If there’s one thing we’ve learned about being a family person, it’s that a house will never be too small for everyone, even if that means cramping up on the living room floor or snugging it out in the backyard tent. But for those who have maximized their space and still need more to accommodate an arriving family member, that’s a totally different story.
If you’re one of the latter, great if you had months to prepare. But if the situation took you by surprise and you need more space in the fastest time possible, that can pull out all sorts of anxiety, frustration, and panic — and we absolutely understand. It’s not easy juggling work, home, and preparing for a new member to care for (or at least to watch out for). That’s why we’re giving you a short comparison on whether to renovate your home fast or just sell your home and look for a bigger, more accommodating house.
Pros and Cons of Renovating Your Home
Renovating a home sounds ideal, dreamy, and exciting because who wouldn’t want to have something new and different in their home? Not to mention a home where safety can be further guaranteed after all the works. But with all the potential risks that home renovation brings, do you think the benefits will still outweigh the cons? Let’s find out.
Pro 1: Increase Your Home’s Value
Improving your home can augment its resale value. Note that we’re using the word “can” here because a larger purchase price is not always guaranteed. If you are expanding your indoor space, it may be best to go for upgrades that give the highest returns or the highest increase in resale value.
Pro 2: Get Federal Tax Credits
Consider getting energy-efficient upgrades, and you’ll soon find yourself enjoying the benefits of tax credits. The federal government grants an energy tax credit to homes that install qualifying energy generators like solar-powered water heaters, small wind turbines, and the like. You can ask your contractor about this and see which ones would be the most feasible for you. There are also other tax deductible home improvements and you can check them out here.
Pro 3: The Design Can Be All You
This might be the most exciting thing about remodeling or renovating your home. You have the power to say which changes and additions are to be made, where to situate them, how big or tiny they’re going to be, and the like. If scouring through interior design magazines and guides has been your cup of tea, then this can be the time to let all that creative juices out.
Pro 4: No Need to Look and Spend for an Entirely New Home
Moving to a new home involves a whole other process of packing, sorting, looking for movers, finding a new home, and pushing through the emotions of leaving your community, friends, and family. Certainly, if you just renovate your home and stay, you won’t have to go through all of that.
Con 1: Additional Property Tax
If your home’s worth becomes more than its current value because of your renovations, you can expect that your property tax will also increase. This is most true when you are “building out” or expanding your home to cover more land.
Con 2: Works May Take Longer
There are plenty of factors that could delay the completion of your renovation. This could be weather-related, availability of materials, the performance of the workers, and the like. Since you will build extra space, the work required here is not as simple as a paint job. You need to be extra patient and flexible as your renovation goes along.
Con 3: May Take Up More Outdoor Space
Fan of the outdoors? Adding more indoor space will reduce your lawn. You can explore “building up,” though. This means that you add another floor up. Expanding your house vertically could save you money since you don’t have to pay for hefty foundation costs. You can check with your local county office how high you can go with your expansion since some areas don’t allow homes that are too “tall.”
Con 4: Renovation Costs May Be More Than the Original Quote
This is usually the most dreaded part of home renovations — going over budget. As much as you prepare an exact cost estimate with your contractor, additional expenses will be inevitable, especially when the schedule is extended and your contractor shifts to another supplier along the way. The good news is that you can try to offset this risk beforehand by hiring a fully insured contractor.
Why Is a Cash Offer Better?
If you’re unsure whether renovating is the most suitable option for you, you can also explore selling your home immediately to a professional cash buyer like Spire Property Solutions. You can sell your home faster, get the cash that you can use to start your new life, and avoid mind-churning contingencies. You can read through the pros and cons of a cash offer for a house, so you get a better grasp of whether this type of offer is what’s best for you and your family today and tomorrow.
Sell House for Cash to a Quick Home Buyer
If you decide to sell your house for cash to a quick home buyer like Spire, we can give you a free quote in as fast as 24 hours. We can also close within a week or two if there’s no problem with your paperwork. Give us your contact details by filling out the form below, or give us a call at (678) 318 – 1801 and let’s see how we can help you with your transitions better.