At some point in their lives, millions of homeowners come across the dilemma whether to renovate or sell their home. It’s no coincidence there are TV shows like “Love It or List It” that deal with this very subject.
The reason it’s so difficult for people is because there are so many aspects to consider—costs, neighborhood, moving, long-term equity, and on and on. There are some simple questions you can ask yourself to help you decide: “Should I stay or should I go?”
How is your area’s real estate market? Talk to a professional about the forecasts for your neighborhood and community. How does it look in 10 years? 20 years? There is a lot going on in terms of growth and development throughout Northeast Florida. Depending on what is happening around you, it can impact your decision to wait it out or move on.
A real estate agent can also give you an idea of how your home compares to your neighbors’ homes. If you decide to stay and renovate, this comparative data can help you decide how much you want to invest in your renovation, so as not to “over-improve” your home, which may hurt you when it’s time to sell.
If space is your issue, do you want more room or more rooms? Most people move because they need more space. However, there is a difference between upsizing in rooms and increasing square footage.
Perhaps you have a bonus room that can be renovated into a suite for your mother-in-law, or the back porch can be closed in to make a conditioned sunroom. Renovating your home to maximize your existing space better may be a great alternative to moving.
If you renovate can you create a realistic budget? Before you decide, take yourself through the scenario in which you stay. What would you change? Create a list and actual budget to see how much your renovation will cost. If you find that creating the home you want is easier and more within your budget to move to a new space, you’ll want to take steps to sell.
Either way, it is well worth your time to run the numbers and see if the investment in renovating will benefit you now as well as in the long run when you do decide to sell.
How do you feel about your home? I recently read that 70 percent of homeowners who debate between renovating and selling ultimately decide to stay and renovate. Why? Over the years, we grow attached to not just our house, but our community and neighbors—even our local grocers and bank clerks.
When you decide to leave, it can be an emotional decision. If your heart isn’t in it, you will know.
This is a big decision and not to be taken lightly. I would be happy to help you determine if renovating or selling is right for you. Contact me at (904) 501-1830 or [email protected].