After years of raising kids, they’ve finally all moved out to start lives of their own. Your home now has way more room than you know what to do with, and you’re thinking it’s time to renovate and make it your own.
Do you really need all that room? What about the mess and hassle of remodeling? Sure, you and your family have emotional ties to the home, but wouldn’t it be easier to just sell it and find something more appropriate for this time in your life?
The short answer is yes, Empty Nester, and here’s why.
Remodeling Costs More than You Think
If you own an older home that needs a fair amount of updating and repair, it could cost you more to do so than to simply sell and buy a new home. Take into consideration the fact that you may need to hire professionals to complete the renovations. You’ll also likely need a contingency fund to cover delays and unexpected repairs.
If you plan to finance the remodeling project, it’s wise to use a mortgage calculator to determine the cost of your current mortgage plus the new line of credit versus buying a new home.
You Won’t Get Back What You Put into It If You Do Sell
If you do decide to sell your home after making renovations, it’s very unlikely that you’ll recoup all that you’ve put into the home. Most home renovations only see about a 60-percent ROI, so keep this in mind as you decide whether to renovate or sell.
Staying Put Can Get Boring
Although the familiar can be comforting, this new phase in your life can be a fresh start for you and your family. Selling your home and buying something new will better accommodate your needs right now without the hassle and mess of renovation.
If you’re looking to explore a new life sans kids, buying a different home can give you the excitement and new lease on life you’re looking for.
Renovating is a Pain
The thought of what your existing home could be is fun to think about, but the reality is, getting there is a real pain in the you-know-what. Having to deal with contractors, delays, unexpected repairs, and a dysfunctional home can be enough to drive anyone insane. While the selling process is certainly tedious, it’s usually much less of a hassle than making major renovations.
You Might Just Find that Dream Home
You can make any house a home, but how cool would it be to actually find that dream house you’ve always wanted? Once the kids move out and you decide to sell, the world is your oyster. You now have the opportunity to live in a home that’s perfect for you now.
Becoming an empty nester often leaves parents thinking it’s time for a change. Many decide to renovate the family home to make it more usable in this new phase of life, but what if you could do the same thing without all the hassle and mess. The reasons listed above make good arguments for selling rather than renovating.