The Millstone Times March 2019

HOME IMPROVEMENT

renovate or move?

By Lauren Kowlacki If you’re trying to decide whether to renovate or sell, here are some reasons to consider renovating rather than pur- chasing a new home. You will enjoy the updates you chose. Rather than making updates just before putting your house on the market in hopes of boosting your return on investment, consider renovating now to improve your own quality of life at home. You are emotionally attached . Sometimes the memories are too good to leave, at least for now. In this case, it may be better to remodel a couple rooms than reluctantly sell your home.

You have the money. If you have enough cash in the bank to fund your planned renovations without having to take out a loan, you don’t have to be concerned about higher monthly payments or rising interest rates. For older homeowners who have ample savings, an improved home with no additional debt is all the more enticing. You skip the cost of moving. Moving is expensive when you factor in the cost to make updates, place your house on the market, pay closing costs and the cost of moving. Especially if you’re expecting a modest net profit on your house, the additional cost to relocate may not be worth it. Your renovations build more equity. If you’ve only been in your house a few years and you have a mortgage, your equity in the house may be minimal. As a result, you wouldn't net much profit from the sale of your house. Be careful not to over improve. A swimming pool in a neighborhood where no other houses have one doesn’t add much value. You have the opportunity to customize your living situation. Building your own custom house isn’t always within your budget but renovating your ex- isting home to better meet your needs and daily habits may be doable. You may want an open floor plan between the kitchen and family room to make it easier for the family to hang out. Or, if you're retired, your renovations may focus on updates that help you age in place so you can stay in your home longer.

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