Today, for many homeowners, getting an answer to the question, should I remodel my house or sell it seems pretty far-fetched. While remodeling has become quite popular recently, it might be a more expensive venture than selling and moving on.
However, the choice you make would be dependent on several factors, which include the current condition of your home and the present state of the housing market. Therefore, before deciding on which option to take, you must take a cursory look at the pros and cons of both strategies and choose the one that best suits you.
Advantages of Remodeling
Your home may require remodeling to bring up to modern standards or to ensure its livability and functionality are maintained. Similarly, it could get to a point when your home functionality may not be able to meet your lifestyle as time goes by. So instead of selling your home, remodeling it could be a rather good idea. Here are some advantages of remodeling your home.
- Saves you the stress of moving: Moving could be pretty stressful, especially if you are moving between cities. Aside from the stress and moving costs, there are other challenges to deal with, such as finding a place close to your work, changing schools for kids, etc.
- Enhances your home’s value: Remodeling your home adds to its value. For example, a room addition or kitchen upgrades improve your home value should you decide to sell.
- Meets your preferred lifestyle: Most People’s taste and preference changes with an increase in income. So you can decide to remodel or customize your home in a way that fits your needs.
What you should know before remodeling your home
If you have chosen to remodel your home, then you must take cognizance of the following:
- The potential return on investment: One of the risks of home remodeling is overcapitalization. Ensure you carry out a proper return on investment research before remodeling especially if your goal is to remodel to have a good return on investments.
- Consider the neighborhood: You would have to consider the surrounding local market of your home before remodeling. For instance, if homes in the local market sell for $300,000 at best, you do not want to spend $75,000 for just upgrades for a house you bought for $250,000. It would be best if you get professional advice from realtors who would tell you about the current home values in your neighborhood.
- Duration of completion: Sometimes, remodeling plans may not go as expected. Remodeling delays can force you to extend your stay in a holding apartment, thereby costing you more on rent and mortgage repayments. Similarly, remodeling projects could come up with twists you never envisaged. Labor and material costs could change. So it’s is advisable you create an allowance for such changes when making your budget.
- What do home buyers want: Ensure you research what home buyers watch out for when buying a house in the local area. You can also connect with agents and find out what home buyers are looking for in your neighborhood.
- Budget: Always consider your budget and make sure you don’t go over it.
Benefits of selling your home
For some people remodeling their home is not an option. However, selling your home in Phoenix as it has some benefits that include the following:
- Sell quicker: You do not have to worry about remodeling delays should you decide to sell your home. If you are on a tight timeline, selling your home without remodeling is pretty much your best option.
- Saves you money on remodeling costs: Selling your home saves you renovation costs.
- Allows you to change your neighborhood if you need to: You can decide to forgo the cost of remodeling your home and sell if you seek to change your area.
What are the challenges that come with selling your home and moving?
The stress of moving to a new property after selling your home could be pretty problematic. Similarly, selling your home also comes with financial costs, which may include:
- Marketing costs
- Agent fees
Making the right choice
In deciding on whether to remodel your house or sell it, you would have to weigh the benefits and downsides of each strategy to see how it matches your needs. For example, while remodeling can help increase your home’s value and rake in profits for you, it could be pretty costly to carry out.
On the other hand, you can decide to sell your home in Arizona and move, but the stress and costs involved could be a cog in the wheel.
Whichever strategy you choose, make sure it matches your needs and expectations.