Wondering Whether to Improve or Move?
Unless you built a custom home, you may have a long list of things you’d like to improve in your current home. Browsing online listings might get you in the mood to upgrade to a new home, or give you ideas to improve or add onto your existing home.
Frequently at our open houses, attendees confide that they’re really just there to get ideas and do research on whether they should stay put and improve or sell their current home and buy another.
The answer to renovation vs. relocation depends greatly on what you’re trying to fix.
Thinking about a new kitchen? If you’re dreaming of a chef’s kitchen with new appliances and beautiful cabinets, renovating your own kitchen gives you good return on your investment and is almost certainly less costly than moving. You’ll increase the value of your own home if you ever decide to sell, and there’s a great sense of accomplishment that comes with completing a custom renovation. Plus, you’ll end up with the kitchen you want.
Need more space? If you’re running low on bedrooms, there may be fewer options. Converting an existing room to a bedroom doesn’t create any new space. If you’re in a condo, an addition is probably impossible. And additions can be expensive even if it’s a possibility. If you need more space and there’s room on your lot to do it, you may want to have a contractor provide an estimate, and then consider what the value of your home would be after you make the addition. If your value will increase by more than you’ll spend, then this could be a good option. However, be careful not to over-improve the home based on your neighborhood. And compare the cost of the addition to the cost of selling and buying. An experienced Realtor can help you with the numbers for comparison purposes.
If the neighborhood isn’t ideal You may have seen some potential for your neighborhood when you first moved there, but perhaps it still isn’t welcoming the shops and restaurants you expected. If that’s the case, consider moving. There’s no sense in waiting years for the neighborhood to improve, especially if you can move to a house in the same price range in a more preferred part of the city.
If you’d like information on current market values and trends, please fill out the contact form below and we’d be happy to help.