Renovate or Relocate?

In a twist on the “love it or list it” approach of the popular HGTV show, many Atlantans are currently facing a decision between renovating their current home or relocating to a new home. I’ve previously discussed in this place the phenomenon of the hugely active housing market, with a record number of sales occurring and prices soaring. We’ve had one of the most active years in recent memory, and Atlanta home prices have increased almost twenty percent in many neighborhoods as compared to prices pre-pandemic.

Partially fueling this immense activity is the fact that many people were sitting at home, stuck in place, for months during the pandemic and had time to look about at their four walls and think about where they might prefer to live. Homes began to feel very cramped all of the sudden with parents working from home and children attending virtual school in their rooms.

Naturally, owners begin thinking about more space, and moving out of town didn’t seem as daunting a prospect when there was not a commute to consider (many workers will work from home permanently, and many others will go into the office less often than they did pre-pandemic).

But not everyone who wants more space or different space actually wants to MOVE, with all that a move entails. Some who love their neighborhood or other aspects of their current home are simply deciding to renovate or expand what they currently have. I’ve been approached by many clients who are deciding whether to stay or go. If that’s you, we are thrilled to meet with you and discuss the options and possibilities.

If you know you want to stay in place and renovate or expand your current abode, here are some tips and ideas:

·        Keep in mind that since many people are deciding to make a change, contractors are charging more than before and materials and supplies are more costly. You’re going to spend more renovating now than you typically would because so many people are making that decision currently.

·        Generally speaking, if possible, you want to keep the same number of bedrooms and baths in your home to the extent possible. While sometimes it may seem advantageous to combine two bathrooms, appraisals are in large extent dependent upon the number of beds and baths in your home so keeping the baths separate while improving them both might be the answer.

·        That said, you are renovating your home for YOUR purposes and comfort. It isn’t always all about resale. So if you have two small baths and want to renovate them into one large bath because you don’t need the two smaller baths, by all means do so. Because the other side of that coin is that when you DO go to sell your buyer may prefer the larger bath as well.

·         If your renovation plans can include improving upon outdoor space, in particular if you can provide outdoor space that is covered, this is at a high premium and that is unlikely to change anytime in the near future. People during the pandemic became more accustomed to being outside and therefore more are looking for homes that have outdoor spaces that are comfortable and usable in all types of weather.

·        Along the same lines, homes with pools have become much more valuable than they were before. While previously, pools could sometimes be a neutral factor (i.e., they may or may not add value in a particular home) these days pools add a lot of value. Again, I attribute this to the fact that more people are staying at home and entertaining outside. But of course I don’t recommend you put in a pool if you don’t really want one personally, however, because like other types of renovation and construction, you’ll find you’ll spend a lot more now than you would otherwise given the demand for construction at this time.

Given the cost of renovation and addition, and the hassle to you and your family, t’s definitely worthwhile to consider what it would entail for you to sell your current home and purchase a home that’s already done in the style or manner or is of the size that you want. Living through renovation is a lot more difficult than most people realize, and could take a lot more time than you think. We are always happy to consult with you and give advice as to what you could sell your current home for, and what you could afford to move to should you decide to sell and move rather than renovate. Please give us a call!REN