Recently, a lot of clients have asked me, “Should I sell, or should I renovate?” It’s a complicated question, so today I want to go over some questions you can ask yourself to determine which option is right for you:
1. Do you love your location? How is your relationship with the neighbors? Does your area fit your needs? Your land is one of the few things you can’t change, so if you don’t like where you live, it may be time to leave.
2. Do you have a contractor you like and trust? You’re going to spend a lot of time with your contractor if you decide to renovate. Depending on the size of your project, you could spend anywhere from six months to six years with them, so if you decide to renovate, make sure your contractor is a good fit.
“You can’t change your land, so if you don’t like where you live, it may be time to leave.”
3. Construction prices are increasing; can you afford to renovate? Within the last two years, new construction costs have increased quite a bit. With high inflation, the cost of a project could also increase as you work on it. Renovations come with a lot of unknowns, so make sure you have funds set aside to handle anything that comes up.
4. How much free time do you have? Renovation takes time. You’ll have people working for you, but you are your own best project manager. You have to be willing to devote time to renovations. It’s sort of like a wedding; you might have a wedding planner, but you still need to be involved in the process.
Hopefully, these questions cleared up whether you should move or renovate. If you have any questions for me about today’s topic or anything else, please call or email me. I am always willing to help.
