The age-old debate of whether you should love it or list it has been going on for a very long time. In this article, we will look at why renovating your home might be a better choice for you and your family than selling it.
1. You Love the Neighborhood
It goes without saying, but the location of your home is everything! The design of your home can be modified to suit your needs but the location can never change. You might already be living in your dream neighborhood and purchasing a new property in the same area might be an impossible task. Consider renovating your existing home and falling in love with it all over again.
Staying in the same neighborhood has other benefits such as being close to family and friends, and not having to adapt to a new neighbourhood. Staying put allows you to avoid the competitiveness of the housing market.
2. Housing Market
The housing market, especially in major cities, is very competitive. You may get caught up in a bidding war to try and get into an attractive neighborhood and this will lead to potentially overspending on a property. Adding an extension, renovating a basement, or simply upgrading the finishes will allow you to avoid the stress of moving and bidding wars.
In terms of the economy, interest rates are at an all-time high, which is causing major headaches for homebuyers who are trying to get approved for a mortgage. You may find that you are not getting approved for as much as you would like. Every situation is different, but at the end of the day, this may not lead to much of an upgrade from where you already are in terms of neighborhood, design of the home, and size of the home. The volatile housing market is enough of a determining factor to invest in your current property and stay put until things settle down.
3. Affordability
Depending on the extent of the renovation, it can be the more affordable option when compared to moving. You might find that you are not in love with the finishes in your current home and that it feels outdated. Renovating outdated kitchens and bathrooms, and upgrading finishes is nowhere near as costly as moving to a newer home. If you are considering moving into an older home then keep in mind that renovations may be required or finishes may need to be replaced in a few years, even if it is in move-in condition now.
4. Customization
Renovating allows for extensive opportunities for customizing the interior and exterior of your home. The opportunities are endless, and anything is possible. This allows homeowners the opportunity to design their home as they see fit to meet their needs, something they may not be able to do right away if they move. Customization allows homeowners to invest in layouts and finishes they actually want rather than compromising for the ones in a new home.
5. Investment
Renovating your home is a good investment for the future. It adds resale value and depending on the project, it may allow you the opportunity to rent out a part of your home if you desire. When it does come time to sell the property, you will most probably make up the costs of the renovation and may even ignite a bidding war!
