Should You Sell or Should You Remodel Your Home?
Thursday Oct 06th, 2022
Your home, as they say, is where your heart is, and for so many homeowners, it’s a lot more than a saying. Their home is a place where they made so many memories with family and friends, and considering selling it can be extremely painful. But what do you do if your home is no longer meeting your needs? Can you simply remodel your home into the house you need? It’s a hard decision to make, to be sure, but some major considerations can help you decide which is the right choice for you and your family.
How Close Is Your Home to Perfect?
Sometimes, the changes you need to make your home right for today are small. For example, if you’re planning on aging in place, but all the bedrooms are upstairs, you might be able to add a small bedroom suite to the back or side of your home on the main floor, depending on the layout. This would allow you to continue to stay in your home, even if trips up the stairs were increasingly infrequent as you age.
On the other hand, if your remodel is more about a whole new look or going from a space that’s largely compartmentalized to an entirely open concept, that’s a huge change to a house that will require a considerable amount of time, effort, and money. In those cases, it’s usually better to find the house you want and sell the one you’re in.
Is the Neighborhood Thriving or Sliding Down Hill?
If your neighbourhood is healthy and thriving, and you love everything about it, it’s worth considering a remodel instead of just moving along. You never really know what you’re going to get with new neighbourhoods until you live there for a while, and besides, you certainly already know some people nearby. That’s a wonderful way to build community.
However, neighbourhoods can also deteriorate, and with them go property values, the quality of schools in the area, and sometimes even a sense of safety and security. If you’re pretty sure your neighbourhood used to be a lot better and you’re not always comfortable going outside at night anymore, maybe it’s time to look for a different zip code. There’s no amount of remodelling that can fix that particular concern.
Will Your Equity Buy the Home of Your Dreams?
Most importantly, you have to look at the financials. Remodels can take place over years, giving you time to spread out the expense, even if your equity won’t quite cover the costs you think you may incur. So, that dream kitchen might take a little while to become reality, but it’s still possible if the rest of your house makes you happy and you’re willing to wait.
On the other hand, if selling your house could get you closer to the home of your dreams with the equity you’ve secured, you can save yourself a lot of mess and stress by simply moving on to the home you want. If you’re moving to a different part of your city, or a different area entirely, that equity can easily buy something wholly different and potentially perfect, and maybe even shrink your house payment a little bit.