Renovating or selling: which option works for you?

As families grow, people often find themselves in dire need of more living space to comfortably accommodate their family. When the need for more space arises people often find themselves faced with a dilemma - should they renovate, or should they put their property on the market?

Deciding whether to renovate your current home or sell can be quite a daunting prospect, after all there are so many factors which need to be taken into account when making your decision. It is important to realise that there is no real 'right' or 'wrong' answer, rather it depends entirely on your situation and your needs. 

In order to help you assess what option best suits your and your family's needs, here are some important factors you need to consider when making your decision:

Why

The first and arguably the most important question you need to ask yourself is why you would need to renovate or sell your home. This in turn will influence any further decisions that you make. 

Do you need more space? In which case you would need to establish if your property is large enough to fit any extensions you would want to add. If your property does not have enough space to fully accommodate renovations, then your best option would be to look at selling your home. 

Are you concerned about crime in your area? Will further security installations make a difference to your family's safety or is crime too prevalent in the area? Once you have established your reason for selling or renovating, it will be easier to weigh up the pros and cons of each option.

Weigh up the costs

Cost is a big factor when deciding whether to renovate or sell. In order to get a clearer idea as to which option better suits your financial constraints, get an estimate of how much a house that meets all your needs would cost, and what your current home is valued at. You can then compare that to the approximate cost of renovating your house and see which option is more viable. When looking at cost estimates there are other factors which need to be taken into consideration, such as how old your house is, the older the house, the costlier it will be to renovate. You will also have to take into account the overall value of properties in your area as you don't want to spend a vast amount of money renovating your home only to find yourself unable to recoup the cost when you decide to sell one day.

Location

Something which you will need to consider when deciding whether to move or renovate is the area in which your home is located. If you like your area and its surrounds, then it might be a better idea to opt for renovation rather than moving. On the flip side, if you are not besotted with the area which you currently live in, then relocating to a new area would be a better option for you and your family in the long term as opposed to renovating.

Be aware of property market trends

The state of the property market can play a massive role in whether or not you decide to renovate or sell your home. If the property market is in a slump you may find it impossible to sell your home for its worth and in turn you would not be able to afford a bigger property that better fulfils your family's needs. In such a situation it would be more financially viable to renovate your home to suit your needs and wait until the property market improves rather than to sell your home at a lower value.

It is important to take these factors into consideration when making the decision on whether to sell or renovate your home in order to better fulfil your family's needs. Contact Homes of Distinction today to get your home valuated.

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