Should You Renovate or Sell Your Home?

November 11th, 2021 by Administrator

Should I renovate or sell? Most homeowners face this question at least once while living in their current home. It is tough to decide whether they should fix their existing property or give it up and start looking for a new home for their family. Without proper property maintenance, any building develops fatal flaws inside as well outside those four walls. 

As homeownership is a huge investment, it is not easy to give it up. At the same time, a complete property renovation is a costly process too, and you are not sure about it. These situations make it harder to decide on a smarter move when your home just isn’t in the right condition at the moment. Let’s face it; many things keep you in dilemma at some point in time. 

There could be many reasons to sell an existing property and get a new one to meet your family’s growing needs. A lot depends on your neighborhood, attic space, and yearly weather conditions that are damaging your house foundation. You may repair or maintain certain flaws but cannot change a few things that make you feel discontent with your home. 

You may be thinking about giving up entirely or planning to renovate, but first, check things properly and research your local market before making the final decision. A professional real estate agent can help you with the property inspection and research the local market to help you make a smart move. But before knocking down your walls or listing your home on the market, answer these 10 questions to decide on your situation: 

  1. How is the local real estate market in your region?
  2. What are the bigger issues in your home? (Conduct a house inspection to know more about it)
  3. How does your current home compare or stand against homes in your neighborhood?
  4. If you decide to renovate your home, how much longer would you live there?
  5. If you decide to buy a new home, will you live there for 10 years or longer?
  6. Will your household grow in the near future? Are you planning to have kids or decide to live with your retired parents? 
  7. How do you feel about your neighborhood, neighbors, local market, and community?
  8. What would you most like to have in your home?
  9. Do you have a basement, an attic, or raw space outside that could be extended or finished?
  10. What and how do you feel about your home when you think about living it?

Answers to these questions depend on several personal and commercial factors depending on your current and growing needs and goals. Also, how much you are connected with your home and the neighborhood community plays an emotional part when you decide to leave your current house.

If you love location-specific qualities like access to the local market, school, and office, you will face a tough time while relocating to a new place. If this is not the case, you may consider purchasing a new property instead of going renovating your home. But if renovating can make your home livable again and you can live there for the next 5-6 years or so, investing in home extension, addition, and upgrades will work for you. 

As a team of professional real estate agents at GITTA Real Estate in California, we offer free consultation, assistance, and support to all our clients on matters of property investments, rentals, and upgrades. We understand that real estate investments are a big decision, and hence we help homeowners and property investors make the best decision of their lives.