Local couple, Peter and Jenny, wanted to place their property on the market and look for something smaller that better suited their needs after the kids had moved out. However, when looking at other listings for Blairgowrie houses for sale, they noticed that many of these listings needed a lot of work and realised that often when people need to make the choice of staying in place and renovating their house or selling it, that homeowners opt to sell.
When homeowners reach the point of deciding to renovate or sell, it’s because their home no longer meets their needs. Either they need more space because the family is growing, or they need less space because the kids have left home, or they wish to take on a tenant to ease the bond repayments, or they don’t want a pool any more, etc.
How to choose?
Do a detailed cost analysis of both options. How much will it cost to relocate, taking into consideration costs of an electrical certificate, transfer and lawyer fees, agent commission, and moving company? Chances are you’ll want to make small changes to the new property, so those need to be factored in too. And how much will it cost to renovate? Get pricing for all the changes you want to make, including plans and approval (if you want to build on), fittings, fixtures, paint, labor, and materials. Then add on 10% for any unforeseen costs.
when to renovate?
• You love the neighborhood and all the nearby amenities.
When to move?
• You trust your building contractor to do the best job.
• You need to be closer to work or want to find better schools for your kids
• You can’t handle the disruption of renovations.
• Renovating may overprice your home for your particular neighborhood ,you won’t be able to cash in on your renovation investment when you decide to sell.
If you have been through this decision-making process, let us know in the comments below what worked for you, or if you’re in a fix after making the wrong choice – what should you have done and why?
Visuals are courtesy of:realtor.com and dendovermep.co.uk
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