One of the age-old questions when it comes to owning a home is whether you should sell your home or remodel it and stay put. If you’ve been living in a house for awhile and it’s just not cutting it for you anymore, then you aren’t alone. Many people deal with this on a regular basis, and then they raise the question of what to do next: do they sell or do they renovate.
Luckily, there are few things to consider from both sides of the picture to help you decide whether you should get started on Home Remodeling Phoenix | Signature Kitchen and Bath renovation or whether you should be looking at the market right now.
Before you can decide whether to renovate or sell your home, you need to first ask yourself what the home is worth to you. We’re not talking about money value here, but we are talking about sentimental value. If your home means the world to you or has sentimental value, then you should probably get your renovation plans ready to go. However, if you have no emotional ties at all to the home, then you might be better off trying to sell. If you want to stay and begin renovations, a contractor or architect can help you make the most of your space and create better functionality for your home.
A Better Budget
Many people find that budgeting is one of the hardest things about deciding whether to sell or renovate their home. However, having a realistic budget is crucial to this decision. You should be able to look a little further down the road and consider how long you plan to keep the home should you remodel it. If you aren’t planning to remodel, you need to look down the road and plan a budget for a mortgage to ensure that you have enough funds to buy a new home when you sell your current space. Many people speak with a financial advisor before making such a crucial decision.
When making this decision between renovation and selling, many people consider the space in their current home. If you feel crowded already and you have a large family or a growing family, then selling is going to be a better option. You can find a good home with plenty of space for expansion. On the opposite end, if your children have just moved out, you might find yourself with too much space. Selling is also ideal here to help make your home cozier. Some people choose to add on to their current home to create more space. This renovation is also a great idea for helping create more room, but if you can’t find a place for a new room, then you should probably sell.
A good question to ask yourself before going with the selling and moving decision is, “do you have a serious problem with the home?”. If you have rowdy neighbors, a bad school zone, or just a cramped space, then moving might be the best option for you. Some people need a lesser payment for their home. In this case, making a downward move, or a cheaper move is ideal. You should always check for a serious problem before you up and leave a place.
Before looking into renovation plans, you need to first see the length of time that renovations will take. You don’t want to get started, and your renovations take longer than expected. In this case, you are more likely to get frustrated and give up on your home. Renovations take a considerable amount of time and work, and you should be prepared for that work. Before you get your renovation plans together, sit down with your contractor and map out a timetable that you can plan on during this big change.
It is a common question and decision that homeowners make at some point in their life. Do they want to sell, or should they renovate their current home and stay put? No matter what you choose to do, the decision is never easy. You are going to be parting with something in your home, and depending on how sentimental you are, this decision can be one of the hardest decisions to make when it comes to owning a home.