When it comes to having a nicer home, should you opt to renovate or to move to a new home entirely?
Roughly 3 out of 4 Americans say that they would prefer to choose to renovate over purchasing a new home, according to a Zillow report renovation improves your house. From the perfect kitchen to walk-in closets, it’s a way to stay in your home and not deal with financial and emotional upheaval of the real estate buying and selling process.
You may want to put your home on the market or you may just want to improve what you have. If you’re trying to pick between buying or a renovation, check out these reasons why you might want to renovate instead.
You’ll be able to enjoy the improvements to your home.
You get to see your home not only become nicer and the way that you want it, but you’ll get to enjoy the improvements that you’ve made. If you stay and renovate, you can enjoy the fruits of your labor. As an added bonus, you can always sell for more thanks to the added value if you ever do want to move or place your home on the market to go somewhere else.
You like living in your home.
You don’t to get rid of your house; you just want to make a few changes. That right there is a reason to renovate! Instead of buying something new entirely, you can make the alterations that you want and enjoy your home even more than you do now. If you don’t want to leave and love your house, then you can do a small to large remodel or renovation instead of doing anything bigger than that.
A renovation is affordable and more practical than moving.
Home renovations are affordable and you can even get small loans or use your credit card to pay for them if you don’t want to pay in cash. If you have savings but don’t want to spend too much moving someplace else, renovations are the way to go. The vast majority of home owners might consider spending on renovations but would not choose to move.
The property will be safer.
If a renovation is going to keep your home from being too dated and it needs improvements when it comes to safety as well as aesthetics, by all means renovate! Nothing is worse than a property falling behind on maintenance. Research what you’d like to do and consider getting professionals to check that your wiring isn’t too old and your systems are not inviting mold.
If you still are in a mortgage for your home or have only been there a brief time, you may have minimal equity. This means your profit from a theoretical house sale would not be as great. Choosing key renovation projects like a kitchen renovation or new roof could improve your house and increase the value, as long as you choose wisely.
Always renovate over selling! Consult with a pro for your home renovation and see what your house could be.