04 Nov Should you Move or Renovate?
Should you Move or Renovate?
Determining whether you should buy a new home or renovate your current one isn’t easy. In fact, the decision can be steeped in so much drama; they make reality TV shows about it!
So, if you’re wondering whether to move or improve, here are some points to consider:
1. Will a renovation truly fix what you don’t like about your property?
If you’re tired of a small kitchen, for example, given the layout of your house, it might not be possible to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cozy fireplace, then a renovation could make that happen.
Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.
2. How much will a renovation cost? How does that compare to the cost of moving to a new home?
It’s important to get accurate estimates of both the cost to renovate, and the cost of a new home, so you can make an informed decision.
Renovations often have a habit of costing more than you originally anticipate. Remember, the final result should be a home you want to stay in for quite some time.
3. Beware of compromising versus settling.
Whichever decision you make – to renovate or to sell – you can expect to make at least some compromises. That’s normal.
For example, consider the impact of adding an extension to your house. It would be a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home that already includes the space you need?
4. Timing – When to renovate and when to sell?
If you plan to be in your home for 3+ years, you will not only get the enjoyment from your renovation but also build equity into your home.
Some feel the Spring market is the best time to sell, but that may depend on other factors, i.e.supply – how many homes are for sale in your neighborhood and those close by? Should you sell your home in the winter? Here are the benefits:
1. Shoppers are serious
2. The internet has no seasons
3. Curb appeal is a cinch
4. Often less competition
5. Enjoy Spring & Summer in your new home
It can be a tough decision. If you’re in the midst of making it, call today to get the facts you need to make the best choice, we would be happy to help you.