Should I Renovate or Move?
I know what you’re thinking: I've been asking myself this question for months!! This time of year gets us all thinking about if our current space fits our current needs. I'm going to guide you through the myths, best practices, and help you nail down your next steps. You ready?
The Real Question:
Have you considered adding a room, or maybe changing your floor plan? Maybe you’re in need of a downsize because your property is just to much for you to maintain. It’s not easy to decide whether you should remodel or if it makes more sense to move…. but if you’re feeling stuck on this question, you should probably re-frame it. Here is what you should actually be asking:
“Does this property fit my current needs?”
Taking the time to renovate might fix the problem, but finding a property that already suits your needs could be more financially responsible. You and I both know that the only real way to get the best ROI (return on investment) is to know the numbers.
Renovation Myth: Sticking to the budget will keep the project cost effective
McKenzie says to Casey "If we plan everything out beforehand, we can stay in budget!"
I am all about a good plan and budget! But any time you do a renovation, you quickly find out that there are always unexpected items. The problems happen when allocate $10 per square foot for tile, but fall in love with tile that's $25 per sq ft. Or you allow for $10,000 worth of appliances, but later Costco has the beautiful, higher end appliances right now. Or opening up that wall to make an open living space to find the support beam is rotten and your priorities change.
Selling Myth: I can list my house and just see what happens
Signing a listing agreement means that you have decided to sell your property. Being wishy washy about what your plan is could cost you hours of frustration and discouragement and your real estate agent hundreds of dollars. Making an educated, informed decision is the best place to start.
Ask yourself the hard questions. No one knows your needs better than you do. Putting pen to paper will help you clarify what really matters to you. Make sure you fully understand the pros & cons of both options.
- Write down you top 5 needs and wants of a property, in order of priority.
- Create a detailed list of what would need to be done to make your existing place fit those top 5.
- Get at least 3 bids per renovation project.
- Speak with a professional and get a current market analysis to see how much equity you have.
- Compare monetary and emotional expense for selling vs renovating.
Take the pressure off of selling vs. renovating debate. Instead, refer back to the real question: “Does this house and property fit my current needs?” If the answer is no (you probably wouldn't be this far down if the answer was clear to you), then what are you going to do about it? I challenge you to honestly answers these questions, and fill out the Top 5 sheet …because after all, you have to live here every day! And it should be servicing your needs.
How much is someone willing pay for your property?
Fill in the form below and I'll be in touch with your properties value! You may have more equity than you think.
All the best!