There comes a time when a homeowner may feel their home is no longer serving the family’s needs. It could be that the family has increased in size, some repairs are needed, or you are just bored with how your home looks and want to change. You have two options. You can either choose to sell the home and move to another place or do some upgrades to accommodate the current and future needs of the home. To help make a decision, here are a few reasons why you should consider upgrades rather than selling.
Improving is Cheaper
There is no doubt that home remodeling is costly. From the kitchen, the bathroom, the landscaping, and even adding an extension to your home, you can spend a significant amount of money. In fact, in 2018 alone, Americans spent about $394 billion on home improvement projects. However, you cannot compare that with the cost of selling and moving to a new place. The expenses start from prepping the house for selling, paying a realtor their commission, taxes on transfer and sales, and the closing cost on the home you are buying. All that will cost more money than doing renovations to what you have.
You Get to Stay in a Familiar Surrounding
If you have been staying at a particular place for a long time, there is a high chance you are pretty familiar with the neighborhood. You get along with your neighbors, and some have become like family as you know the best place to get coffee and shop. In addition, you do not have to move your kids or change their school, as they have also established a close group of friends. You can still make home improvements to enjoy a new look of your home without the uncertainties of selling and moving to a new place.
Renovations Can Give You a Return on Your Investments
When home upgrades are done well, they can give you a return on your investment when you are finally forced to sell, maybe because of a job transfer or looking for a bigger home. Most of the time, when people are buying a home, the biggest issue is financing. Considering that about 30% of Americans have bad or poor credit, getting a home loan can be challenging. When you renovate, you can get good money out of your home, which can help you get another house without worrying about home loans. In addition, a home renovation can also help you earn income. For instance, you can renovate your basement and rent it out.
Avoid the Cost of Moving
Moving is costly when you factor in other costs like doing upgrades, putting the house on the market, and funding the move. When you hire a full-service moving company, the cost can get to over $10,000. Even when you have only hired the moving vehicle, it can still be costly, especially if you are moving far.
Customize Your Home To Your Needs
When you are doing upgrades, you have control over how you want your home to look. You decide whether to keep the kitchen walls or have an open plan with the finishes and fixtures you want and pick a perfect paint color. In addition, you can do upgrades, not only for the present moment but also for the future. For instance, about 90% of seniors prefer staying in their houses as they age. Customization can help you plan for the future by having wider doors, a bigger bathroom, flooring modifications, and installing smart home devices. These renovations allow you to stay in your home for a longer time. There is no limitation to any features you want when doing renovations.
Unless you have no other alternative than selling, you should consider home upgrades first. Apart from the listed benefits, you can also save on labor if you take on some DIY projects. However, be careful when choosing where to DIY and where to call a contractor. Any job where you doubt your skills, leave it to professionals.