To Renovate Or To Make The Big Move?
Are you considering an upgrade to your current living situation? This means you are likely going to consider either selling your current home or remodeling it to meet an upsizing goal. In any case, here some items to immediately consider:
- Will renovating bring you a solid ROI (Return on Investment) down the line when you may actually want to sell your home?
- What is your emotional attachment to your current home?
- Have you had your current home appraised and if so, what is the value?
- If you are considering selling, is your home weather proofed? This can be a great asset.
- Have you studied what homes in your market are currently going for?
- If remodeling, how much $ would it take for the renovation that will elevate your home to meet your expectations?
- Would renovating or moving be the best and smartest action for ALL family members involved. There's a lot to weigh here.
Reading this partial list will likely spark more questions so really consider ALL of them.
More than half (up to 70%) of homeowners in the "sell or remodel" arena end up staying put and doing the renovation due to emotional attachment and the lifestyle needs the home accommodates. However, other issues such as a less-than-satisfactory school district or limited space for a family to realistically grow and thrive in will often warrant a move.
More often than not, it will cost you less to renovate. However, a renovation can take some time to complete so you may have to alter your day to day living situation to make it all work. Patience may need to be exercised in the case of a renovation.
If a move seems to be the right choice make sure to check out homes for sale in your geographic areas of interest. Find and fix any errors in your credit report and make sure all of the info is current. Consider looking into getting prequalified for a mortgage so you have a realistic and doable budget in mind.
Find The Average ROI Of Your Property
If you are planning on a renovation first to then eventually sell, make sure to find out the average return on investment for the renovations and/or upgrades that you are considering. This can really inform your choice on what rooms and areas of the house to address, particularly if your renovation budget is very fixed with little to no wiggle room.
At the end of the day, it's a call that is not to be taken lightly. It's really a balance of considering both the emotional and financial reasons as well as repercussions for/of the decision. If you really love your home and find yourself fighting to stay for a balance of practical and emotional reasons, renovating is likely the way to go. If on the other hand, the move is what "moves" you, that very well may be the way to go.
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