Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it!

 

So if you’re considering whether to move or improve, here are three things to consider.

 

1. Will a renovation truly fix what you don’t like about your property?

If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen.

 

Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

 

2. How much will a renovation cost? How does that compare to the cost of moving to a new home?

It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help.

 

Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.

 

3. Beware of compromising versus settling.

 

Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal.

 

For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?


 

Yes, it’s a tough decision. If you’re in the midst of making it, call today, to get the facts you need to make the best choice for you.


 

 

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Do you have a renovation project in mind–and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:
 
Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.
 
Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.
 
Another high-payback project is the garage door. This once again
demonstrates the importance of a home’s “curb appeal.” If you’re tackling a big project, such as a basement renovation, you’ll be
glad to know that, according to the study, a project like this adds a lot of value.
 
Finally, minor improvements to bathrooms and kitchens–such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home. Of course, these figures are averages and can vary widely depending on
location, type of property, and other factors.
 
Need help determining how a particular home improvement might impact the selling price? Call today.
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