Invest In A Home Renovation or Move? That Is The Question

Change can be a good thing, especially when it comes to your living space. In fact, this is why homeowners across the country spend over $400 billion each year on renovations. Of course, renovating your home may not cost you billions, but it can come with a pretty hefty price tag. A full kitchen remodel can cost almost as much as a small-to-medium-sized house, and remodeling other rooms only adds on to this price tag.

The Inconvenience of Remodeling

While everyone likes to look at and live in the finished product of a remodel, living in a home under renovation can be a challenge. You’ll likely have to move furniture, live without fixtures, schedule around various contractors and face other inconveniences along the way. There’s also no guarantee that the renovation will go smoothly or be done according to set deadlines since any number of things can pop up during the process.

Is Selling a Better Idea?

Although renovating your home has many upsides, it also has plenty of downsides. To avoid the hassle, some homeowners choose to simply sell their homes and move rather than go through the renovation process. But is selling a better idea?

If you find yourself asking should I renovate or sell my home, the answer is: it depends. Selling means you don’t have to deal with the inconvenience and cost associated with the remodel. The flipside of this is that you’re likely going to face some concessions that will be reflected in your asking price. If a buyer knows that they will need to put in thousands of dollars for renovations, they’re going to factor these costs into an offer.

If you choose to sell, you gain the benefit of looking for a home that already features upgrades and modern amenities. The issue then becomes whether or not you will have to pay more for renovations that have been done to the new home, thus making it even more important to get top dollar for the home you’re selling.

Partner With a Real Estate Pro

The balancing act that needs to be struck when choosing between selling and renovating can be difficult. This is why most people who wonder should I renovate or sell my home seek out the services of a real estate professional. A Realtor can work with you on an individual level to examine your needs, your budget, your timeline for getting things done, and other factors that can determine which path is best for your unique situation.

As a bonus, working with a real estate agent in your local area can usually help you get better offers for your home should you choose to sell, even if you forgo the renovation process before moving. If you do decide to renovate and then sell later, a real estate agent in your local area will know how to position your home for the local market as well as how to attract buyers to your area by highlighting all that your region has to offer. The best part is that a local real estate agent will understand market conditions locally and regionally to assist you in finding your next dream home when the time comes to move.

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