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Real Estate

Selling or Renovating- What Should You Do?

The idea of living in a luxurious flat in a prime location fascinates everyone. This is one of the major reasons why a lot of people are moving to SoBo – a prime location in the city. The growing number for 3-BHK flats for sale in South Mumbai clearly testifies to this fact. 

Having said that, not everyone is able to realise this dream. This is why a lot of people find themselves at a crossroads, deciding whether they should remodel their house or buy a new one. There is certainly no clue which can assist them in paving their way. If you have the same confusion, fret not. We are here to help you out from this ambiguity after taking into account all the possible factors of these two polar opposites.

If you’re stuck between looking into living spaces or renovating your home, consider the following factors. They will enable you to decide which path to opt for and why:

  • Evaluate why you’re in this predicament
  • Analyse your budget
  • Consider the advantages and disadvantages of each side

We will discuss each factor listed above and enlighten you about the pros and cons of the same.

Evaluate Why You Are in This Predicament

First, you need to figure out why you want to sell or remodel your accommodation. Analyse the factors that have placed you in such a position. Several reasons owe to this fact. Some of the most prominent ones include:

  • When people have issues with the neighbourhood
  • They want to live in a place that sits close to their workspace or family
  • They got a job in another city
  • They need more space to accommodate the growing needs of their family and the list goes on.

You might be experiencing all or some of these issues mentioned above or confronting some other problems. What is important to consider here is whether a simple home renovation can resolve your issues or not. If you are witnessing issues related to the layout, upkeep, space, remodelling a house can fix your issues. On the other hand, if you have problems with your immediate neighbours or neighbourhood, then move.

Having said that, home renovation cannot give a solution to all your problems. For instance, if your family grows, you need to move to a bigger place.

Analyse Your Budget

Your financial budget will actually decide your next move.

One of the most important considerations while analysing selling vs. renovating is your budget. Selling your living space and buying a new one is not a small feat. The situation becomes more complex if the market value is down and you are unable to get a suitable price for your current home.

That said, while home remodelling may sound like a safe choice, it often has some hidden costs. There is another predicament that hovers around the minds of the million- the money they are investing in renovating their house won’t be returned when they sell the home in the future.

Therefore, evaluate all the expenses as well as prospects. Analyse how long you are planning to live in the house in case you are renovating it. If you want to move in a few years, regardless of the condition of the property, don’t waste your money in renovation.

Hire a real estate agent which helpful to finding property. the other hand, if you like the neighbourhood and don’t want to move until your retirement, little renovation side by side can go a long way.

Consider the Advantages and Disadvantages of Each Side

Relocation and remodelling both have their own pros and cons. Now, this is the crux of the issue. What if money is not the concern and still you have to choose between renovating or moving house? What are the odds that you just want a change and not being compelled by the external factors?

Well, in that case, assess the pros of moving vs. remodelling, while also calculating the cons or drawbacks linked with both the options. For instance, if you are considering buying South Mumbai flats then first analyse all the benefits and pitfalls associated with it.

The Final Word

In short, if you are caught up between the dilemma of moving vs renovating a home, consider all the factors mentioned above. It goes without saying that renovation has its own repercussions while selling enables you to decide and construct the layout as you want. That is why selling has always been the prudent choice of savvy investors. It helps them to generate ROI.

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