Should You Renovate or Move?

Michael Kenny
  • Nov 19, 2021
  • 3 min to Read
Should You Renovate or Move?

If you are looking at whether or not to renovate your current property or move, there are a number of factors that will need to be taken into consideration. These include the condition and size of your current building, as well as your budget and timeline for completion. 

This blog post takes an in-depth look at these considerations and highlights some important points that you should consider before making a decision.

Home equity is on the rise

Over the last nine years, home equity has been consistently rising and shows no signs of slowing down. It currently stands at a staggering $24 trillion, which is around 50 percent higher than it was nine years ago.

This recent increase in equity can be attributed to two main factors: rising property values and low-interest rates on mortgages. 

So while this may mean you have more money to play with when renovating or moving, it also means that there are fewer properties available for people who do not own their home but would like to buy one. 

In other words, if you decide your current house needs renovation rather than sale, putting off the decision to sell until later could result in prices being even less affordable for those looking to purchase homes of their own in the future!

Renovations are an investment

When deciding whether renovations make sense given the current property market, it is important to remember that renovations are an investment. 

If you have the time and patience, renovating your current home can be a great way of increasing its value so that if you do ever decide to move – whether for family reasons or because you want a better quality of life elsewhere – your house will fetch more on the open market than had previously been possible. 

You need to understand the amount of equity in your home

One of the first things you should do before deciding to renovate or move is to conduct an appraisal of your current property to see what its value is. 

This will help you make the decision about whether renovations are worth it, as well as give you a better idea of how much equity there may be in your home too.

If for instance, it turns out that even after extensive renovation work has been done, the market valuation still falls short of the amount you bought the house for – then this shows just how important understanding exactly where you stand financially can be when making decisions about selling up or staying put.

Get expert sales advice today!

Northwest Realty Group is committed to making sure you are living your “happily ever after” in your dream home. 

We’re here to help you make home buying and selling an easy and enjoyable process from start to finish. 
Our agents will work closely with you every step of the way so you can have peace of mind knowing that we’ll be there for any questions or concerns you may have. If you want to buy or sell property, then contact us today at 702-677-0039!

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