You have been living in your home for a while and you still like the place. However, it is no longer what you need or want. So, you probably start asking yourself, “Should I put my home up for the sale and move out, or remodel it and stay?” In order to answer this question, you need to consider certain factors, including your personal emotional attachment to the house, the potential return on your investment if you remodel it, and your financial situation. Here is what experts think you should take into consideration when choosing between remodeling and selling your current home.
Are You Emotionally Attached to Your Home?
Think about your relationships with your neighbors and your feelings about the area you live in. If you have strong emotional ties to both, then remodeling may be a better option for you. You can hire a residential architect, who will help you get maximum functionality out of the house you currently live in.
How Long Will a Renovation Take?
Many homeowners do not realize that renovation is a long-term and serious commitment that takes a lot of energy and time. For example, a complete kitchen remodel that includes new cabinets, countertops, floors, and appliances may take between 3 and 6 months. If there is also wiring or plumbing that needs to be done, that renovation may take even longer. A bathroom remodel takes approximately 2 or 3 months, and a room addition — not less than a month. You need to realize that you have to stay patient, which can be quite difficult. It is not easy to live in a house that is being renovated for months.
What Will Your Return on Investment Be?
Before opting to remodel or sell your home, you should determine your return on investment. According to the statistics, most home renovations do not increase the eventual sale price of a house significantly. Some renovations cover up to 90% of their costs, while others cannot cover more than 50%.
Are You Risking to Over-Improve Your Property?
If you decide to remodel your current home and renovate many aspects of it, you risk over-improving compared to other houses in your neighborhood. If you can sell your over-improved home at all, you’ll still receive less for it than you would if it was built in a different neighborhood with similar houses. If you decide to renovate a home in a neighborhood with starter homes, your renovation may not yield the return you would expect.
Is There Still Enough Space in Your Home?
If your home is small and your family is growing, a renovation may not solve this problem. In most cases, you can make your property look nicer, but you cannot make it bigger. Therefore, if you feel you have outgrown your current home and need more space for all your family members, you need to sell it to get a bigger house instead.
What Is Cheaper for You: Selling or Renovating?
For most homeowners, cost is the major factor in home-renovation decisions. Whether or not it is cheaper to do renovations and stay in your home instead of moving depends on numerous factors, including your mortgage situation and how much savings you have. It is important to realize that renovations require immediate, out-of-pocket expenses that you may not be able to afford. Selling your home instead will put money in your wallet now but will cost you a lot in the future.
Sell Your Home Fast With Purple Mountain Holdings
If you’ve decided that renovation is not an option and you want to sell your home in Colorado Springs, you have a chance to do it fast. Purple Mountain Holdings is a real estate investment company that is ready to buy your home for cash immediately. You do not have to hire a real estate agent, prepare your house for the sale, pay real estate commission, and wait until you get offers. You can sell it fast and receive more money in your pocket to achieve your new goals. Do not hesitate to give us a call to discuss the options and receive your cash offer.