Should you renovate or should you move?

To renovate or to move? That is the question asked by many a homeowner whose home isn't quite meeting their needs anymore. Perhaps your family is growing and you need an extra bedroom. Alternatively, maybe you're looking for a bigger living space and entertainment area. Whatever the situation is, you'll need to decide whether the best option is to renovate your current home or to sell it and find another one. Jawitz Properties takes a deep dive into how to make this decision.

Property valuation vs renovation quotes

The decision about whether to renovate or move can be an emotional one: you're essentially weighing up potential years of memories against the lifestyle that you want for your family going forward. There's a simple way to reduce the emotional aspect: simply take a practical approach and weigh the choices up in financial terms. By getting a property valuation from Jawitz Properties, you will get a very clear idea of how much you could sell your home for in the current property market. Your property practitioner will also be able to advise on the cost of properties in your area with all the features that you have in mind.

When you weigh up the value of your property and contractors' quotes for the renovations, it will quickly become clear in financial terms which is the best way forward for you.

Everything you need to know about property valuations

Doing a property valuation involves far more than educated guesses. The first thing a property practitioner needs to do an accurate appraisal is a thorough knowledge of your area. Market trends are a big factor in valuations, as are selling prices of properties that have recently been sold in your area. The specific location of your home, the size of your property and what it has to offer all play a role in reaching a realistic market value for your home.

If you decide to go the renovations route, the changes that you make could end up having a positive impact on your home's value. For example, if you replace old carpets with tiled or laminate flooring or create a spacious living/entertainment area, these alterations are likely to make a difference to your profit when it's time to sell. Renovations and stylish upgrades to your kitchen and bathrooms are likely to have the most significant impact on your property value.

A valuation from a property practitioner will give you a more realistic idea of a potential selling price than your municipal valuation. The municipal valuation does not take factors like the condition of your property or what it offers into consideration.

Things to think about if you decide to renovate

If you decide to go the stay-and-renovate route, there are three important things to keep in mind.

1. Renovations will almost always end up costing more than you expect. Leave room in your budget for extra expenses that crop up along the way.
2. The time frame that your contractor gives you at the beginning of the project may be ambitious. Allow some leeway in your plans.
3. If you are renovating to increase the value of your home, choose upgrades that will appeal to a broad range of buyers and be mindful of not overextending where necessary.

If you decide to renovate your home, the Jawitz Properties team is on hand to discuss what changes would be beneficial in your specific environment. If you decide to sell your property and find a new one that better meets your needs, we will provide all the real assistance you need along the way. Contact us and let's talk about your home journey.