Renovating and Selling or Renovating and Staying

As we’ve mentioned recently – see More Equity = More Remodeling the current improvement in the economy and overall consumer confidence has led more homeowners to consider remodeling and renovations. For many, the next is “Now what? Do I remodel and sell or remodel and stay?”

Of course, each situation is unique but some general considerations might include:

Renovate and sell

  • Your family needs have changed. This is probably the biggest reason for selling and moving: either you need more space or it’s time to downsize.
  • The neighborhood no longer fits your needs. Perhaps you need a neighborhood that’s more kid-friendly or has better schools. Or maybe these are no longer prime considerations.
  • Affordability. Have local costs become too expensive?

Renovate and stay

  • You love your home. If your current home and/or location is ideal, why change? Make the necessary changes as needed and continue to enjoy your situation.
  • The cost of selling and moving. While your current home has no doubt appreciated in value, so has everything else so it all becomes relative. Add in the costs of selling and then moving and it may just make more sense to stay put.

And, of course, situations change and while it may not be the time to sell now who can tell what will happen done the road?

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