If you are debating whether you want to sell your home or remodel it, then you have a very big and potentially expensive decision to make.
Selling your home involves a fair amount of stress and comes with a lot of costs. However, remodeling involves a different type of stress and can come with some huge hidden costs if things don't go as planned and hidden problems are discovered.
To help you decide whether to undergo a renovation or move on to a different home, consider the following.
The Costs Associated with Selling Your Home
If you opt to sell your home, there will be many associated costs, including:
- cleaning costs
- staging costs
- realtor fees
- closing costs
- moving costs
In addition, you will still have to pay for your new place to live.
The Costs Associated with Renovating
If you love your home and plan to stay in it for at least the next decade, then renovating it might make more sense than selling. Renovating comes with its own list of costs, including:
- building permits
- material costs
- contractor costs
In addition, when you work with plumbing or electrical systems, you will have some hefty bills from the sub-contracted work.
When Moving Makes More Sense
Moving makes more sense if you hate where your home is located. If you will renovate and still hate the location, then it's best just to sell and buy in a better location.
If there's something you hate about your house that you can't renovate away, then moving is best. The last thing you want to do is sink a ton of cash into a major reno project only to end up selling anyway and losing your money.
When Renovating Makes More Sense
If you love where your home is located but just hate the kitchen, bathroom, or bedroom spaces, then it makes sense to renovate. Renovating an outdated kitchen and bathroom can be done on a budget and are reasonable remodeling projects. However, adding a second floor or other major projects can be too expensive or make your home overbuilt for the area.
For More Information
If you need more help deciding whether to stay in your home and fix it up or sell it and move elsewhere, then a local real estate agent is the person you should speak with. They can educate you about the local market trends in your specific area and help you decide if it's better to improve your home or sell it along to someone else. In the event that you choose to move, a realtor can help you find homes for sale in a new location.