To Sell or to Renovate: the Five Factors You Should Consider
Running out of space? Do you want to have a fresh new interior look? Dreaming of more light? If you are starting to feel cramped or need a change, you have two options: sell or renovate.
1. What are your needs?
What do you really want? Do you just need a change of scenery? If so, smaller renovations can make you feel better about your home.
Are you expecting another child? Even if your two youngest children can share a room for a while, they'll eventually need their own space. You'll need to set aside a space for each of them.
Your children are gone, and you want to create a home of your own, just for you?
Either way, you need to have a clear idea
of what your needs are now and will be in the future before you can assess the
scope of the work involved and decide.
2. Will the renovations you want increase the value of your home?
Fixing up your man cave, complete with a
bar and a bowling alley, may not increase the
resale value of your home. On the other hand, updating your kitchen or your
bathroom can make
your property more attractive.
When considering this, it is useful to
consult a real estate broker. They will be able to tell you if removing a bedroom to
create a larger room will increase or decrease the prospective sale price. In
fact, your dream layout may make your house less desirable to young families
who are looking to have several closed rooms.
3. Do you have the patience to live in a construction site for a bit?
Depending on the scope of the renovations,
you can expect to live in a serious mess for several months. In today's market,
you also must consider the scarcity of labour and materials.
If you are moving forward with a renovation, be prepared to be patient. It can take several months from the time you start the process to the time the work begins. Not only are contractors in high demand, but you must also anticipate the time required to obtain the necessary building permits.
4. Can you find what you're looking for in the current market?
Buying a new home can be much easier than
undertaking a major renovation. Home can be much easier than undertaking a
major renovation. However, you need to be able to find what you're looking for.
Team up with a
real estate broker to assess your needs and what's available on the market.
Before you put up a "For Sale"
sign in front of your home, make sure you'll be able to get your hands on a
property that suits you, at a price you can afford.
5. Do you like your current home?
A house is where we live our most important
moments, where we raise our children, and much more. These events will become
important memories in our lives and in the lives of our children.
Living in a house also means living in a
neighbourhood and building relationships with the neighbourhood and local
businesses.
Are you willing to give up your current home and its surroundings? You may be willing to invest in your home even if you don't get a full return on the investment you made in renovations.
On the other hand, you may be looking for a change of scenery or a break from the past. If so, you may be willing to put up with the inconvenience of moving.
Other things to consider
If you are looking to renovate your current home or instead of selling, be sure to consider the following additional factors:
- Does the structure of the house allow the work you want to do?
- What are the municipal regulations that you must respect?
- Will you have to temporarily move?
If, on the other hand, you want to find a new home, don't forget to include all the expenses involved, such as the welcome tax and moving expenses, in your calculations.
Ask for help
Deciding on whether to sell or renovate your home requires a lot of thought. Get help from an expert, such as an architectural technician or a structural expert. And, especially, team up with a real estate broker. They will help you see things clearly, based on your objectives and your budget.
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