The biggest decision most people face in life is whether to sell or renovate their houses. This is one of those decisions where you will need to consider various variables. For instance, what is the current condition of the property market? What is the likelihood of a good return on investment? These are some of the important factors to consider when deciding whether to sell or renovate your house.
Here are some of the factors to consider when deciding whether to sell or renovate
i. Changing needs
The first thing to consider is the reason you are facing this decision. For instance, you need to change the school system of your children? Have your life situation changed due to family, changed job or health situation? You should consider the implications of your choice in all aspects before making the decision.
ii. The cost involved and outcome
Make a list of all the renovations you have in mind. Do you need to update the existing rooms or add another? If you only need a few renovations at a modest budget, renovation might be a good option than selling the house. However, if it is about a big plan that involves a huge price tag, selling may be a good option. At the end of the day, it is all about getting returns. Small renovations may significantly increase the value of your house.
If you want your renovations done right, it takes time, especially if it is a big job. Renovation may be an ideal option when you don’t have a specific timeline. However, if you don’t have enough time, renovation may not be a good option.
Think about your neighbours and the surrounding areas. If you have a strong and emotional connection with your house and neighbourhood, renovation may be a good option. You can hire a residential architect because he/she can envision upgrades and changes you may not see. Also, they will help you to get the maximum functionality of your house as much as possible.
v. The market condition
In the past, owners would put their houses on the market and immediately find interested people to buy. However, due to increased competition and low house prices, it is very challenging to sell a house.
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