Should You Move or Renovate your Home? 4 Things To Consider
With the cost of housing on the rise, you may be grappling with this question – should you move or renovate your home?
If you are already in a house that is not that old and has a good amount of living space, then renovating may be a better option. However, if you have a smaller house and want to upgrade your living space, moving might be a better choice.
Several factors can also help you decide if renovating or purchasing a new home is the right financial and emotional option for you and your family. If you’re still unsure which one to do, here are four things worth considering.
Move or Renovate Your Home?
1. Cost
If you don’t want to spend an extra dime, moving out of your property and selling it as is might be a reasonable action. However, if you don’t mind spending a few bucks, renovating can be a game-changer. Not only can you improve the look of your home, but you can also set a higher price when it comes time to sell.
Additionally, home values have gone up substantially in recent years, and you could refinance, take some money out, and put it right back into your home.
2. Timing
Your family may be dealing with other life events simultaneously, which can make moving not only stressful but also illogical. If you move, you’ll have a lot to tick off on your moving checklist. Moving can mean arranging your changing schools if you have kids, dealing with new neighbors, and upending your life as it’s been.
If you don’t like that idea, you might be better off considering a renovation. But is it worth renovating now, or should you take advantage of your equity and sell?
3. Current Market Conditions
Check out the current market conditions before putting your house on the market. Selling a home may depend on different seasonal factors. Home sales are more likely to increase in spring and summer, and the asking price is more likely to be met or exceeded. If you have built enough equity, moving may be ideal.
The Knoxville Home Team can help you ascertain the direction of the market when considering the best time of year to sell. There are pros and cons of selling any time of year, and speaking to the Home Team professionals will help you sort that out.
4. Emotional Implications
Your family might be emotionally attached to your home and neighborhood more than you realize. The home is possibly where your child took her first steps or where you last saw a relative. If you are unsure whether or not you are ready for the stress of moving, think about these emotional implications.
Final Thoughts
Moving or renovating a home has its own perks. In the end, you have to decide which is better for you.
When you decide whether to move or renovate, it’s a smart idea to discuss this with other household members. No matter who the ultimate decision-maker is, including loved ones in the process will simplify the process for you all.
The Knoxville Home Team specializes in helping people work through home selling decisions. Believe it or not, Realtors are salespeople/counselors who help people make decisions that are right for them. We’re here to help!
If you are planning to renovate, see this post on renovating in the winter. It’s a good one!
If we can help you, please click here for our contact page. We’ll reach out to you personally and promptly.
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