Keeping Up with Real Estate: The Dilemma of Renovating vs. Relocating

There comes a time in every homeowner’s life when the inevitable question pops up: is a renovation worth it or is it time for a new house? It’s never an easy decision to make. For most people, their houses aren’t just lifeless structures, they’re also memory banks. You’ve celebrated milestones here. Your six-day-old baby threw up on the very carpet you’re standing on. You’ve spent Thanksgiving in this house year after year without fail. But now you realize that the kids are growing up, fast, and your house just can’t keep up with the changes. If you’re unsure whether it’s better to renovate or sell, maybe you should consult a real estate company. Real estate professional Retter & Company Sotheby’s International believes that you should find a good realtor to help you make the final decision. Here are some factors you may want to consider when weighing your options:

Relocation vs. Renovation

There is no straightforward answer to the question of renovation vs. relocation. Each situation is unique and it’s up to you to weigh the pros and cons. Assess your current situation. What are you looking for that your current house can’t provide? Is your current house to small? Do you want a child-friendly neighborhood? Creating a list of needs and wants against what you already have allows you to see which choice is better. Create a realistic budget. Budgets are one of the make-or-break factors in a real estate decision. You have to think in the long term. Am I going to stay here for another five years if it’s renovated? You need to know exactly what you want to avoid costly replacements in the future or unnecessary expenses in the present. Think of your future needs. Moving out or renovating may seem like a good idea now, but will it still hold true after five years? If kids are in the picture, how long do you need all that extra space? Will the cost be worth it in the long run? Your future needs are just as important as your current needs and should be a factor when you decide. There is no cookie-cutter solution to a real estate dilemma. In the end, it’ll be up to you to decide if your wants and needs match the practicality of each option.