With the housing market the way it is, many Americans are wondering-- should I renovate my home, or sell it?
There are a few things you need to consider before making a decision:
1. Cost of Renovation
How much would renovating your home cost you, in time and money? Do you already have someone in mind who can do the work, and do you trust them'? If you do, then renovating might be a good idea. Calculate the costs and think about what you would be giving up to make the necessary changes.
2. Space In Your Current Home
Does your current home have enough space? Some people are able to renovate and create the aesthetic traits they've always wanted. If you're wanting a nicer kitchen, a new bathroom, or a "newer" feeling home, then renovating might be the answer. However, if you're lacking space, moving to a bigger home might be a better long-term investment.
3. How's The Neighborhood?
Are you in love with your current neighborhood? Are your kids happy in their school? What does your commute look like? These are all important questions to ask yourself before deciding whether it's a good idea to move. In some case, you may be able to find a bigger and better home in your same neighborhood. However, more times than not, moving takes you to a new neighborhood. If you're extremely attached to your surroundings, renovating might be the best idea.
4. Length of Project
One of the most important things to consider when deciding between renovating and selling your home is the length of time a serious project would take. You might alllocate a certain timeframe, but you still have to account for the unknown variables of a renovation. During the start of construction, more problems may come up that you didn't consider initially. Make sure you are able to withstand a long-lasting renovation, if necessary. If you are on a time crunch, you may want to consider moving for a quicker process.
We hope these tips help, but at the end of the day, the decision to renovate your home or upgrade to a new property is completely yours. Consider all of the pros and cons and make a decision you can stand by. Ultimately, make sure your decision is right for you.
All the best,
Century 21 On Target