A real estate agent and interior designer walk into a house… (insert punchline here). While one tries to convince you to stay and renovate the other guides you through suitable houses available on the market to convince you to sell. So, should you stay and renovate or sell your house?
It’s on TV so is it real?
This is the concept behind a popular property TV show, but it’s not real life. Making the decision to move or renovate is not a light-weight discussion. Pros and cons push and pull at your sense of reason, not to mention your bank account. Then once you make up your mind the real stress sets in because either way you choose your lives will be disrupted.
What does the market tell us?
When we see changes in the market and the value of our homes start to skyrocket, it’s hard NOT to think about selling. The sentiment goes out the window as we see dollar signs and the house becomes a building, real estate, rather than just “home”. Once you’re in the mindset that your house is a commodity that can be sold or purchased, the sentiment of staying fades away.
Should you sell your house?
It’s important to know what homes in your neighborhood are selling for today and talk to a real estate agent to learn whether your home can fetch those prime dollars. Then think about why you’re moving and what you’re looking for. Is it a bigger home, a better location? What would it cost to move to a different neighborhood? Your home could be worth more money, but what can you buy with the proceeds of your sale?
When market values increase, should you just ride the wave and do nothing to increase the value of your home? Or is this the right time to invest in your own property?
One of the first things I ask a client is, “why am I here?” Usually, they have gone through that conversation about staying or going and they’ve decided to make their home fit their current and future needs.
Should you stay and renovate?
Whether it’s an addition, a full gut job, and re-build, or a room reno the outcome must address their needs. That’s why it’s a big discussion at the start. It’s imperative that we know in advance what the outcome has to be. Sometimes a renovation may not be the answer. You’ll want to know that before the walls come down.
Talk to the experts about your house.
As your investment (your home) increases in value, consider that for every decade you are in it, you will probably have gone through at least one or two major life events and your home may need to adjust with the changes. Not just replacing a carpet but replacing a whole bathroom or kitchen, adding another story, or an addition.
The dollars you invest back into your home should make sense to the neighborhood house values. If you’re continuing to stay don’t worry about future buyers, it’s more important that your home fit YOUR needs.
Talk to the design and real estate pros before you make a life-changing decision to make sure there is a balance between the business side of home ownership and the sentimental side. Don’t wait for them to show up at your door, it won’t happen, except on TV!