Doing a major remodel of your home may seem like an easier and more affordable solution than selling, but be warned.
It is a huge commitment and has significant downsides including stress, dust and mess, scope-creep and budget overruns.
There is also the risk of over-capitalizing on your property. Ask yourself what your home will sell for once all these changes are made: is there a profit in it for you? If not, then buying up is probably a better way to go.
Here are some additional reasons why it’s easier to sell and move up.
- If your building work is going to take a long time, you will need to budget for a rental which adds to the cost and means you’re packing up and moving everything anyway.
- If you’re not completely in love with your location, moving is an opportunity for a fresh start. And with your old home sold, you’ll know exactly how much you’ve got to spend.
- The future will look bright. You’ll be able to select a location that suits your current lifestyle, or is a neighborhood that’s closer to your job that makes life easier for you and your family.
- A new home can be your dream home. You simply move straight in and enjoy it from the first day. There’s an excitement level that comes from the kids choosing new bedrooms and having more space.
- Your world doesn’t become a construction site for months on end filled with dust and noise and you won’t have the stress of arguments with contractors.
If you’d like me to help you find your dream home, or would like an analysis of the current market and what your home could sell for, let me know. I’d love to help.