Should You Renovate or Sell Your Home?
Unsurprisingly, most homeowners ask themselves this question at some point: “Should I renovate or sell my home?”.
The answer though depends on many factors including:
What renovations do you want to do?
How concerned are you about resale value?
Will the investment will be worth it.
Here are our top three questions you should ask yourself to help you decide whether to renovate your home or sell up.
- Are You Happy in Your Home?
It’s may appear obvious, but you need to understand why you’re asking yourself the question, “Should I renovate or sell?”.
Is it because you’re unhappy with your current property?
Or is it because you need extra space?
Or is it for some other reason, like turning a profit?
If you’re unhappy with your home, consider whether renovating your property will actually make you feel happier living in it.
While renovating your property can make a huge difference to how it looks and feels, it might be time to sell if the issues you have with your home extend further than it’s appearance.
- Do You Need Extra Space?
If you’re thinking about renovating to give yourself extra space, you may be considering extending or converting the loft into a bedroom. If so, it’s worth considering whether investing in an extension will be worth it in terms of added value.
It’s also good to think about how sustainable those changes will be. It may give you an extra bedroom, but if you’re planning on growing your family even further, will you still need to move in a few years anyway?
Sometimes, it can be more worthwhile, both financially and in terms of effort, to move to a larger property rather than extend.
To help you decide, it’s worth browsing properties for sale with your local estate agent to see what’s available and for what price.
- What Value Will Home Improvements Add?
Ask yourself, “Is it worth it?”.
Renovating a property can be costly and take time. While it’s important to enjoy your home and not always think about resale value, some home renovations, like extensions, kitchen remodels or bathroom refits, can be expensive.
Depending on the area you live in, you may not make your money back on the property. And if you’re planning on moving in a couple of years, you may not get the full enjoyment from the renovations yourself.
The best thing to do is speak to a local estate agent about your plans. They will complete a valuation of your property and advise you on home renovations that will potentially add value. You can also ask whether it may be more financially beneficial to move to a larger home rather than renovate.
We Can Offer Expert Advice
At Warren Powell-Richards, we are your local property experts. If you’re thinking about selling your home, our friendly team are happy to help.