by Allie Moffett
Not only is The Clash’s famous tune “Should I Stay or Should I Go?” super catchy, it’s also a question at the top of many homeowners’ minds. How do you decide to renovate your home or move onto the next? Should you stay or should you go?
Kelli Bastin of Bond Real Estate has experienced this struggle firsthand. “In the summer of 2020, I wanted to remodel my kitchen. We were going on our 9th year living there and had intended on renovating the kitchen soon after moving in.” Bastin continued, “When we finally decided we were ready, we had a designer come in to help us with the kitchen design. Not only was what I wanted not feasible in our space, but it was going to be more than triple the budget I had in mind.”
Bastin explained that while it was a lovely brick wrap custom home, it had lower square footage than most in the neighborhood. Putting that large sum of money into it would have been a poor investment choice for her, unless she planned to stay in the house forever. She decided it was a better choice to move.
From this experience, Bastin learned how to help fellow homeowners make this difficult decision.
Assess Current Needs and Future Goals
- Consider your long-term plans, such as growing your family or downsizing for retirement.
Consider Budget and Financing Options
- Calculate the cost of renovations versus the cost of moving, including agent fees, closing costs, and moving expenses.
- Explore financing options for both scenarios, such as home improvement loans or mortgage refinancing.
Analyze the Housing Market
- Reach out to your real estate agent to learn about property values and trends in your area.
- Consult a realtor for a comparative market analysis (CMA) to estimate your home’s current value.
Be Realistic About Renovation Potential
- Identify which areas of your home need improvement and whether renovations are feasible.
- Obtain quotes from contractors for the desired renovations to determine their cost.
Look Into Your Potential Return on Investment (ROI):
- Analyze the potential ROI for renovations by considering how they may affect your home’s resale value.
- Compare this ROI to the potential equity gain from selling your home.
For more guidance through this difficult decision, connect with Kelli. Learn more at bondrealestateco.com.
