Should I renovate or move?

The good news is that home values are up 4.3% from 2019! The bad news is that home values are up 4.3% from 2019!

Your current home may have been your dream home when you first bought it, but it can easily lose its’ luster without warning if your family grows, the kitchen falls out of style, or the home otherwise stops meeting your needs.

With home values going up, moving to improve your home is not going to be the best choice for everyone. There are so many individual family factors to consider in what will be a life changing decision whichever direction you go.

Evaluate your current home through the eyes of a stranger.

In other words, take the emotion out of the equation. Look critically at the condition of each room. Look past the paint and light fixtures, and focus more on things like doors, windows and trim. Are these items in good shape? Do you like the style? Or do these items need to be repaired or updated? Make a list by room, asking yourself, “What would I change in each room if I could?” Think of this as your pros and cons list.

Using your new list, highlight which items on the list would likely need to be repaired or updated in order to sell your home for top dollar. Contact a general contractor, and a realtor, to get some expert advice about the value of your home, cost of repairs or updates, and what is available in your neighborhood that would meet your needs.

Consider all the family’s needs when thinking about moving or renovating. Such as work commute times, school districts, access to services and retail, current neighbors, city government, HOA regulations and community services to name a few.

If you decide to stay, here’s what to do next.

After doing your due diligence you decide a home addition or renovation may be the way to go, next you’ll l need to do a little more homework. Going back to your list, highlight the things you would change or update in each room. Next, look at how your family lives in the home. What would you change in the existing home to make it work better for your family? Do you need another bedroom or bathroom?

Using this high-level information, meet with a general contractor to determine if your wish list can be fulfilled and at what cost. A general contractor will be able to share several observations such as which walls are load bearing, signs of foundation issues, type of foundation, side and back set back codes and overlay districts in your neighborhood. The general contractor will be able to answer most of your questions and will arrange for specialists to view systems such as HVAC, plumbing and electric to get you an accurate estimate for the work.

Renovating your existing home and adding square footage are two of the best ways to strategically improve your home’s value, which means more money in your pocket when you eventually sell. Grow your home’s value with smart projects and additions, and your net profit could skyrocket down the line.

For more tips on how to avoid the common pitfalls and learning how to choose the best general contractor for your project, read our expert tips.