Have your needs changed over the years, and you find yourself wondering if you should renovate your current house or just sell it and move on?
Making that decision can be really complicated, and the right decision also depends highly on your situation. You have to determine what you need. Weigh whether either decision will be worth it before you take a leap because if you do make it in any direction, it’s going to be a big one!
To help you make a good long-term decision, these are the few things you need to put into consideration first to decide if the move is worth it or not:
Does It Still Tick the Space and Location Boxes?
When deciding whether remodeling your home will be a good decision, you need to think if it still offers you these two fundamentals: adequate space and good location.
Now that you have the choice to sell the house and choose a new one if you want to, there might not be a need to sacrifice one aspect for another. You can get your space and location.
The only time you should consider renovating is after you have decided that even as your needs have changed. Maybe you have a bigger family now than when you first got it, or you have other different needs that require bigger space. Or your adequately spacious home is just in the wrong neighborhood as you prefer, and it’s no longer as close to many things that matter to you.
All these are things to consider before you decide to invest your money in remodeling your home. If your home ticks the boxes, then it might be one good sign to seriously consider renovating the house instead of selling it and moving on.
Home Equity
Over the years, as you’ve been servicing your mortgage, you have been increasing your equity in the home, and it has become a major asset to you. Selling your house will mean committing to restart the mortgage process from scratch and losing what you had gained in equity over the years.
If this means a lot to you, then it might be a good reason to think of remodeling your house and keeping it instead.
Buying a new one will likely set you back a few steps if you are looking at investment improvement, so it’s a factor you need to consider before making a move.
Availability and Financial Costs
Given what you have right now, which sounds like a better idea, financially speaking? You will need to consider many other things besides just the cost, but the price does matter. Compare which route will have the best cost-effectiveness.
If you are considering selling instead of remodeling, it’s a good idea to check what’s available on the market first. Check to see if anything fits your budget and meets your other needs. If nothing ticks the boxes on the market, then it might be time to consider remodeling your current one. It would make little sense to leave a house you have stayed in for so long for another place that barely meets your specific standards. If both houses are not adequately meeting your needs, then you could do what you can to improve your current home instead of selling it!
If you are looking to save costs while remodeling, you are best looking for a renovations company with a good track record in similar projects. This will assure you that the job will be done right and there won’t be a need for re-dos. They will also have the versatility as well as the professional capability to transform your home into that what you have in mind. Companies such as Nova Exteriors are a good place to start your search. Compare with the rest of the market before choosing and only settle for adequately qualified companies.
Don’t just settle for a company because it’s the first one that showed up on your search results. This is a big project, so make sure to conduct all the necessary due diligence.
Additional Costs When Moving
You may have already looked at the prospects of moving or renovation and the direct financial implications. But have you considered that to sell your house, you will need to invest some money into refurbishing it to make it market-ready? Are you willing and able to take on these additional costs?
Chances are you are planning to use the money you get from selling your home to buy your new house and facilitate the move. You should consider what it will cost to make a move possible compared to just remodeling your house and staying.
Timing
There are seasonal trends on the real estate market to keep your eye on for a while before deciding to sell. You need to put your house on sale at the best time for it to get the best price. There are times depending on your location, when homes are more likely to sell faster and at higher prices than others.
Sentimental Value
Your home is likely worth more than its monetary value to you. It’s the place that houses so many important memories for you and your family.
Slow down a little and consider the emotional implications of letting go of your house for good. It’s always safe to make the decision to either renovate or sell after you have considered how much of the old you will still miss even if you get a reasonable asking price for it.
Is Your Family Ready for A Major Change?
Another important thing to help you decide which route is best is to consider whether your family is ready for the changes that come with moving. You are about to change neighborhoods; your children are changing school districts, your commute routes are also going to change, as will your mortgage costs.
These might seem like small changes now, but in reality, they are going to determine the quality of your day-to-day life after you move.
Make the Right Move
Sometimes it’s a simple matter of having outgrown your current home, and that alone outweighs any potential demerits of selling your house and moving to a different neighborhood. Still, most times, it’s hardly as straightforward. You have to consider everything until you arrive at a decision carefully.
Moving is a very hectic process, but so is renovating a house; the best option depends solely on your particular circumstances. Even then, it is true that many people rush to sell homes that they could have remodeled to meet their new needs had they engaged the right professionals.
Given how stressful it can be to renovate to sell, get the right new property in the right neighborhood, etc., it is sometimes a good idea to start by considering if you can’t just renovate your current house. If you find your needs have drastically changed, then you could begin preparing for the big move.
