Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it! So if you’re considering whether to move or improve, here are three things to consider.
1. Will a renovation truly fix what you don’t like about your property?
If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cozy fireplace then a renovation could make that happen. Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.
2. How much will a renovation cost?
How does that compare to the cost of moving to a new home? It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help. Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.
3. Beware of compromising versus settling.
Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal. For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?