Change of lifestyle due to change in marital status, income level, life goals leads to changes in tastes and preferences. If you have changed your lifestyle, you might have a reason to want to decide to sell or renovate your home. However, the final decision sways according to your needs and wants. Take your time to explore your options and make an informed decision. Here are a few guidelines that might help you choose between selling or renovating your house.
What Is the Current Equity in Your House?
Securing a mortgage is one of the easiest ways of owning a house. However, the ratio of equity to debt on your home can help you choose to sell or renovate your house. Even though you can still sell your home with the mortgage attached to it, you might want to sell the house at a price that clears the debt and relevant expenses.
Unfortunately, selling a home with a mortgage is easier said than done. In this case, therefore, you should consider remodeling the house to increase its value even after securing full equity in your home.
Your emotions can help you choose to sell or renovate your house. How do you relate to your neighbors? Do your kids love their current school and surrounding? You cannot move with everything to your new home. If you have a strong attachment to your current home, you might want to consider remodeling to avoid disrupting other aspects of your life.
When evaluating costs, you aren’t only considering the financial aspects; you also need to consider the time and resources required to make either option a reality. If you choose to sell your home, you will have to consider the time and effort needed to sell a house and buy a new one. Other monetary expenses, including moving costs, realtor fees, and bank fees linked to your new loan, will come into play.
On the other hand, renovations can demand a lot, including time and space, sacrificed to accommodate remodeling activities. You also need to consider the money you need to gather the right resources, purchase materials, hire the leading home contractors. It is advisable to create a budget, compare the costs, and choose the most economically viable option, depending on your interests.
Determine Project Viability
If you have identified a problem with your current home that you can quickly solve with a simple renovation, you might want to embark on the project right away. Renovation gives you the chance to turn your home into a house of dreams. You could customize it into whatever model and style your heart desires.
However, selling your home to buy a new one doesn’t guarantee that you’ll find a house with the features you need. You might as well end up renovating your new home and escalating the total costs. Weigh your reasons, pros, and cons to ensure you are choosing the most viable option.
Is the Council in Question Open to Renovations?
Council permits play a huge role in determining whether to go or stay. Sometimes, renovations can be time-consuming, especially if it takes ages for the council to approve the changes you desire to make in your home. If the authorities fail to approve your project, you will have no other choice but to sell your home and buy one that you can remodel or the one with the features you desire.
What if both options are viable and have ticked all the boxes on your bucket list? You could consider consulting with the experts to make a more informed decision.