When to Sell and When to Renovate a Home that Seems to be Falling Apart

Posted on October 25, 2019

Leaving a house that we have grown to cherish and love is probably one of the hardest things to do in life. No matter how meager or simple a house looks, it will always have that sentimental value that will make it difficult to let go. But how will it be for a house that is falling apart? Are all the memories worth the makeover? Or are the damages signs for a brand new start? Say an apartment in New York City for example. We all know how costly properties in NYC are. Leaving a property behind and looking for another one will be hard. However, an NYC renovation will be challenging too. Hence, how do you know when to move on and when to give the house a second chance? This is probably one of the biggest decisions a homeowner will ever have to make. While finding a new home will definitely cost you a fortune, so does pulling through an NYC renovation. Hence, here are a few tips on how to decide which one to do in this situation:

  • Know what you have – First of all, you need to understand the value of your property. Is your home situated in a prime location where it easily appears meager in comparison to all the other properties nearby? Or is your failing house in a scanty neighborhood where people are not even likely to check for properties? If you decide to leave an apartment type home in a nonetheless prime neighborhood, chances are you will not be able to find another one as good as it is. On the other hand, if your house is in a neighborhood where houses do not sell as much, then it might be more practical to invest on a better property.
  • Know how much it will cost you to move out and to renovate – The most important consideration you have to think through in this situation is the amount of money you will have to shell out. Remember that if you decide to move out, you get no returns at all. Worse, you will have a lot to pay like down payment for the new house, taxes, and broker fees among others. Hence, moving out really needs to be worth it. On the other hand, be sure that all the expenses will be worth it in the long before you decide on a nonetheless costly NYC renovation.
  • Know how much the decision will affect your and your family’s lifestyle – Think about it. If you move, your kids might have to transfer schools; your travel to and from work will change; and you may not get to hang out with your friends as often. These are only some of the changes you could consider, but try to think of the more serious and life-changing transitions that your family might have to go through with this decision. Are these changes worth it? Will you be willing to give these things up for a brand new home, or is it more practical to renovate?

Our home is our most important investment. It is understandable that most people would love to keep their homes for as long as they could; however, if it is not functioning as it should anymore, maybe it is time to think about moving forward. However, deciding between moving and renovating requires exhaustive thought. Give yourself time to contemplate and keep these insights in mind to help you with the difficult decision.

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