Everyone has been spending more time at home during the pandemic, which has made a lot of people ask if their home is right for their new normal. You may be ready to sell it and just find the home of your dreams. Moving has its benefits, but it’s also very expensive and inconvenient. The other option is renovating your home to solve some of your problems, but it’s not without some inconveniences of its own. There’s a lot to consider about each option.
What Are You Hoping to Solve?
Before you can make decisions about whether to move or renovate, consider your reasons. If you are not happy with the school district, for example, no renovation can change that. If your home doesn’t fit your current needs, renovations from a home improvement company could solve the issues. Make a list of your current wishes and grievances to keep them on your mind as you’re making the decision to renovate or move. You should also think about how your current home will work for you in 5 to 10 years. Your home needs to be able to grow and change as your life stages change.
How Does the Real Estate Market Look?
Take some time to research the current market where you live and where you hope to buy. If you’re in a hot market, it can make sense to sell, but you also need to think about where you want to buy. Your equity may not go as far as you think if you’re planning on buying in another hot market. Think about the condition of your home. How much preparation will it take to get your home in good condition to get the best price? It may make sense to put your money toward renovations that upgrade your home and make it more livable. Talking to a local real estate agent can give you a better perspective. While you’re thinking about the market, you may also want to look at your finances and the economy. Many experts are anticipating a rate increase over the next year to slow down the economy. This could make renovating a better option than getting a new mortgage.
How Emotionally Attached Are You to Your Home and Neighborhood?
Moving is stressful by itself. When you add the emotional implications of leaving the home where your son was born or where your daughter had her first prom date, you may want to think about staying put. You might also want to consider your commute time. If a move requires a longer commute, that could play into your decision about selling or making renovations. How far away is your child’s school? If you’re in a good district where your kids have friends and activities, you may want to stay put until they graduate. Don’t forget to think about how close you are to friends and family, and about your neighbors and the community. Being close to your favorite restaurants or having easy access to public transportation can be another good reason to stay put.
Moving or Renovation Costs – Which One Gets You the Biggest ROI?
Moving is expensive, even if you’re just moving across town. Renovations aren’t inexpensive either. Whether you choose to move or to renovate, you’ll have expenses. The key is to make a good comparison between the two by considering all the costs.
Selling Costs
You may make a profit when you sell your home, but you’re going to have a full list of expenses before you get there. It’s likely your new home will be more expensive than where you are now unless you’re downsizing. Not only will your mortgage and homeowner’s insurance increase, but the utilities and maintenance could cost more than you’re paying now. Don’t forget about moving costs and agent commissions when you’re selling your home. Add up the costs of minor repairs and storage to get your home ready for the market. Think carpet cleaning, landscaping, painting, cleaning, and staging.
Renovation Costs
It’s a little easier to determine the costs to renovate. Most home improvement companies in VA are happy to give you a quote on your projects. But there are some underlying costs and sacrifices you make as a homeowner if you choose to renovate your home. You should also keep in mind:
- Can you handle living in a construction zone while renovations are underway?
- How can you plan your kitchen remodel to add significant value to your home?
- Are you over-improving your home, making it more difficult to sell in the future?
- Do you have 10% or so to set aside in case there are structural issues or unseen damage that becomes evident as renovations continue?
- How long do you plan to stay in your home?
- How do you plan to pay for your renovations?
ROI is important to any homeowner, but so is personal enjoyment in your home. Some projects, like building a wine cellar, for example, may bring you hours of enjoyment without as much ROI. On the other hand, upgrading your floors and tiling can give your home a stunning makeover. Renovating can improve your home’s value, which can impact your net profit when you do sell. Planning the right renovations with an experienced and dependable home improvement company can help you make the best choices in your neighborhood.
Renovate, Sell, or Renovate Before You Sell?
There’s no easy answer to making the decision whether to renovate or sell your home to meet your current needs. It simply depends. Before you make any big decisions, you need to talk to home improvement companies in VA and real estate agents to get the bigger picture. You’ll make the best decision when you have information about the market and remodeling costs for what you want done.
Hire the Top Northern Virginia Home Improvement Company
Gibson Home Services is ready to help you with renovations designed to yield the most value in today’s market, whether you want to sell right away or stay in your home for a few more years. We have experience remodeling Northern Virginia homes, throughout the greater area, including Prince William County homes, Fairfax County houses, Warren County residences and Loudoun County homes.
We can help you bring your home up-to-date for your life stage in Manassas, Falls Church, Rappahannock County, Fauquier County, Ashburn, Leesburg, Warrenton, Front Royal, Gainesville, Haymarket, Bristow, Chantilly, Marshall, Culpeper, Purcellville, Vienna, Centreville, Fairfax, VA.
Call Gibson Home Services at 540-364-1200 or contact us online to discuss your home remodeling needs.
