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Sell the House or Renovate: Which is Right for Me?

When you start thinking about all the home renovations you would do if you could, the costs quickly add up. Eventually, you might even reach the point of wondering whether it makes more sense to simply sell your property and buy a house that better suits your needs as a homeowner and/or family.

SONY DSCIt goes without saying: This is a very big question to ponder, and a very important decision to make. When you feel that your existing home is no longer the best residence for you, renovating and moving are two ways to solve the problem. Both involve considerable investments of resources, time and energy. How does the average homeowner go about making such a life-changing decision?

The short answer is: Carefully! There are many things to consider and numerous options to weigh. The size of your family, budget considerations, and questions of neighborhood/location all come into play. These variables may produce very different decisions for different homeowners and families.

At the same time, there are a few basic things every homeowner should consider before making the decision to renovate or sell up and buy a different home.

1. You might have to renovate even if you move

It’s nice to think that buying and moving to a new home will solve all your problems and eliminate the need for home renovations—but statistically speaking, this isn’t usually the case. A different home may have more of what you’re looking for, but there will still be things you’ll want to change and renovate over time. There are certain features and amenities that you may have to do yourself, no matter what house you move into.

2. Renovations can make your home easier to sell

For many homeowners, the choice between renovating and moving ends up being “both.” Why is this? Renovating key areas of the home, such as kitchens and bathrooms, can add immediate market appeal to your home, attracting more interest and making it easier to sell. In many cases, you’ll also be able to recoup the money you put into home renovations—or even profit from it. However, don’t assume that all renovations will perform well. Do a lot of research, consult your real estate agent, and plan carefully. If you’re going to invest in your home and sell immediately after, you want to make sure your investment performs well.

3. The home market will continue to fluctuate

The current property market favors home renovations for a number of reasons. First off, many homeowners have seen their property values decrease in recent years. Selling becomes a difficult thing to do in this scenario, as it can involve substantial losses. Waiting it out, on the other hand, holds the promise of rising property values in the future—especially if the home has been renovated in the meantime.

The final verdict?

Whichever way you’re leaning, one thing is clear: It’s important to research your options carefully, and if you decide to renovate, it’s vital to work with a qualified, reputable home renovation specialist who understands your goals and needs. Talking to neighbors, consulting a real estate agent, and doing further online research are all additional ways to enhance your perspective and give you confidence in your decision—whatever it turns out to be.

Thanks for reading. We welcome your thoughts and questions!