List It or Renovate It

Hi, it’s Sean Engmann with today’s real estate tip of the day. Today, I want to talk about a dilemma that many homeowners face at some point: Should you love it or list it? In other words, should you upgrade your current house to meet your needs, or is it time to find a new home? This is a big decision with a lot of factors to consider, so let’s break down the key points to help you decide what’s best for you and your family.

First, take a close look at your current home and what’s motivating you to consider a change. Is it the layout, the size, or maybe just a few features that no longer suit your needs? If your home has good bones and you generally like the location, it might make sense to renovate or make some upgrades. However, it’s important to understand the challenges that come with renovations. Getting the right permits can be a complicated process, depending on the scope of your project. Managing the renovation itself—coordinating contractors, dealing with unexpected issues, and having strangers in your home for an extended period—can be stressful and disruptive.

Another thing to consider is the current market conditions. If it’s a seller’s market, you might be able to sell your home for a good price and quickly find a new home that suits your needs. But in a buyer’s market, you could face challenges both in selling your current home and in finding a new one that meets your criteria. Understanding the market dynamics can help you make an informed decision about whether to renovate or move.

Lifestyle and timing are also important considerations. Renovations can be disruptive, especially if you’re planning significant changes like a kitchen remodel or adding square footage. Consider how long the renovations will take and whether you’re willing to live through the construction process. If you’re pressed for time or simply don’t want to deal with the hassle, moving might be a better option. On the other hand, if you love your current neighborhood, have great neighbors, or are close to schools, work, or other amenities, staying put and upgrading your home might be worth the temporary inconvenience.

Think about the future, too. How long do you plan to stay in your current home? If you’re looking for a long-term solution, investing in renovations that will improve your home’s functionality and comfort might be the right choice. However, if you’re not sure how long you’ll stay, or if you anticipate other life changes in the near future—like a growing family, a new job, or even retirement—moving to a home that already meets your needs could be a smarter move.

Finally, think about the emotional attachment you have to your current home. If your house holds a lot of sentimental value, and you’re happy with your location and community, upgrading your home can allow you to stay in the place you love while making it more functional for your current lifestyle. However, if you’ve been feeling increasingly dissatisfied or if the home no longer suits your needs despite your emotional attachment, it might be time to list it and find a new place that better aligns with your future goals.

Deciding whether to love it or list it is a big choice, but by carefully considering your needs, your budget, and your long-term goals, you can make the best decision for your family. Whether you choose to upgrade your current home or find a new one, the most important thing is that your home works for you and supports the lifestyle you want.

If you have any questions about whether to renovate or move, or if you'd like to learn more about the selling process, check out my Power Seller's Guide. It is full of useful tips and information and comprehensively goes over the entire selling process.