If your home isn’t working for your family, you may wonder if it’s better to renovate or move to a new home altogether. Under normal circumstances, your decision would be based on your personal preferences.
For example, you might not consider renovation because you don’t want to live through a construction project, or you might not be able to can’t envision how to renovate your home so it meets your needs. If this sounds like you, you may choose to sell your home and shop for one that’s a better fit.
But these aren’t normal times. Due to the COVID-19 pandemic and historically low-interest rates, real estate inventory is low but the demand is high. That has created a frustrating scenario for many would-be buyers.
Homes in New Hampshire are only on the market for about 40 days before they’re sold; the average is 60 days. Plus, the median price of homes and condos has increased by about 25 percent since spring 2020. So why you may be able to sell your house quickly and for a good price, you may not be able to find a house to buy.
Renovate Instead of Sell
Given the challenging real estate market right now, many homeowners are opting to renovate instead of buy. Apart from avoiding the frenzied home-buying environment, there are multiple advantages to renovating, including:
You Get to Customize
When you renovate, you’re in control. Everything is customized to your tastes and preferences. You get to select the colors, finishes, and placement that suit your tastes.
You Get to Stay in Your Neighborhood
Renovating means you don’t have to leave a neighborhood you love. You won’t have to change your kids’ school or say goodbye to neighbors and friends.
You Get to Save Money
Yes, you read that right. When you sell your house, you must pay the realtor commission, which is generally 6% of the sales price. (That’s about $25,000 on a $400,000 house!) You’ll also have to pay closing costs on the purchase of the new house. Plus, you’ll have to prep and stage your existing home for sale. That process can get pricey very quickly.
That’s why renovating or building an addition are often better choices than buying a different house.
Learn More About Renovating Your Seacoast Home
Diamond Hill Builders is the Seacoast’s most trusted home renovation company. We have years of experience helping homeowners transform their homes into beautiful, comfortable spaces. From small projects to whole-house renovations and additions, we can do it all.
Contact us today and learn more about our start-to-finish process that reduces costs and eliminates delays and surprises. We look forward to helping you create the home of your dreams without ever having to pack a box!