Should I Renovate or Sell?
If you’ve been keeping up with the news, you know that we are currently in a frenzied seller’s market. With a huge lack of inventory, prices have shot up, exacerbating the lack of inventory, as people don’t want to sell only to have to buy at a much higher price. Instead, many Collingwood homeowners are choosing to renovate their homes to add value and comfort, rather than selling and finding something more suitable to their needs. But, is that a good idea? Should you sell your Collingwood real estate or renovate it?
You need space
One of the biggest reasons Collingwood homeowners look to sell their homes is that they need more space. Either their family has grown or they have in-laws moving in or they just feel cramped in their current home. Unless you have the money and resources (ensure that it is allowed by your municipality) to add rooms, you aren’t going to magically gain more space in your current home. But, there are a few things you can do to make it seem like there is.
You could renovate your living space to give it more of an open concept. You could also renovate your basement if the space isn’t currently finished to add bedrooms, a kitchen if needed and a family living space. Getting rid of clutter and organizing your home will also make your home feel less cramped and free up precious storage space. Recognize that opening up walls and adding rooms can be expensive and could lead to other findings that could cost you more during your renovation and that moving might be a cheaper option. If none of these renovations will help, then you should sell your home and move up.
Your don’t like how your home looks
If you aesthetically don’t like your home, renovations may be the way to go. A $25,000 kitchen renovation might make you feel happier and will add value to your home when it is time to sell your Collingwood property. Finding the perfect home with a beautiful kitchen, bathrooms and with everything you need may be hard in this current market where competition is very stiff. If you don’t have a large budget for renovations, consider some of the smaller things in your home that make you unhappy with it. Fix obvious damage and paint the walls. Add that deck and landscaping you’ve always wanted.
Consider your budget
Renovations are expensive. So is selling your home. Consider how much money you have in the bank for renovations and how much would turn into debt that would take years to pay off. Now, consider how much equity you have in your current home and what your new mortgage payments would be. You could extend your mortgage in order to keep the payments lower, but ask yourself if that is going to work with your current retirement plan. Note that putting up your Collingwood property for sale and selling it will be very easy in this current market (which takes a lot of pressure off when it comes to showings and selling price), but that it may be difficult to find and secure a home you love after the fact. Contact a qualified real estate professional to get a look at what’s out there in terms of Collingwood real estate before deciding to renovate or sell.