Renovate vs. sell your home – now that can be a really tough call to make. As sentimental, habitual beings, we humans have a hard time uprooting from the places we’ve called home for years. However, there are instances when we must make the difficult choice to sell our homes and relocate. It could be that your family is quickly outgrowing their living space, or your San Antonio house simply doesn’t feel like home anymore.
So, what is the smartest move for you, then? Should you pick up the phone, get in touch with an experienced San Antonio real estate agent, and start looking for a new property? Or should you give your current home a fighting chance by giving it a makeover? The answer is not simple or universal, as it depends on many personal factors and circumstances. Here are the things you should consider helping you decide what’s best for you.
Renovate vs. sell your home – things to consider
After settling in for a while, you may find that your house lacks some essential amenities. Maybe there isn’t a place for the kids to play or a laundry facility on the first floor. Perhaps your family is expanding, and the space is no longer adequate.
#1 Consider the costs involved
Price is a significant consideration for many when making decisions about home improvements. The cost of selling vs. renovating is relative to the homeowner’s mortgage and savings. Unlike moving, which can put money in your pocket now but cost you far more down the line, renovations have upfront, out-of-pocket fees.
Therefore, before making a final decision, it’s crucial to list expenses related to both options and compare them. Make sure to list even the smallest details. For example, moving to San Antonio and hiring local movers is inevitable if you decide to sell your home. As you will need help from a trusted team, you must include these expenses on your list.
Your home is filled with lovely memories, so it’s normal to have a hard time deciding whether to renovate vs. sell your home.
#2 How attached are you to your home?
Your emotional attachment to your house and community may be deeper than you think. This is probably true when it comes to your family members, too. It could be the site of your daughter’s first steps or your final visit with an elderly relative. So before you make any rash decision, think about how the stress of moving will affect you and your loved ones emotionally.
#3 Consider current market trends
Even if moving is less expensive than upgrading, you may not be maximizing your return on investment. Before putting your property up for sale, it’s a good idea to familiarize yourself with the current market conditions and determine your home’s worth.
You should also think about seasonal patterns in the housing market. A home is more likely to sell at or above its asking price in the spring and summer when it is in high demand. Don’t rush but consult your San Antonio real estate agent and ask for advice first.
#4 Is now the right time for your family to make this step?
Moving is difficult and disruptive for everyone involved, and it may not be the best choice if you’re amidst other life changes. Moving could imply a difference in your mortgage, commute, and even your children’s school district. These are all crucial factors to consider before making any decisions.
When it comes to home improvements, they can be pretty expensive right away. Therefore, you should ask yourself if you can afford a pricey remodel at the moment, or would it make more sense to cash in on your equity and sell for extra money to put toward your retirement or education savings? Renovate vs. sell your home – pros & cons
Now, let’s compare the advantages and disadvantages of both options. Let’s start with renovating your home:
- Pro: By renovating your home, you’ll avoid selling costs.
- Con: Overcapitalization, or spending more on the renovations itself than the rise in property worth they provide, is one of the significant dangers of remodeling.
- Pro: It gives you the opportunity to make your home more convenient and comfortable.
- Con: Renovations can take a lot of time, so you would basically be living in a construction zone for a while.
- Pro: You can use this opportunity to boost your home’s value and lower energy costs.
On the other hand, selling your home also comes with a set of benefits as well as drawbacks:
- Pro: You can take advantage of your equity and upgrade to a better home.
- Con: Selling your home and moving can be quite stressful.
- Pro: You can make sure you purchase a property that meets all of your needs, which usually can’t be done with renovations.
- Con: The costs of selling and buying property can run into tens of thousands of dollars.
- Pro: Selling your home means avoiding the stress, chaos, and hassle of renovation.
Renovate vs. sell your home – which one will it be?
One of your most valuable assets is your home. It’s also the place where you feel the most comfortable and safe. Therefore, you must ensure it fits in with how you choose to live. If it doesn’t, then you should give serious consideration and decide whether to renovate vs. sell your home. Perhaps the best action for you and your family is to stay put and readjust your home. Or maybe it’s time to reach out to San Antonio’s real estate pro and start looking for a new place to call home. There is no right or wrong answer because it all comes down to personal preferences and finding something that fits your wants and needs.
Meta Description:
At some point, you might start feeling that your home is no longer right. But how do you decide whether to renovate vs. sell your home?
Photos used:
https://www.pexels.com/photo/multiethnic-couple-packing-ceramic-belongings-in-parchment-before-rel
https://www.pexels.com/photo/family-making-breakfast-in-the-kitchen-4259138/
https://www.pexels.com/photo/a-real-estate-agent-touring-the-family-inside-a-house-7414931/
https://www.pexels.com/photo/close-up-of-a-woman-holding-a-home-for-sale-sign-8469937/