At some point, the space in which you live won't fit you quite as well. When this happens, you'll need to decide between selling your home and renovating. Understanding the pros and cons of each will help to make that choice a bit easier. 

Renovation Pros and Cons

Pro: Keeping Your Space

Perhaps one of the most important reasons individuals choose to renovate a space is because they aren't interested in moving. Renovations allow you to make alterations to a space that you already own, cutting out the necessity of moving and allowing you to keep all the other things you love about your home.

Con: Cost

Unfortunately, you're going to pay for the convenience of staying in one place. Major renovations can run into the tens of thousands of dollars, and you're not going to recoup all of that cost when you sell your home. 

Pro: Realizing a Vision

Another good part about renovating is that you can create something that's truly unique. When you undertake one of these products, you get to realize a vision in a way that's impossible to do when you move into a pre-built space.

Con: Time

Unfortunately, renovations take time. That time in which you can't use your space and time in which you're going to have to deal with construction. For some, dealing with construction simply isn't worth the hassle of dealing with the construction process. 

Pros and Cons of Selling

Pro: Making a Profit

Perhaps the best reason to sell is that you get to make money. In today's market, most of those who have put a few years to keep their homes in good shape will make at least a small profit when they sell. If you can list at the right time, you can walk away with significantly more than you might imagine.

Con: Moving

Selling means that you have to move. Not only are there often significant costs associated with moving, but you have to leave behind a home that you might have loved. For many, this emotional cost is simply not worth the profits.

Pro: Relatively Labor Free

If your home is in good repair, the actual labor involved with selling is minimal. You'll have to move out of your home and do some repairs, but you won't have to undertake the major work that comes with something like a renovation. 

Con: Uncertain Timing

Time is a factor in selling, as well. If you sell too quickly, you might have to rush to find a new place to live. If you sell too slowly, you'll have to deal with rising holding costs. Selling a home is never quite as certain as staying put. 

There are definite pros and cons to both selling and renovating. If you prefer to stay in one place and make changes according to a vision, you may have to deal with the costs and timelines associated with renovations. If you prefer to make a profit and move on, though, the drawbacks of selling means that you'll deal with inconsistency. Understanding the pros and cons of both will help you to make the choice that's right for your lifestyle and budget.



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