If you desperately want to change the way your home looks, you only have a couple of options. You can either remodel your current home or sell your property and move into a house that already has all of the features you want. But which option is better?
Unfortunately, there’s no definitive answer to that question because each situation is different. Whether you should stay or go depends on several variables that are unique to you and your home. Here are a few things you should know to determine whether you should remodel your current house or sell your property and move.
The Cost of Remodeling
Regardless of what you choose to do, you’ll incur costs. So from a purely financial standpoint, you’ll want to figure out which option makes the most sense for you and your family. If you renovate, how much will your proposed renovations likely cost? Some expenses you’ll need to consider include:
- The cost of permits. If you want to make any structural changes to your home, you’ll need permits to do that. The same goes for changes to your electrical or plumbing system.
- Cost of blueprints. If you’re making structural changes, you’ll likely need to submit the new architectural plans to your city authority. And if you need to hire an architect to draft those plans, you must think about the cost of doing so. If you live in an HOA, you may need to submit plans to the board even if your city doesn’t require them.
- Cost of materials and labor. Figure out which materials you’d like to use for the renovations and price them out. Price out labor as well unless you’ll be handling that on your own. If you’re taking the DIY route, consider the cost of tools, equipment, and your time (which has value!) too.
Once you’ve estimated the cost of your remodel, add a bit more for additional, unanticipated expenses that might pop up. For example, you may need to stay in a hotel for a bit while larger renovations are happening. That’ll cost you money too.
The Cost of Selling Your Current Home
If you decide to sell your house and move, how much will that cost you? If you work with a realtor, you’ll pay several thousand dollars in agent commissions when you sell. Other expenses you’ll want to factor into the cost of selling and moving include:
- Performing repair work and minor cosmetic touch-ups before you list your house
- Cleaning and staging costs
- Moving costs (hiring a moving company or renting a DIY moving truck and equipment to move by yourself)
- The cost of purchasing a new home
If you’re considering renovating or moving because you need more space, you should anticipate paying a large down payment for a new house. You should also anticipate higher utility bills since a new, larger home will likely cost more to heat and cool.
Also, consider the state of the current real estate market because housing prices could be inflated for the size of home you’d like to purchase.
Your Timeline Needs
Both renovating and moving will take some time, so think about your ideal timeline for making changes to your living space. Talk to a local realtor about the average length of time it takes to sell a home in your area. Then figure out a projected timeline for the renovations you’re looking to make to your current home. Which timeline better suits your needs and/or preferences?
If you need to upsize your house because you have an upcoming addition to your family, understand that renovation timelines can change drastically. Availability of materials and contractor issues and delays can add weeks or even months to your projected timeline.
If you need more space in a hurry, selling and moving may be a better option. However, if the real estate market is out of control, you could have trouble finding a new home that meets your needs. When it’s a strong seller’s market, many prospective buyers put in multiple offers over several months before they’re successful.
Sell Your House Fast With We Buy Houses Columbus
If you’re ready to move and don’t want to deal with the hassle and expense of hiring a realtor, let us help you out! At We Buy Houses Columbus, we can help you sell your house fast, and by fast, we mean in just a matter of days. We’ll make you a no-obligation, all-cash offer for your home, and we can buy your house no matter what kind of condition it’s in. We buy houses throughout greater Columbus, OH, and the surrounding areas and can have an offer in your hands within 24 hours of our first conversation.