To Renovate or to Sell - That Is the Question
There comes a time in many people's lives when they have to decide whether it would be best to sell their home or to renovate. Different factors must be taken into consideration such as financial planning and the desire to move and make a fresh beginning.
One thing to keep in mind is there is a good chance that a potential buyer will feel that your home needs renovations just like you do. This can influence the selling price of your home. You may have to make some changes and renovate whether you are going to sell or stay.
If you're sure that you're ready to move forward and purchase a new property, it's important to take a look at the ROI of any renovations you may do before selling. When you're working on a strict budget, you'll be looking at performing the renos that will add to your property value or make your home sell faster.
As far as the finances go, find out if your current mortgage is flexible and can incorporate the cost of renovations. If not, you may want to consider negotiating a new mortgage. There are a lot of different mortgage products that are available today that do offer easier fund access. There are cash back and power plan mortgages that you may want to look at. Your best bet is to contact a mortgage advisor that can help you figure out what is best for your own personal financial situation.
Your first step is always to look at your own desire to move. If money wasn't an issue, which route would you follow? Would you sell and buy a fresh new home or would you prefer to stick around and renovate your current home? Once you have that answer, take a look at the renos required. Will you have to do some of them anyway to make your home more sellable? Finally, you will have to address your finances. Do you have access to funds that will allow you to do the renovations required?
After you have answered all of these questions, you should be able to make a final decision. Once you have decided to sell or renovate, you'll be able to start working towards your intended goals with certainty.Posted by on