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To Love It or List It?: 4 Key Questions When You’re Deciding to Renovate or Move
To renovate or move?
‘Tis the question for many homeowners contemplating the years ahead.
As needs and priorities change and lives evolve, a home that once seemed charming and complete may be falling short in contemporary times. That might call for a renovation or addition to make the home more functional and modern. Or it might lead to exploring a move, perhaps to new construction and a home built in your image.
When deciding to renovate or move, consider these important questions:
1. Does your current home’s location still fit your needs?
If the neighborhood isn’t meeting your current needs – such as subpar safety, schools, or recreational opportunities or forcing a
– then a new master suite or expanded kitchen won’t change those pressing concerns and important quality-of-life issues.
2. Do you have the stomach for a renovation?
Renovations, especially plans involving various rooms and mechanicals, can run upwards of six months, if not more. Months of eating carryout, living amid noise and dust, dealing with contractors, and forced compromise can challenge even the most calm and composed individuals. If the mere thought of enduring such a plight makes you queasy, a move could be in order. When purchasing new construction, in particular, you just move in and unpack with much greater clarity on costs.
3. What hurdles might a remodel bring?
– that much is certain. But a remodel can also bring unexpected hurdles that derail plans and heighten costs. For example, local building codes might prohibit the addition of a front porch; an inspector might require the installation of a new electrical system; or the homeowners association might restrict plans for the backyard. Though it can be difficult to anticipate all of these potential roadblocks, investigating them thoroughly before signing off on a renovation could swing your decision to stay or go.
4. What’s happening in your local market?
The decision to move or renovate can also be influenced by the local real estate market. Learning about
in your area provides insight into demand and the potential value of your home. If your current neighborhood is trending upward, then selling now – and letting someone else potentially deal with the renovation dilemma – could provide you the resources necessary to land your dream home today.