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Should You Renovate or Sell?

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Even if you’ve only lived at your address for several months, it’s likely that you’ve developed an emotional connection to your home. Despite a few hiccups like a pipe leaking, sink clogging or a kitchen cabinet drawer sticking, you might not be ready to sell your house and move into a new home. Renovating your house might prove a better choice.Consider the following factors before you make a final decision on whether to sell or renovate.Neighborhood – Is the neighborhood where you live starting to decline? Is crime increasing, causing property values to drop? It may be time to start house hunting and move into a better neighborhood. Renovating won’t change your entire neighborhood, so this decision is fairly straightforward.Family Needs – If your family is growing, you may need to move in order to give your children sleeping and entertaining room, especially if your children are getting older and want their own private space. You could also renovate and add one to two bedrooms onto your existing home.Age of House – An aging house often means that wiring, pipes and flooring are experiencing wear and tear. If your home has ever flooded or endured hard weather conditions, renovating may call for a roof replacement, new sidewalks, new floor tiles and painting. As part of your renovations, you may also need to replace utility equipment like your water heater or furnace.Job Situation – Think about why you’re considering moving. The chance to work a job that you’re passionate about or the chance to continue working with your current employer who may be relocating to a different town may make it easy to decide to move. If jobs are drying up where you live, you could open up to new job opportunities if you move. However, the chance to get promoted or take on a higher paying role may only come if you stay where you are. Should this be the case, renovating may be the way to go.Disposable Income – Renovating a house can get pricey, especially if your home requires a lot of structural work. Ask a home inspector to tell you how much and what types of work would improve your house. Count up the cost to have these repairs completed. Factor in any cosmetic work that you’d like done on your home. Be honest in determining whether you have enough disposable income to renovate. Compare the cost to renovate your home against the cost of taking on a new mortgage.Remember when relatives and friends visited after you bought your home, helping you to celebrate this new independent step? It wouldn’t be a stretch to say that you felt proud of your decision, a home choice that you made after weeks, perhaps months, of house hunting. Add in years of memories, children growing up in the house and huge family celebrations and moving might be the last thing that you want to do.On the other hand, moving could prove to be the best choice. Before you make a decision, consider the above factors. Doing so could help you to avoid entering the realm of regret.

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