Quarve Contracting
Wednesday 14 February 2018

Should You Renovate or Sell Your Home?

Posted by at 9:00 AM

With the current economic conditions, particularly uncertainty about interest rates and home values, many homeowners are weighing the pros and cons of remodeling their homes versus buying a new one.  A lot of people wonder whether or not they should renovate their home to something that they absolutely love or if they should just sell it and move onto something that they love more.

This is a common question and with so many choices out there, you might be stuck on which to do for the home that you have. Go over these specifics to find out if you should renovate or sell the home you currently live in.

Remodel Your Home or Sell?

Consider a Mortgage vs a Home Equity Loan: Chances are that whether you remodel your existing home or sell it and buy a new one that you're going to need a loan - either a mortgage for the new home or a home equity loan or refinance for your remodeling costs.  Which is going to be more affordable for you?  And can you justify the loan costs for remodeling in terms of how much value it will add to your home?  Often home equity loans have a lower interest rate, and you may get more bang for your buck, so to speak, if you opt to remodel. On the other hand, if your home needs extensive renovation, you might be better off selling and finding a home that's got what you want.

Consider Your Neighborhood: Do you like the neighborhood and school district that you’re currently living in? Are you going to be able to find another home in the same one? If not, then it might be ideal to stay where you are and try to renovate instead.

Consider Your Lot Size: Do you need or want more land or a bigger house? Adding to a home can be done when there is room to. If not, then you may need to find a bigger place or a larger lot if your current one won't allow room for an addition.  

The Value of the Home: The value of the home is going to make a difference. Do you live in a home that is going to cost more than the rest of the neighborhood when finished or does it currently? If so, might be harder to sell when the time comes. If it is not lined up with the value of other homes in the area, it is going to sit on the market for some time. Over-improving beyond the standard of nearby homes is a mistake many homeowners make - and later regret.  For example, adding an in-ground pool when no other houses around have one ends up being a detraction rather than a value-added item. On the other hand, if the current value of your home is on the low side of the average around you, spending money to improve yours might be wise, even if you later decide to sell.  

What Changes Do You Want?  Some things just can't be remodeled.  For example, if you dread that long drive to work each day, remodeling to make you happier with your house won't change that.  But if you want to spend less time on exterior maintenance and more time on relaxing on the weekend, then replacing components such as siding and roofing with maintenance-free materials makes sense.  The same is true if you want a more energy-efficient home. Updating your windows with energy-efficient ones can give you that without moving.  

If you’re looking for a way to renovate the exterior of your home, give us a call here at Metal Roofing & Siding of Minnesota. We provide numerous ways to boost the appeal of your home whether you want to renovate or sell, it since the outside really needs to stand out. Speak with us today to learn more!