In the dynamic world of real estate, homeowners often face a significant decision: should they sell their property vs renovate their current home?
While selling may seem more straightforward, considering the current economic climate, renovating your home can prove more innovative and advantageous. Let’s explore why renovating might be wise for you and your family in today’s economic landscape…
Increasing Property Value
One of the main benefits of renovating your home is the potential to increase its value. Property values might stagnate or decline in a challenging economic climate, so making strategic renovations can give your home a competitive edge.
You can attract potential buyers and command a higher asking price by improving key aspects such as the kitchen and bathrooms or enhancing energy efficiency.
Avoid Transaction Costs
Selling a property involves many expenses, including real estate agent commissions, solicitor fees, inspection fees, moving costs, etc. By renovating instead, you can bypass these substantial transaction costs and invest them in updating your home. Renovations improve the home’s functionality, aesthetics, and value, providing a tangible return on investment.
Flexibility and Personalisation
Renovating your home allows you to tailor it to your needs and tastes. With more people spending more time at home, having a functional space that suits your lifestyle has become essential.
Investing in renovations allows you to create the ideal living environment without dealing with the uncertainty of finding a new property. Renovating enables you to add personal touches, adapt spaces to accommodate changing needs, and create a home that reflects your style and personality.
Emotional Attachment and Familiarity
For many homeowners, their property holds sentimental value. Moving to a new place often means leaving behind cherished memories and starting anew. By renovating, you can preserve your existing home and neighbourhood’s familiarity and comfort while benefiting from a fresh and updated space. Revitalising your property through renovating allows you to transform your environment so you can continue creating new memories and experiences.
So, back to the question – should I sell
vs renovate?
While selling a property might seem quick, renovating your home can be a wiser choice in the current economic climate.
Renovations provide numerous advantages by increasing your property’s value, avoiding hefty transaction costs, and personalising your home. Assess your financial situation, consider the potential return on investment, and consult with real estate agents and your local builder (that’s us!) to make an informed decision.
Remember, renovating not only enhances your home’s value but also allows you to create a perfectly functional space that fulfils your needs and desires in terms of how you want to live!
Contact us today for a no-obligation chat if you are considering a renovation.