If you live in an older home that has outdated plumbing, wiring, and is generally in disrepair, or if you recently inherited an older family home, what do you do? are you going to sell it or stay?
It’s not an easy decision on whether you should just sell it or invest in it. The first thing you should do is give it careful consideration. You don’t want to just sell it off when it has potential, but you also don’t want to sink money into a losing cause.
Here are a few things to consider.
Renovate or Sell?
Before you make the decision to sell your house or invest in it, you should consult experts.
Get an Inspection
Have the home inspected by experts in each of their fields. This should include:
- Wiring and electrics
This will give you an idea of what is wrong, if anything, how much fixing these issues will cost, and how long it may take. These things will need to be done anyhow, whether it is by you or the next owner.
A few other questions you need to consider are:
Another thing to ask yourself before your sell the house is if you love the house. If it is your childhood home or a house you raised your own family, you may want to invest in the work. That way it is preserved for you to pass on to your family.
If the house is in a great location or even an up and coming location, it can be well worth the effort to renovate it. It may be worth a lot more in even a few short years, so that will off-set the cost to fix everything.
Do you have a growing family? Is the home big enough for everyone and all your stuff? A good-sized house in a great location with a long history in your family should be preserved.
Talk to a Contractor and Designer
Once you have had the home inspected, consult a contractor for a quote for the renovations that need to be done. Bring in an interior designer to discuss the layout and style you are considering.
Bring them on early so when the plumbing and wiring are being upgraded, you can decide what you want to do. This is the best time to plan out your new kitchen and bathroom when the work is going on.
Regardless of whether you are planning to sell the house or staying in it, this all needs to be paid for. Check out any loans you can get that are specifically for renovations, look at government incentives you can get for buying smart appliances and installing alternative energy sources, like solar panels, and any kinds of tax breaks there are.
Included in the cost will also be materials you choose, all permits and licenses, crews, inspections, and if you need to find alternative accommodations while the home is being renovated.
Ideally, the cost is always going to be a big factor. But, investing in the home initially will increase your return on the home, even if you are not thinking about selling right away.
Karin Ross Design
The husband and wife team at Karin Ross Designs can help you through all of these decisions. They have over 30 years of experience with renovations and remodeling homes.
Trust them to help and guide you to see what can be done and what needs to be done to bring your dream home to life. Investing in your home is an investment in your future.