When faced with the need for more space, updated features, or a change in lifestyle, many homeowners grapple with the question:

Should I renovate my property or sell it and move on?

This decision involves financial, emotional, and practical considerations, especially when dealing with homes 30+ years old, period or traditional homes versus modern properties.

Pros and Cons

Renovation Costs

  • Renovation can increase your property’s value while allowing you to stay in a familiar space.
  • Budget considerations include material quality, labour, and the scope of work.
  • Be mindful of hidden costs, particularly in older homes, where structural or compliance issues can arise.
  • If your property has good structural bones may a simple redecorate is all you need?
  • Evaluate your goals of what is working and what is not with your current home and obtain advice from professionals to discuss your options.

Selling Costs

  • Selling involves costs such as real estate agent fees, marketing expenses, and moving costs.
  • Consider the potential increase in property value based on current market conditions ie. can you buy what you are after in the current market or will you go backwards.
  • Evaluate your goals of what are your must-haves and what are your negotiables to find that property.

Period/Traditional Homes vs. Modern Homes

Period/Traditional Homes

  • Renovating a period home often requires special attention to maintaining heritage details, which can increase costs.
  • Restoring original features, such as ornate mouldings or stained glass, adds charm but may limit options for modern functionality.
  • These homes appeal to buyers seeking character, making thoughtful renovations a good investment.
  • There are many materials and finishes that are sympathetic to the traditional and period styles but have a modern touch now days too.
  • There will be lots of unforseeables in renovating a period/traditional or old home, but this is something that most will just accept due to the age and getting it to modern day standards, but contingencies should be in place to assist with planning and preparation of these obstacles.

Modern Homes

  • Renovations in modern homes often focus on upgrading aesthetics or functionality, such as open plan living or energy efficiency.
  • The sleek design of modern homes allows for easier integration of new trends, potentially reducing costs.
  • Modern properties may have a higher resale value without requiring extensive customization.
  • Renovation can simply be redecorating and space planning for a better outcome of the existing floor plan to meet the demand of everyday life. Hence why consulting the professionals like an interior designer to assist with you make a decision is important.

5 Tips for Making the Right Decision

1. Evaluate Your Long-Term Goals

  • Do you love your neighbourhood? Renovate.
  • Are you seeking a lifestyle change? Consider selling.

2. Understand Your Financial Situation

  • Get a professional valuation of your home as is and estimate the value after renovations.
  • Compare this to the cost of purchasing a new property.

3. Assess Emotional Factors

  • Staying in your current home offers continuity and comfort.
  • A fresh start might outweigh sentimental attachments.

4. Consult Professionals

  • An interior designer can provide insights into renovation feasibility.
  • Real estate agents can advise on market trends and potential resale value.

5. Consider the Market

  • Is it a seller's or buyer's market? Timing can influence your decision.

Final Thoughts

Choosing to renovate or sell your property is not just a financial decision—it’s a lifestyle choice. By carefully assessing your goals, financial capacity, and the potential of your current property, you can make a choice that aligns with your future aspirations.

For tailored advice on transforming your space, whether you’re staying or preparing to sell, contact RJP Design & Décor. We’re here to help you make your property feel like home, whatever path you choose.