Coming down from a hectic pandemic market, sellers are finally asking themselves: "What is my next move? Do I have to sell my house if I want something different?"
Selling is an option, but it is not the only trick we have up our sleeve. You can also choose to renovate a section of your home (popular rooms include kitchen and bathrooms) or build an addition on your existing lot. Choosing between renovating your home, adding an addition, or selling can be challenging. Each option has its upsides and challenges:
Renovation:
Pros: Can update your living space to a more suitable floor plan to help you stay in your home longer. Most renovations will increase property value and allow you to keep your current interest rate for longer.
Cons: Renovations can be costly and time-consuming; unexpected issues may arise. The renovations may also not change the space enough to meet your new personal needs. It can become a nuisance to live in the home during a reno, especially if it is a heavy traffic space or if pets and little ones are running around.
Building an Addition:
Pros: Provides more space and personalization while staying in a familiar location. You also get to keep your interest rate and boost the value of your home.
Cons: Expensive. It can create zoning or permit problems, and disrupt daily life. A lot of preparation is needed prior to the first sign of work. You may also put yourself in a position of over investing in your property and not be able to sell it for a price in the future to make it worth it.
Selling Your Home:
Pros: Opportunity to find a space that perfectly suits your needs.
Cons: The selling process can be lengthy and stressful, with its own closing costs and fees.
Overall, Consider your budget, long-term goals, and current real estate market conditions when deciding the best option for your situation.
I am sure most of you readers assume that a Realtor will immediately advise you to sell (I mean, hey, it is how we get paid). While some may have that motivation, Jillian, Jamie and Kayla want to use their expertise of real estate and the local market to determine the best choice for you. We actually just talked one homeowner out of a sale & addition and into only interior renovations on Tuesday. And we have our second walk through about this topic with a homeowner on Friday!
If this is a question you’ve been weighing about your own home, schedule a walkthrough with us and see what we can accomplish together! If you decide to renovate or put on an addition, we have amazing contractor referrals who will take great care of you. And if you decide to sell, we promise to lead you through the process to a smooth closing.
‘til next time,
Jillian
Every month Jillian Keck Hogan shares local real estate insight, advice, and more. To learn more about Jillian and her team, visit jillianhoganhomes.com and follow her real estate group on Instagram @jillianhoganhomes. Equal Housing Opportunity.
