Should I Stay? or Should I Go? Real Estate Edition
Once again, a confusing real estate market has some homeowners wondering if they should stay put in their homes and renovate or if they’d be better off selling and finding another home. Before you list it for sale, you should consider the advantages of renovating instead. Renovating your home can increase its value, improve your quality of life, and save you time and money in the long run. And replacing flooring with carpet or luxury vinyl plank can be a wise decision. Here we will look at the pros and cons of selling your home versus staying and renovating and explain why renovating is usually the better option.
Sell! Sell! Sell?
There are many good reasons to sell. And selling your home might be unavoidable if your situation changes. Growing families and changing jobs could make a move unavoidable. And, with the current state of the housing market, many homeowners are seeing the value in selling their existing home and cashing in on their property’s equity. However, before deciding to sell, it’s essential to consider the pros and cons of staying and renovating instead. Not only can renovating be a less stressful and more affordable option, but it can also increase your home’s value and make it more attractive to potential buyers in the future. So before putting up that “for sale” sign, let’s explore why renovating might be the better choice for you and your home.
“If homeowners could afford more home when rates were down and seem to enjoy the financial benefits of lower rates, this allows them to fix up their home with a little more financial comfort,” offers Realtor Jay Mills.
Cons of Selling
While selling your home may seem like a quick and easy solution, there are several cons to consider before making such a big decision.
Overall, selling your home can be a complex and expensive process. Renovating your current home may be a more feasible option, especially if you want to update it with things like new flooring. Speaking of which, let’s take a closer look at some flooring options that can give your home a modern update without breaking the bank.
Stay and Remake your Space
If you feel your home could use some updates, you might automatically jump to selling and buying a new home. But before you go down that path, it’s worth considering the benefits of simpler and easier renovations of your current home instead. Not only can you avoid the headache of moving, but you can also make your home more modern and livable in the process.
One of the most impactful ways to update your home is by replacing the flooring. Old, worn-out flooring can make your home feel outdated and dingy. By upgrading to a new carpet or luxury vinyl plank, you can completely transform the look and feel of your home. Carpet can add a cozy, warm feel to a room, while luxury vinyl plank is durable, water-resistant, and mimics the look of natural wood or stone.
Another advantage of staying and renovating is that you can tailor the updates to your specific needs and tastes. Maybe you’ve always dreamed of a spa-like bathroom with a huge shower and modern finishes. Or perhaps you’ve been wanting to open up your kitchen to create an open-concept living space. When you stay and renovate, you can make these changes and create the home you’ve always wanted.
And, of course, there’s the financial aspect to consider. Selling your home and buying a new one comes with a host of expenses, including real estate commissions, closing costs, and moving expenses. By renovating instead, you can often achieve the same level of update for a fraction of the cost. And don’t forget – when and if you sell down the road, those updates could pay off again with a higher asking price.
After weighing the pros and cons, it’s clear that renovating your home is often better than selling it. Upgrades like new flooring can give it a fresh, modern feel without the hassle of buying and moving to a new home.