It has been many years since you bought your own property, whether it’s a house or an apartment, and now you are facing with the dilemma if to renovate it or sell it. Renovating is becoming more and more popular, but it can also be more expensive and usually takes longer than expected. So what is the best strategy? Here are some pros and cons to consider.
What are the advantages of renovating?
Your property will get old. that’s a fact.
But most properties can be kept in a very good condition through renovating and still look good for many more years.
Our lives change, and the reasons we had bought a house in the past, doesn’t mean these reasons will stay forever. For example, people get married, or have children, and now they need more rooms.
Main advantages of renovating over selling can include:
• Making your home more comfortable
• Making your home more functional
• Lowering the energy costs
• Increasing the value of your home
What are the risks of renovating?
One of the biggest risks is called overcapitalization. This means that you spend more money on renovating your house than you will get back in value. So decide on a budget, connect with agents like MLS Acobir to help you find out what people who are thinking about buying a home, are looking for in your area.
What are the advantages of selling and moving?
Some people just don’t have the desire or time to mess with renovating, so buying a house is the better option for them to get a new property that will suit their current needs and also move to a better location.
What are the disadvantages of selling and moving?
First, moving is a very stressful experience. This is one of the reasons why many people choose to renovate instead of moving.
In addition, there are also some costs involved in moving, like marketing, agent fees and conveyancing.
Which strategy is the best for me?
Renovating or selling is a personal decision that can be answered after considering the pros and cons of both options. Renovating can produce profits but it’s also a hard work.
Selling can allow to upgrade your home while also moving to a better location and neighborhood.
MLS Acobir, is the most preferred property list in Panama. Please contact us for all of your Panama Relocation and real estate needs.