Should you Renovate or Move?

 

A common question I see in homeowners is, “Do I renovate or sell my home?” Over time, almost any home could use an upgrade. Not only is wear and tear an issue, but our needs change as we do. Birth, death, marriage, the kids going off to college… all can have an impact on the functionality  our home and the pleasure we take in it. Home renovation can be an excellent way to improve your quality of life, but is it always the best choice? By asking yourself these five essential renovation questions, you can gain some insight into the right decision.

1. What are your renovation priorities?
If you could do it all, it would be great. But odds are you won’t be able to do it all. So brainstorm all of your renovation desires and write them down. Next, rank them by order of importance. Some will be large and some will be small. Consider your budget. Would you be happier with one large revision, or would several small ones be better?

2. How disruptive will the renovation be to living in your home?
Understanding your tolerance for disruption is important. Some renovation projects are minor and may take a day or two. Others could drag on for months and months. What are you willing to live with that?

3. How will the renovation impact the home’s balance? 
Major renovation projects can throw a home’s feel, flow, or look out of line. If you put a commercial-grade, ultramodern kitchen, will the nearby living room look tired and old? What if you add a bedroom but you only have one bathroom? 

4. How long will you enjoy the renovation? 
People typically renovate when they’re planning on staying in their home. Which direction is your neighborhood heading? Are you planning to downsize in a couple of years? A renovation may be overkill if you don’t think you’ll stick around long. 

5. Will you recoup your investment?
Happiness with your home should be your top priority, but before you renovate you should understand that a major renovation isn’t a guarantee that you’ll get your money out when it’s time to sell. This may or may not be a factor for you.

I’m perfectly happy to walk through these questions with you. Renovating may be the right choice, but sometimes only a move will do. Either way, I’m here to help.