Owning property can be one of the biggest steps someone takes in their life. Unfortunately, after we take that huge step many of us are unhappy with what we have. The big question becomes what to do with your home! Renovations are pricey, but you also can’t be sure you’ll find something better on the market.
Here are some things to consider to help you make the right choice.
Why Did You Buy?
Consider why you bought your home in the first place. Was it the location? The charm? IF the reasons are more about location than about the home itself, it might be time to sell. If there are things about the home that touch your heart, consider renovation.
In some cases, selling might be easier on you than renovation, like if it was a family home and you can’t bring yourself to change anything about it. Consider your home itself, and what it means to you.
Can You Afford Changes?
Renovations aren’t cheap! Unlike buying a home after you sold this one, you will have to have the upfront money to pay for any changes. What changes are you wanting? If you need another room, or the kitchen is so outdated you don’t like cooking in it, the costs could be higher than most people’s budgets.
If the changes are more cosmetic, like changing the house color, the molding, or opening up a wall to make the kitchen open to the rest of the house- you should consider staying.
Are There Better Options?
Have you shopped the market and kept an eye out for what houses are available? If the thought “Should I rent or buy a house?” has been plaguing you more than considering your current home- it may be time to sell. If you’ve already mentally moved on to the next steps of buying a home, then it’s time to catch up with those thoughts and sell. If the options in the area aren’t great, or won’t save you any money you’d spend from renovating, then keep your home and make those changes.
Which Is More Cost-Effective?
As we touched on in the last question, you need to consider your finances. Can you afford a ton of renovations? Even if you can afford them, are you willing to put that time into your home? Look at how much you’d spend on a home- and how much above your property value you’d have to spend to renovate. If you’re not sure your property value, you can ask most realtors for a free assessment.
Other Things To Consider
Many other things pop to mind when you consider selling. Couples who have raised their children in their homes mostly wait until their kids have moved out to sell, so they can downsize. Others who don’t have enough room would sell so they can have a bigger home for their kids while they’re young. Look at your life plan for the next ten years, and decide if staying put or selling fits that plan better.
