first “photo remodeling” idea
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Before You Decide to Renovate or Sell
Notes:
- Before we get into the pros and cons of renovating or selling your home, here are a few things for you to consider:
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1. Which option is cheaper?
The decision to renovate or sell up should be based on what your mortgage situation is and how much you have in your savings. Renovations have immediate out-of-pocket expenses, whereas moving home costs you money later on down the line.
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2. Is the market looking good?
If the market isn’t looking too good, i.e. your current home won’t sell for a decent price, it might be better to wait it out until the market picks up and you can sell your home for a better price.
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3. Is this the right time for you and your family?
Moving is stressful and involves changing schools and commutes. However, renovation costs a lot of money that could be used for college tuition or other finances your family might need. Assess your life as it is now and decide whether it’s the right time.
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second “photo remodeling” idea
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The Pros and Cons of Selling Your Home
Notes:
- Now that we’ve considered whether you should even go through with selling your home or renovating it, it’s time to share some pros and cons of each to help you decide which option is the right one for you.
- Let’s look at selling your home:
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Pro: You could find somewhere that suits your lifestyle:
There are some things you can only gain through selling your home and moving somewhere else. You can’t renovate a bigger garden, a better commute to work, better schools and more green spaces to walk your dog.
- By moving home, you can gain access to a whole host of things you weren’t able to enjoy before. You just need to shop around and pick the perfect place to live a more fulfilling life either by yourself or with your family.
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Pro: You could upgrade/downgrade your investment:
If you have equity on your side, you can upgrade your property investment portfolio. For example, if your home is now worth more than what you owe on your mortgage, you can sell up and get a mortgage on a better house.
- Alternatively, if you’re finding it difficult to make your mortgage payments and are looking to clear some debts, you can sell up and downgrade to a less expensive house to make ends meet.
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Pro: You could save money:
In the US, the average renovation costs $46,000, with gutting and remodeling costing an average of $150,000. When you move house, you’re primarily shifting equity from one property to another, which is a lot cheaper as long as you’re not upgrading too much.
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con: You’ll be stressed out:
For decades, moving home has been competing with divorce for title of ‘most stressful event in a person’s life’. Uprooting your entire life, moving all your belongings and waiting for everyone in your chain to sort out their houses are much more stressful than redecorating your kitchen.
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con: You might not find your dream home:
Even though moving home gives you the opportunity to find somewhere that fits your lifestyle, it might not be that simple.
- You’ll need to find a home that’s on the market, is within your price range and is in the right location. You might even find the perfect place and when you get there it needs building work and renovation. Sometimes it’s easier to improve on what you have than to search for your ‘dream home’.
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“Renovate or Sell”
third “photo remodeling” idea
copyright image by envato.com
The Pros and Cons of Renovating
Notes:
- Perhaps selling your home is not the best financial option; or perhaps you love your neighborhood and community and don’t want to currently leave. If this situation defines you, then renovating your current home might be the better option.
- Let’s now review the pros and cons or renovating:
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Pro: You could increase the value of your home:
Instead of spending money on moving to a new home, renovating your home can improve its value so when you eventually sell, you’ll make more money. Renovate your home in a way that makes it more salable, and the upfront costs will be totally worth it when you see the end sale value.
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Pro: You could make your home better for you and your family
As we mentioned in the ‘selling up’ pros and cons, moving home can offer certain benefits that renovating can’t, but only if you find the perfect home. The chances that your perfect home is sitting waiting for you at the exact moment you want to buy are very slim.
- Renovating allows you to improve your home here and now, which is a much more realistic proposition. It also means that the changes you do make can be specific to you and your family’s lifestyles instead of ‘in the ballpark’, which is what you’d likely find if you moved.
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Pro: You’re not losing money:
Even though renovation costs more money up front, at least that money is going towards the value of your property, and you’ll see it again one day. However, spending $10,000 on moving costs and solicitors’ fees is money you’re parting with for good.
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con: You might face hidden costs or delays:
In an ideal world, you pay your contractors to renovate your home and they perform the job perfectly with no issues.
- However, renovations rarely go according to plan and usually cost more than the contractor quoted you. Issues such as structural changes, building codes and rot damage can cause delays and further costs that aren’t ideal for the homeowner. .
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con: You could risk losing money on your investment:
Again, in an ideal world all renovations improve the value of your property. However, if you don’t do your research and make changes that improve its saleability you could lose money.
- Replacing a garage door or doing a minor kitchen remodel can recoup between 80 to 100 percent of costs, but other renovations tend to have much lower returns.
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fourth “photo remodeling” idea
copyright image by https://123rf.com/ | https://123rf.com/
So, Which Option Should You Go For?
Notes:
- In this post, we’ve shared the pros and cons of renovating your home versus the pros and cons of selling it and moving. It’s down to you to read through the information above and decide which one is the best for you.
- If no amount of renovations to your home will get it to the standard you want, it might be better to sell up and try somewhere else. However, if your standards are high and your dream house isn’t out there, improving on your current property could be the answer.
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Some other thinking about renovation:
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Transform Your Home:
This year is the perfect time to remodel your home. Apart from completely transforming the look and functionality of the place you spend the most time in, remodeling your home can be a great financial move as it adds tremendous resale value. If you’re interested in remodeling your home, read on for some of the best remodeling ideas.
- view post: Major Remodels to Completely Transform Your Home
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Make Sure to Budget:
There are many different reasons to remodel your home. You love your abode, but maybe you want to increase the enjoyment you get out of one element of it. Maybe you like the personal rewards of this kind of work. Or maybe you’re looking to increase the value of your home for an eventual sale.
- view post: 4 Tips on Starting a Home Remodeling Budget for Beginners
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- What comments can you share about
your decision to renovate or sell
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