You’ve suddenly found yourself at a crossroads where you can choose to renovate or sell your current home, and you have no clue what to do. Well, never fear! We’re here to help you decide after considering all the possible factors covering both ends of the spectrum.
Some Important Considerations for Selling vs. Renovating
If you’re stuck between moving or renovating homes, you need to consider some of the factors mentioned below to determine which path to take and why:
- Consider why you’re in this situation
- Determine what you can afford
- Consider the pros and cons of each side
We’ll discuss each of the considerations for selling vs. renovating in detail below and enlighten you on what each choice has to offer in terms of benefits and drawbacks.
Consider Why You’re in This Situation
If you’re debating between moving or renovating homes, ask yourself how you’ve ended up in this situation. What are the factors that have motivated you to choose or think between the two? There could be a number of reasons. Some of the primary reasons why people consider moving is because they have issues with the neighbourhood or their neighbours, they want to move closer to their family, friends or their workplace, they’ve gotten a job relocation, they need more or less space in their house, the house is old and needs regular upkeep, and so on.
Your reasons could be any or all of the above or be completely different from them, but what’s important to realise here is whether a simple home renovation can resolve the issues you’re facing. If you have problems with regards to space, the upkeep, or the layout of the house, a remodelling project can fix all of this, but if you have problems with the immediate surroundings of your home, then you only have one solution: move. Of course, there are certain circumstances where a renovation cannot fix issues with the home itself. For instance, if you live in an apartment complex, you cannot add another room as your family grows and will need to move into a larger place.
The bottom line is; your decision on whether to renovate or sell will depend entirely on why you’re considering these options in the first place.
Determine What You Can Afford
One of the major considerations for selling vs. renovating is the cost. Selling a house and buying a new one is usually a more expensive investment, especially if you are unable to get the right price for your current home. However, while a house renovation might seem cheaper, it often comes with hidden costs. There is also a fear faced by many homeowners that the investment made into remodelling the house will not be returned to them when selling the house in the future.
Evaluate and calculate your expenses and prospects. How long do you plan on living in this house if you were to renovate it? If you’re going to move in a few years, irrespective of the condition of the property, then it is best to avoid the cost of a home renovation project and to find a new residence now. However, if you love the neighbourhood, and your heart’s set on living here until retirement, then a little upkeep over time can go a long way towards ensuring that you continue to maintain and live in the house you love.
Consider the Pros and Cons of Each Side
Now we come to the crux of the matter. What if money is not an issue and you have the choice between moving or renovating homes simply because you want a change, rather than being forced by external factors? Well, in that case, you need to individually consider the pros of moving vs. the pros of remodelling, while also being aware of the cons or drawbacks associated with both the options.
We’ll discuss the pros of moving along with the cons first and then move on to the pros of remodelling while covering its drawbacks.
Advantages of Moving Homes
Before you renovate or sell your place, consider these pros of moving to a new residence:
- Moving allows you to change your physical surroundings, including your neighbours, the neighbourhood, and your proximity to amenities, such as schools and hospitals.
- Moving to a new home allows you to perform all the necessary repairs and renovations before moving in, rather than living in the middle of a construction zone with a home makeover project.
- If you’re buying a newly built house or flat, you can avoid dealing with repair work and contractors entirely and move in as soon as you get the keys to your new residence.
Disadvantages of Moving Homes
With the pros come the cons and some of the drawbacks of moving homes include:
- You might need to compromise on some of your requirements for the ideal home as there is a limited supply available in the market, and many of the prospects might not meet your demands 100%.
- Moving means leaving your current neighbourhood behind, and if you are on good terms with your neighbours and love the amenities on offer, this might be a major disadvantage.
- Buying a new home is a time-consuming process, requiring plenty of research, home inspections, and location visits.
- Moving to a new home can be a costly initiative, especially if your current home is not selling well on the market and you do not have enough savings or an approved home loan to fund the investment.
Advantages of Renovating a Home
If you’d rather stay where you are, here are some of the many pros of remodelling and renovating your home:
- Remodelling your home gives you a chance to make changes as per your specifications so that the final result suits your needs to the letter.
- One of the best advantages of renovating your home is that if you love the location of your current residence, you will not have to move away. A few small or even extensive repairs will allow you to spend many more years on the same property.
- Home makeovers aren’t cheap, but they’re surely cheaper than buying a new home altogether. There are a lot of costs associated with moving homes that can be skipped if you’re eager to take on a remodelling project.
Disadvantages of Renovating a Home
Where we have the pros of remodelling, there are also some cons:
- Renovations often end up bringing sudden expenses to the forefront, such as structural damages, plumbing issues, and faulty wiring. This can cost you more than you initially planned to spend on the project.
- Remodelling a home is not easy. It includes studying the plans, taking planning permissions, hiring contractors, and ensuring that the entire project follows a set budget and timeline.
- While you might be eager to remodel your house, it is always wise to remember that not all remodelling and renovation projects pay off. Thus, you might spend a lot on the repairs without any assurance of getting that money back when you put your house on the market in the future.
Consider the pros and cons shared above before you decide whether to renovate or sell your property. Ultimately, you need to decide which path to take when it comes to selling vs. renovating your current residence. If you decide to stay, start planning for your renovations, and if you decide to move, begin the process of listing your home on the market by listing it on Zameen.com.