Should you Buy a New Charlotte Home or Renovate Your Current One? Here are Things to Consider

Should you Buy a New Charlotte Home or Renovate Your Current One? Here are Things to Consider

  • Andy Bovender Team
  • 02/28/23

Perhaps you’ve lived in your current home for several years, and you feel your mind beginning to wander as you think about what else could be out there. Maybe it’s becoming clear that you need more space than what your home is currently equipped to provide. Before long, a key question will begin to present: Should I remodel my current home or begin shopping for Charlotte homes for sale? The answer is not the same for everyone. Here are a few relevant factors that can sway your decision one way or the other.

1. How much do you want to spend?

You can expect to spend at least 10% of the listing price to facilitate your home sale. You’ll need to set aside 5-6% to pay your realtor and the buyer’s realtor. Closing costs will also require another 2-5% of the total cost of the home. You may also have some repairs that must be done before your home can hit the market. All these costs are in addition to the time and energy you’ll devote as you prepare to sell your home. You’ll also spend money when you buy a new home on the process itself and repairs and renovations after you move in. If you’re buying a larger or more expensive home, you’ll also spend money each month on a higher mortgage.

This doesn’t mean that selling your home isn’t the best idea. Renovations won’t be free either. Depending on the age and the state of your home, you may need to spend tens of thousands of dollars to bring your home up to your desired standards. The ideal situation is that you’ll make this money back one day when you choose to sell your home. This shouldn’t be taken as a guarantee. There are other factors in play, such as the average cost of homes in your area and the specific return often associated with the renovations that you’ll do. Some renovations provide a higher return on investment, while others are notorious for not adding as much value as you might expect. If you choose to renovate your home, do your research to ensure that you’re taking on the right projects to increase your ROI.

2. How would you perform the remodel?

Most people have two options when it comes to remodeling their homes. They can either do the projects themselves or hire professionals to help. Working with a contractor will cost you more money, but it can also be a safer option. Many homeowners run into problems when it comes time to sell their homes because they made additions or performed renovations that aren’t in line with city codes. These issues show up during the home inspection and can make it difficult for the new homeowner to insure their home. Many people can also look at a home and tell from visual clues if the home has been worked on by a professional.

If someone arrives at your home for an open house or an in-person showing and they notice floor tiles that are out of line or other evidence of sloppy work, they will question how well the home has been taken care of in the past. If you choose to do any of the remodeling work without outside help, take special care to make sure you are doing the work at a high level and in a way that meets all local rules and regulations. 

3. How do you feel about your current environment?

How attached are you to your current home? Remember that your family’s feelings may be different from your own. If your current home is the first place where you and your spouse lived together, or if it’s where you first brought your kids home, there may be emotional implications to moving that should be factored into the decision as well as more practical or logistical matters. You should also think about how a neighborhood change could impact your quality of life. If you choose to move, your kids may have to change schools, or you may have a longer commute to work. You’ll also sacrifice relationships with your neighbors and any community amenities you enjoy. For some people, this is a significant con as they think about moving. Others may appreciate the possibility of a fresh start in a new environment.

Let us help!

If you decide that moving is the right decision for you, reach out to us at the Andy Bovender Team to begin the process of listing your house or shopping for Charlotte homes for sale. Our agents boast significant experience helping people buy and sell homes in the Charlotte area. We understand what it takes to find success in a competitive market, and will work hard to ensure you get the best deal possible!


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