Renovate or Sell? What is the right answer?

Your home may be amazing. It might be filled with wonderful features and it might be in the best location. You probably loved your home when you bought it and it may have seemed perfect for you at the time. But the reality is no home is perfect. The longer you live in your home, the more your life ebbs and flows. And as that happens there is a greater chance that you are going to start looking at it differently. You might need more space. Maybe the small charming kitchen isn’t so charming after all. And so after some time, you start to consider – should you renovate your home or sell it.

Homeowners all over the country have pondered over this question. Especially with the real estate market fluctuation over the last few years. This has caused a trend of people deciding to renovate instead of sell. There is definitely a space for either decision in any real estate market. But there are many things you want to consider before you go forward with either one.

4 Questions to Ask Yourself Before You Make a Decision.

1.What does your family really need?

This might be a good time to hold a family meeting. Find out what is the real problem with the current space that you have. Get everyone’s opinion. After all, everyone has to enjoy your home. Once you can determine what everyone’s biggest issue with the current home is, find out what would be the ideal solution. Is it a bigger kitchen? Is it a separate office? Do you need an upper-level laundry? Find out everyone’s pros and cons will help lead you in the right direction.

2. What can you really afford?

Most people don’t love to have the money conversation. But you are going to have to get really comfortable talking about this uncomfortable topic if you want to make the best decision for you and your family. You will probably need the assistance of your Mortgage Broker for this step. Even if you end up renovating, getting all of the financial information you can help you make an educated decision. After you meet with the mortgage broker, get a quote from a project manager for what want to renovate. You want to be as thorough as you can be.

3. Are you really ready?

Whatever you ultimatley decide, your life is going to be in turmoil for a few months. While it’s true, there is never going to be a perfect time to do anything, you might want to check your calendar for any major events coming. If you decide to renovate your entire living space is going to be messy. If you decide to sell, besides the move, which is never fun. You’ll have to stage and prepare your home and then keep it as clean as humanly possible just in case someone books a last minute showing. You’ll have to find something to do every time there is a showing and during the open house. You have to be ready for the chaos of either a renovation or a sale.

4. Is it really the house, or is it you?

Do you have too much stuff? Is there clutter all over your home? Most people accumulate stuff. Over the years of Christmases and birthdays and sales at our favourite stores, our home becomes a storage locker for stuff. Have you given any thought to going through your home and decluttering and reorganizing? The Netflix star, Marie Kondo made this process trend in early 2019. She told homeowners to throw out everything that doesn’t “Spark Joy” in their lives. The results were happier people and healthier relationships. You can have this too. And is worth a real shot if it can save you money and time.

If you feel confident you’ve done these and you still aren’t satisfied. Then it is definitely time to either renovate your home or sell it. Here are things to consider.

It is time to renovate if :

  • You have the time and money to dedicate to the project. This is going to cost you more than you think and it is going to take longer than you expect
  • There is still a lot you love about your home. If you’ve gone through the steps and you still love it, you can renovate the issues. If you love the neighbourhood and your neighbours – don’t sell it. That is the stuff money can’t buy
  • You are a good money manager. As mentioned this is going to cost you a lot more than you expect. Having a good grasp of how to budget is going to be the key to your renovation success
  • You know what you want. If you have a good vision and the skills to verbalize it to a project manager or contractor. A renovation is for you. If you just want “ more space”, that isn’t going to get you the end goal want.

It is time to sell if;

  • You can’t stomach a renovation. As we mentioned, you are going to be living in a mess for the next few months. Workers will be coming and going and tracking all sorts of things into your home. If this is not something that you can see yourself living with, it might be time to sell. A home renovation has to be at the top of your priority while it is happening.
  • You can’t stand the things you can’t change. If you don’t like your yard or the neighbourhood that is a problem that you can’t renovate away. If the things you don’t like about your home are thing things that you can’t change, it is time to sell.
  • You don’t really know what you want to change. If you just know that there is a problem with your home, but don’t know how to fix it, maybe you’ll know it when you see it. Looking for a new home might be the answer if you just can’t quite describe what’s wrong with your current space.

There is no right choice between renovating or selling. It is a very personal decision. Challenges can arise in the middle of either process that might have you second-guessing yourself. Just remember why you started in the first place.

If you have decided to move forward with a renovation or if you need help from a professional to answer some of your questions to make your decision, contact The Renovators of Canada. Their experience and professionalism speak for themselves and they would be happy to help in any way they can.