You have bought your home and lived in for a number of years. The first time you bought it, it was likely to be an exciting moment for you. It felt better than great to live in your own home that you can call yours.
After some time, you may find that your home no longer feels so perfect and you wonder what you can do. Maybe you have at least one thing that you wish was different in your house.
For some, they would like to add more rooms; one more bathroom, a study, gym, guest room or garage. Others may want to change the kitchen layout, while others would love to have more storage capacity.
Some homeowners have more serious issues that are external factors. Maybe flooding in the compound whenever it rains, creating swampy marshy areas that can be a breeding ground for mosquitoes. Or a very noisy environment from the street, bars and clubs that sprung up after you already moved in, insecurity in the neighborhood or even long distance from their workplace which is now getting into your nerves.
All these issues can make you want to renovate or even totally get out of your home.
Here are some factors you should consider before you decide whether to renovate or sell and totally get out of your home.
- Competition – Is it too competitive to sell your home in your area? Or is it easy to sell at a good rate?
- What are the major flaws in your house? Is it too cluttered, cracked foundation, leaky roof, and not enough bedrooms. If this is the case, you may have to renovate your home, otherwise you are not likely to get a good price if you sold it
- How does your home compare to your neighbors? Maybe the houses around yours are of a lower standard and you feel out of place. This may impact the price of selling.
- How much longer would you live in your home if you could rennovate it. Do you see yourself living in that house for the long haul?
- Do you think your household will grow? Do you anticipate having a bigger family? Or more housemates? Is your house big enough to live comfortably?
- How do you feel about your neighbours? Maybe there is a pub or club nearby, which you do not want to expose your children to. Or generally, your neighbours are not the kind you want your children to grow around.
- What is the main goal of your renovation? To make it more liveable? To upgrade the standards? This will help you analyse how much you should budget.
- What would you most like your home to have? Is it a bigger house, bigger yard, or more square footage
- How are the schools in your neighbourhood? Are they suitable for your kids.
- How do you feel when you think about your home? How settled are you?
In summary, some of the amenities available in the neighbourhood may not be easy to replicate. So if you like the location, schools, and other access to amenities, then you should consider renovating and staying put.
If after you renovate, your home becomes more livable for a good number of years, and at the same time you can be able to withstand the mess and inconvenience that comes with major renovation, then invest in updating your house in a manner that will make your house a better place for you to live in and enjoy.
Before you start the renovation process, start with the following:
- Get an expert such as a contractor who can help you come up with a budget for the project
- Know how you are going to finance it
- As you are budgeting and planning, make sure you are not improving your house too much for the neighbourhood, otherwise selling later might be a problem
- Get the necessary permits required.
- Gather your renovation team, which may include contractors, interior decor experts, landscapers, etc.