Time to Renovate? or Time to Sell?

homerenovations

Did you know that in our community, renovating is becoming one of the largest sectors of discretionary spending?

The discussion around renovating your home, often becomes a discussion of whether you should renovate and sell, or maybe renovate and stay. Often when families start to discuss moving, it is to correct problems they see in their current home. Sometimes these issues can be fixed by a simple renovation, such as a bathroom that needs a facelift, or refinishing a floor. Other problems such as not enough room, or needing one floor living when you own a two storey home can be more complex. When you begin to consider building additions, or repurposing main floor living spaces, it pays to fully consider your options. The cost of renovation may well out pace the value of the renovated home.

Another time families discuss renovating is when they have decided to move. Many times families downsize, or decide they want to enjoy condo living instead of maintaining a property, or perhaps just a change of area. In these cases, much thought should be given to renovating to place your home on the market. Studies show that some renovations will result in you increasing the value of your property by the amount you invested. Two examples of this are kitchens and bathrooms. You should always keep in mind that this is not always the case.

You should always consult with a professional when you are considering spending money on your home before selling.  Often buyers have entirely a different idea on how they would renovate your home if they were to buy it.  A larger percentage of home renovations are completed by people after they buy a home – ususally within the first 12 month of living there….

If you have questions, or are considering a move, call one of our real estate professionals.  They know their community and can help guide you in the right direction.

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