After years of living in one property, there comes a point where you have to decide whether you should stay in your current home or find another place. Whether it’s because you have an increased need for space or simply that your property is getting too old for your liking, choosing between renovating and selling your residence can be a daunting task.
Things to Consider
We always tell our clients at Bunbury Real Estate to think about certain considerations before taking the leap of selling their property. If you are still in the process of deciding whether a renovation or a sale will work best for you, here are some things you can consider:
The Value of Your Property
There are many things that should be taken into account when assessing the value of your property. To make it easier for you, you can take advantage of our free house appraisal service. Our expert team at Bunbury Real Estate will help you determine the cost of selling your property and other important details that will give you an idea of what your expectations should be.
How Much Will the Repairs Cost?
The cost of repairs can be a deal-breaker, so it’s always better to be ahead of the game and find out early on how much the repairs will cost you. This will be helpful for you to decide if you want to keep the property or put it up on sale.
If you are going to sell your home, then you can prepare ahead since in most agreements, the seller will have to shoulder the repair costs. If you decide to keep the property, then you will have an estimate of how much you will be spending for repairs and what other steps you need for the maintenance of your property.
The Price of Moving Out
While finding a new place to live in is an exciting idea, knowing the cost of moving out is as equally important as understanding the value of your current property. The price of moving out is not just about the cost of the home you want to buy, it may also include repair costs, maintenance costs and possibly new furniture.
Aside from the monetary cost, you also have to think about the convenience of the location of the new home you will move into.
When you have all three numbers, you can start computing for your total amount of possible expenses and then it can be easier to decide whether selling your property is more beneficial than renovating your home.