To Renovate or Not?
It’s difficult to determine whether or not it’ll be worth your time and money to renovate your home or just leave it be and sell it. Both options, depending on the circumstances, have good and bad, pros and cons. With all the options considered, the choice can sometimes be difficult. Below are a few things to consider when making your decision on renovating and/or moving.
First and foremost, what types of changes or upgrades would you like to make? Always make a list of the changes you’d like to see in your home. Be sure to include everything that you would need in order to complete the renovation. It’s important not to concentrate on the cost at this time, but what it is that you truly would like done.
Once you have completed the renovation list, identify the pros and cons of both renovating and moving. What will work out best for your immediate present and future? How much work is necessary in order for your home to be renovated to meet your needs and desires?
Now that you’ve completed the list, it’s time to crunch the numbers. How much is it really going to cost if you complete all of the items on your list? Is it possible to delay some items on the list until you have more money to spend? Oftentimes the cost of a complete renovation is out of your price range but you can always tackle one or two items at a time.
Where is the money coming from? Is it a second mortgage? From your home equity, or some other source? Is the extra financial burden to renovate your home worth the effort? How much more money will your home actually be worth in the end?
Time is of the essence. How much time will it take? Living in a home that’s under construction for an extended period of time is not appealing. Are you willing to make that sacrifice to have your home as a construction zone for a few months?
If moving is an option, then ask yourself these questions:
What can you afford?
How much of down payment do you have?
Can you find something in your price range that doesn’t require any repairs/modifications?
Will you be able to find the type of home that will meet your needs?
What is the housing market like?
Can you sell your current home easily?
Are you ready to uproot your family for a new location?
Do you need the extra space?
After you’ve determined the answer to the above questions it will help you come to a conclusion on if renovating is right for you. You’ll have confidence to push forward with certainty on your decision!
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