine your needs and put the right plan into action.