Should You Renovate or Move? Things To Consider
There comes a time in every homeowner’s life when they have to ask themselves an important question: “Should I renovate or sell my home?” This question may come up after being in a home for a long time or even after a short period of ownership, but it usually comes up when you’re ready for a change. Perhaps you’re tired of the same scenery or you really just don’t want to go through the hassle of renovation.
Whatever the reason you’re asking yourself this question, deciding whether to renovate or sell your home and move can be a difficult decision. If you’ve found yourself wondering whether you should renovate or move, consider the following to help make the process easier:
How Big is the Renovation?
One of the first things to consider when deciding between renovating or selling is how complex the renovation will be. Different homeowners have different definitions of renovation, and different homes have different needs. Renovations on a home that’s 20 years old will likely be very different than renovations on a home that’s 80 years old.
You’ll also want to factor in the amount of time and inconvenience that will be involved in renovating. Some renovation projects could take months or even longer to complete. During the renovation, you may also find yourself with contractors traipsing through your home while you’re still trying to live your daily life.
Will You Get Less Money From Selling Without Renovating?
If you decide to sell instead of renovating, you take a lot of financial burden off of yourself. Unfortunately, that burden gets passed on to the buyer. A savvy buyer will recognize this and factor their costs into the final offer.
If your home needs $30,000 worth of repairs and renovations, you might skip the hassle and upfront cost by selling instead, but your buyer will likely offer you less since they will be responsible for these costs upon taking ownership of the property. This is where it pays to work with a real estate professional who can position your property in a way that benefits both you and a potential buyer.
What Does the Market Look Like?
Another important factor in deciding between renovating and selling is the local market conditions in your area. Real estate is an ever-changing and evolving industry that relies heavily on local activity. When you hear the national news channels talking about how the real estate market is hot right now, they may not be talking about your specific area. Likewise, if the news is telling you that the market has cooled off, your local area may still have a flurry of activity.
Once again, this is where partnering with a local real estate professional is key. For example, if you’re in Lakeland, FL, you’ll want to search for a real estate agent in Lakeland who understands what’s going on with properties specific to your region. Because your real estate agent is local, they will understand the unique conditions affecting property values, offers, prices, and more that can affect your ability to sell quickly and receive top dollar if you decide to sell.