If you need to decide whether you should renovate or
move, start by reviewing your home and identifying what is currently lacking. Then
determine what it would cost to improve it.
Consider overall upgrades, such as
new windows, a new roof, or new HVAC and security systems.
Then examine each
room and determine how improvements could benefit your family’s living
environment, now and in the future. You might even consider the possibility of
adding one or more rooms.
With estimated renovation costs in hand, have a
brief consultation with your REALTOR® who
will be able to add the estimated cost of affordable renovations to your home’s
appraised market value. This will give you a rough idea of how much you might
be willing to spend on your next home, provided it has all of your desired features.
If such desirable homes are price over the cost of your current home after upgrades, you might be better off renovating. Your renovations may even add more selling value than they cost. A good REALTOR® can help you determine that too!
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