Should You Sell Your Home Or Renovate It?

The average person moves house every 7 years – whether it’s because of a change, downsizing, additions to the family, or needing more space. But not everyone decides to move, some people choose to just stay in the home they are in, and rather work on improving it. If you’re faced with this choice, it can be quite overwhelming to know whether to sell your home or just tweak it a bit, but if you approach the decision with the right information and points, you’ll be able to do what will make your life better.

Here are the 2 sides of this decision, and the factors that make you more suited to one or the other.

A Case for a Renovation

Small Changes That Will Make It Just Right For You

Sometimes the things you don’t like about your new home aren’t major deal breakers, but rather smaller things that can be changed. If you like the area you’re living in, and you like the size of your home, then a simple remodel would help you get something that you’re really going to love. You can remodel in many different ways – either switching out old fixtures for modern ones, introducing more luxurious details, changing bathrooms and kitchens, adding a pool, or even making the dwelling bigger.

It’s going to allow you to truly personalize your home, put your own unique touches on it, and give it that custom home feel that so many people dream of. You can take a home that belonged to someone else, and turn it into a gorgeous home just for you and your family. If you’re also still very emotionally connected to and feel sentimental about your house, you might regret selling it, so consider talking to an architect, designer or contractor to come up with ideas to make the home better. 

Home Equity

The great thing about choosing to stay in a home instead of selling is that you can take advantage of all the equity that you have built up in it over years of homeownership. The equity you have is money you can access and apply to your renovation and adding value to your home. If you’ve owned your home for a while, you’ve likely put quite a lot of money into it, and instead of just letting it sit, you can use it to better your financial situation. Using a calculator by All Reverse Mortgage, you can figure out how much you qualify for and how you can put it to use.

A Case for Selling

Benefit From a Seller’s Market

If you’re thinking of selling your home quickly, this would be a really good time for it because home values are much higher than usual. Many markets are struggling with low inventory, and that means that the people who are putting their homes on the market are getting multiple offers, and selling way above asking price. If you want to get a lot of money out of selling your home, then it would be a good idea to list it right now.

People who sold their homes during this low inventory market have been able to earn so much money that they not only bought new homes, but some of them even managed to purchase smaller investment properties on the side or fund online businesses. If your goal is an increase in your initial investment, the best route is selling.

Major Deal Breakers

If the reasons you want to make a change in your accommodation are huge fundamentals, then buying a new home would be the right choice. For example, if you don’t like the area you’re in, no amount of renovation is going to make you like it. If your family is growing and you just don’t have the space, and you can’t put an addition in, then a new dwelling would be the best bet. In the same way, if having a big home is becoming unmanageable, a smaller place would be the best move for you. The point is, if the factor motivating the need for a change is something you can’t easily change, then looking for a new home would be the best choice.

Picking the Inconvenience, You Would Rather Have

The other thing you need to consider when it comes to whether to renovate or buy a new home is the emotional and mental side of it. Let’s face it, the process of buying a new home – hiring an agent, having open houses, hunting for a new place, and the process of buying is intensely stressful and difficult, and you and your family need to be prepared. On the other hand, a renovation also comes with its own stresses – having people working on your house for weeks, possibly having to stop accessing certain parts of the home, not to mention dealing with contractors, and noise. All these things also make a home remodel challenging, but if selling a home is just as stressful, how do you make the right choice? Instead of thinking of the short term inconvenience, you need to figure out which long term outcome is better for you. There’s no point going through a renovation to avoid selling if you’ll end up just wishing you had bought a new home in the first place.

Everyone wants to live in a home they love, a place that truly feels like their own little piece of the world. Sometimes the home we bought a few years ago starts to feel a bit out of sync with the lives we lead now. In that case, you might have to consider either making a move, or embarking on a remodel project. It’s important to choose what’s really right for you so that you have no regrets and end up with something you’re going to love living in for years to come. In the decision between buying a new home or renovating, there are no wrong answers, just the right decision for each individual and their family. Be sure you do your research and really consider these options so you can truly love the decision you made.

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