Renovate or sell your home? A common conundrum for homeowners who realize their current space isn’t enough space or rather, their home, needs and preferences have somehow parted ways. Perhaps it’s old carpet, or maybe laminate flooring which has survived long past its in-style date. Whatever the reason, it’s time to move on or move out. But which is the better choice? Is it more preferable to gut the home room by room or call in a professional listing agent and put out a For Sale sign?
Regardless of the final decision, there’s going to be a lot of time and effort put into both. The phrase, “nothing worthwhile is easy” will be ever-present no matter the choice. But the good news is, you can find the answer to which best suits your particular situation. After giving a few things some consideration, it’s quite a bit simpler to decide between remodeling and selling your home.
The Property Market
Everyone’s heard the comparison between investing in real estate and the stock market. The safe bet, it’s been said over the years, is real estate. What this means is if you’ve begun to think about selling and moving, there’s some things you ought to be aware of before you put your home on the market.
“Your house may not have changed much over the years, but you probably have. Maybe you were single when you signed your mortgage papers, and now you’re married with children (or divorced and sometimes with your kids). Perhaps you’ve added some pets and wish there were amenities like cat doors. Or maybe that cute, little starter home is simply little and no longer cute to you. However your mind gets there, many homeowners find themselves pondering the big question: Should I sell my home or stick it out and renovate?” —U.S. News and World Report
Sure, the vinyl siding on your home might be due for a good scrubbing, the garage doors need painting, the gutters are filled to the hilt, and the grout in the tile has turned black. Those things can easily be fixed. But selling on the other hand, brings a whole new set of challenges. So, this isn’t a decision to make in a rush.
Choosing to Renovate or Sell
Get ready to crunch some numbers and do a little bit of soul searching because you’re going to find that selling might not be as a grand bargain as renovating. Sure, it’s a fresh start so-to-speak, but there’s a lot more to it and you’ll have to take into account many of the following considerations to make an informed, unemotional decision:
- The cost of selling versus remodeling. Selling means paying a sales commission-. It also means having to hire a moving company, and perhaps renting for a short time. It likewise means taking out a new mortgage. But, it’s often a better choice because remodeling will not guarantee a good ROI. In fact, it might not be worthwhile at all.
- Think about location. You likely choose your current home based on its features–and it’s location. If you sell, you have to consider how it will impact your commute. You’ll also have to think about school zoning and conveniences such as grocery stores, dinning, and the like.
- Impact on your daily life. Okay, so renovating may be messy, but it’s probably more inconvenient than selling. If you chose to sell, you’ll have to depersonalize your home, vacate it for every open house and be subjected to ridiculous demands by potential buyers. Plus, you’ll have to be activity looking for another home and be available when your agent calls to show you another property. But, you won’t have to turn your day-to-day life upside down.
If you’re going to sell your home in the near future and buy a new house, please don’t hesitate to phone me at 407-616-7286, I’ll be happy to speak with you.