Hello Everybody, Chris Town Again, Owner Of Town Construction And Development And Here With Some More Great Tips! Making the Right Decision to Renovate vs Sell your Home

The renovate vs sell dilemma is real. And it can be a tough thing to solve. As people, we are, by nature, sentimental. Moreover, we are also creatures of habit. This is why, in most cases, contemplating selling our homes and moving on ends up with us deciding to stay put. After all, these are the places where we have been building lives and memories for years. But, sometimes strenuous circumstances (a growing family, extreme need for change, change in interior design taste) and issues with the home (ex. foundational issues, costly plumbing damage, storm damage) force us to make the difficult decision of selling our homes and moving on. Or, at the very least, we are forced to invest lots of money into rejuvenating and renovating our current homes in the hopes of making them enjoyable to live in again.

Consider the pros and cons

The first thing you should do is work out the pros and cons of each of these two options. This is the time to ask all of the big questions. For example:

1: How much do you like your current area?
2. How will moving affect your work?
3. Do you have enough space to work with for renovating?
4. How will moving affect your children’s education?

Expanding your family

Let’s analyze one possible reason for getting into this dilemma – expanding your family. One of the biggest pros in this situation would be the fact that it’s (in most cases) much cheaper to sell your home and move somewhere than it is to construct a whole addition to your current home. An example of a con could be that your commute to work could be more difficult. Something that could go either way is education. You may only end up finding a new home in a worse school district. Or you may look out and move closer to a higher-ranking school.
Of course, these pros and cons will differ from person to person. For example, if the school and work situation worsened after moving, you could get creative with your renovation to solve the issue. For example, you could transform your garage into an additional livable area.
Since there’s a lot to consider here, and all of this information can get jumbled up in your head, we recommend jotting everything down on paper. No matter how cheesy up pros and cons list sounds, it can truly hope you make the right decision.

Think about your timeframe

If you’re leaning towards renovation after the previous step, it’s time to consider your timeframe. What this means is that you should set aside some time to calculate (as well as you possibly can) how long you are likely to stay in the home you’re about to renovate. There’s no denying that renovating a home is a huge expense. And just like any other investment, your time and money should pay off. A renovation will be a terrible waste of time, money, and resources if you do not plan on staying put for a long time after.

You must carefully consider your timeframe to solve the renovate vs sell dilemma.

A great rule of thumb to follow in general is that renovation is unnecessary if you plan on moving out within five years. This is especially important if you or a contractor estimate that you’ll be spending thousands of dollars on renovations. If this is your case, it may be time to reconsider selling your home and moving away.

Renovate smart

Thinking about how you can renovate smartly is another way to ensure that a renovation is a solution to your renovate vs sell dilemma. This means that even if you’re leaning more towards selling, thinking of certain tactics and strategies may help you realize that renovation is more profitable for you. There are three main aspects of a smart renovation.

Adding value

Your renovations should add real value to your property as well as your lifestyle within it. Re-tiling your bathroom may not be worth it. But installing a new high-end bathroom feature will increase your home’s overall value (if you ever decide to sell further down the road) and its overall utility.

Market trends

Following market trends, and focusing on home features that people are generally looking for, makes for a smart renovation. You want to create a good balance between what you need right now and what potential buyers in the future will be looking for.

Planning carefully

There are several common mistakes people make when remodeling or renovating their homes. Creating a solid plan that leaves as little space as possible for mistakes and unexpected/unwelcome surprises is very important.

Example

Let’s go through an example. Suppose your dilemma is based on the fact that you need a home with better-quality utilities and sturdier features which will generally make your new or current home more enjoyable to live in. In that case, you should focus on certain rooms that other people find important as well. The most popular option, of course, is the kitchen. But you could also add things like your bathroom, laundry room, and living room to that equation.

The DIY or hire dilemma is almost worse than renovate vs sell

There are only a few instances where DIY-ing renovation is a good idea. If you’re doing something relatively simple as part of a huge renovation, you can save some money and help out your contractor. However, when it comes to everything else, it’s simply much better to get the help of a professional. While this might sound like a huge expense, it can save you money. Because of their training will more easily be able to avoid making mistakes. You’ll be spending a lot more money on your renovations if you make a mistake when doing something. If you do so, you would have to hire a pro to both fix your mistake and do the original project you were aiming for. Additionally, there are things like electrical wiring and plumbing. In most places, you are legally required to hire a trained professional for those things.

Hiring professional contractors might be more expensive but much safer.

Consider the hidden costs

A great way to ensure that selling is the better option for you is to set aside some time to carefully calculate all of the related and hidden expenses for selling and buying a new home. You’re likely already aware of the fact that selling and buying homes doesn’t just come down to the down payment and mortgage. Calculating everything properly takes a lot of time, but it’s an imperative step for this option. To make everything easier, let’s go through three lists of all possible expenses. Once you count everything up, you will have a great idea of what you will spend on a home sale.

Selling process expenses:

Stamp duty
Legal fees
Estate agent commission
Marketing costs

Hidden expenses when selling:

Hiring removalists
Staging your home
Cleaners
Storing your possessions until you move

Buying process expenses:

Transfer fees
New loan application fees
Lender’s mortgage fees
Valuation of property
Deposit payable to the seller
Lawyers or conveyancers’ fees
Building and pest inspections
Professional moving services.

You should carefully calculate and plan out all potential hidden expenses.

Ways to save up

While all of this sounds like a lot, it’s important to remember that a proper budget can help you save on many of these things. For example, when it comes to moving to your new home, you have to estimate the cost of your move. If you take the time to evaluate your options (of which you have many), you may find certain corners you could cut. Additionally, after comparing multiple, you will be able to find the moving company with the best price-to-value ratio.

To wrap up

As you are aware by now, a lot goes into making the right decision with the renovate vs sell dilemma. If you love your area and don’t plan on moving soon after renovations, your best bet is to renovate your new home. On the other hand, if your current home simply can’t give you what you need, no matter how much you renovate it, or you find out that selling it will cost you a lot less than renovations, then it’s time to move on. Of course, you must remember that these situations are not black and white. There are other options for financial success in this situation. For example, you might save the most money by combining the two options and buying a fixer-upper. Whatever you end up choosing, just make sure to plan carefully and be smart about your every step.

“Be good to your house and your house will be good to you:

All solutions for home living have some advantages and disadvantages…“There are no perfect solutions out there, only the ones that are perfect and work for you.”
Chris Town

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