Should You Sell or Renovate? How to Make the Right Decision

Deciding to sell or renovate is a dilemma many homeowners face. It pays to deep dive into the pros and cons of both before making your decision.

When your home is not meeting all your needs, it is time to weigh up the benefits of renovating vs selling. Both options present significant changes, challenges and outcomes, so it is important to fully explore all aspects such as cost, lifestyle, emotions, and the state of the Adelaide property market, before coming to a decision.

Selling your home, buying another, and renovating can all attract substantial costs. It is important to budget for all potential costs, to be sure you can afford to sell or renovate.

Start by obtaining quotes for the renovations or updates you would undertake if you were to stay. Then, allow extra for unexpected additional costs, such as relocation expenses if the renovations made your home temporarily unliveable.

Next, arrange a visit from your local Boffo real estate agent who can provide you with a free property appraisal and talk with you about the fees involved in selling your home and buying another, along with:

• The current state of the Adelaide property market - does it favour buyers or sellers?
• What similar homes are selling for in your area.
• What sort of sale price you can expect for your home, and to pay for what you want to buy.

Do you love where you live? Does the location meet all your needs – now and into the future? Is it a safe, tightly held, thriving location with good growth prospects?

If where you are living is ticking all those boxes, then renovating may be the right decision, especially if you are unlikely to be able to obtain the sale price you need in order to buy a better home in the same location.

As your property is most likely your greatest financial asset, it is important to weigh up whether renovating or selling is the most cost-effective long-term option. Your local Boffo agent can talk to you about:

• The risk of overcapitalising – spending more money than the property has the capacity to recoup.
• The risk of undertaking renovations that can detract from the future value of the property.
• What economists and market experts are predicting by way of mortgage interest rates and property prices.

How do you feel about selling your home? Is your family in a good mental place for the emotional upheaval of relocating? Do you have a strong emotional attachment to the home, such as the community vibe, the safe neighbourhood, or aspects that bring emotional comfort such as the view, the memories, or the garden?

If those things are highly important to you, it may be better to stay and renovate. If not, selling could be the right decision.

When you’ve deep dived into the cost of moving vs staying and renovating, the long-term benefits and risks of both options, and the emotions involved in selling your home, you’ll know if the best decision is to sell or to renovate.

Our friendly sales agents can help you find the clarity you need around what is a difficult decision for many Adelaide homeowners. Why not start with a free property appraisal, or pop in for a cuppa and a chat.