After 5 to 6 years of staying in the same home, you may be starting to outgrow your space or considering doing further renovations or upgrades to the existing house. Before you make the decision to sell and look for another home, it will make sense to assess the following before doing further work:
1. What is the cost and timeframe to do further improvments?
Depending on the extent and the scope of the renovation, construction can sometimes be extremely destructive on the daily functioning of your life.
2. Is it more cost effective to stay in the same home and make further improvement than to look for another home with less work or turn key?
If your project requires major retrofit such as moving walls or plumbing, it might make sense to shop around based on your needs. Speak to a real estate agent to assess your needs first and weigh out options.
3. Don't renovate for the purpose of selling.
Many sellers put in extensive work into renovating a space for the purpose of selling, thinking that 100% of how much they spent on the renovation can be recouperated from the purchase. Firstly, contractor quotes can vary 30-40% for the same scope of work depending on who you use. Material cost for finishes of equal quality can vary by 10-15%. The purchaser may not see the same value on your renovation if they feel that they can make the same improvements for less.
It makes sense to speak to a real estate agent before endeavoring on an extensive renovation project. If you are unsure if you want to do further work to your home, or sell and move, give me a call to discuss your needs. I'd love to help!