3 Questions to Ponder Before Renovating or Selling
While flipping through HGTV shows like Love It or List It, you might find yourself weighing your own options like the homeowners on television. Is it worth it to renovate your current home, or should you move on with selling it? Make the best decision for your situation by asking yourself some key questions!
What Would You Change in Your House?
Unless you took out a construction loan to build your home from the ground up, it’s difficult to find or own the “perfect” house. Maybe you feel the need for additional storage, a more open floorplan or more room for a growing family. Some points of discontentment may be easily and affordably resolved with a renovation. However, if the renovation seems super costly or there are features in your home you really cannot change, selling might be your best bet.
Are You Ready for a Renovation?
In addition to being time-consuming, renovating your house might require a lot of temporary life changes. The scope of the renovation might require that you find temporary living arrangements while your home is under construction or you may have to deal with workers traipsing through your house for weeks or months at a time. Renovations can be costly and often costlier than originally estimated. Any time you knock down a wall, rip up a floor, or remove part of the roof, you increase the risk of finding hidden issues that need to be fixed.
What’s the Real Estate Market Like in Your Area?
If multiple “for sale” signs are popping up down the block, this could be a sign that you might be it difficult to sell or even get your asking price for your house. Oversaturated markets tend to cause house prices to drop or make it more difficult to sell your house quickly. However, if your area is experiencing a seller’s market (meaning there are more buyers seeking homes in your area than there are homes available), then it might be your time to list your house. Currently, the real estate market is experiencing low inventory which means houses
Whether you decide on a home renovation or are ready to start the hunt for a new home, take your time to weigh all your options before deciding to keep it or list it!
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