Sell or Renovate: Unpacking Key Factors to Help You Decide

In this episode:

00:00 – 03:57: Introduction and Real-Life Sell or Renovate Stories
03:58 – 06:23: How to Make the Best Decision for You 
06:24 – 11:31: Housing Trends and Navigating the Current Market 
11:32 – 13:28: Next Steps and Closing

In this episode, host Kelly Mould is joined by Michelle Van Engen, AVP Senior Mortgage Loan Officer with over 29 years of experience, to explore the crucial choice between selling or renovating your current home. This episode is packed with expert insights and real-life stories to help you make the best decision for your unique situation.

5 Key Takeaways

1. Uncover your “why” 

Discover the importance of identifying the reasons behind your decision to renovate or move. Whether your family is expanding, there’s an emotional attachment or the need for accessibility, understanding your motivations is key. Knowing your "why" can help you stay focused and make the best choice for you.

2. Market conditions are key 

Learn about the current seller’s market conditions, including low inventory, high interest rates and rising costs of materials and labor. These factors can significantly impact your decision.

3. Understand the financial implications 

Explore the financial considerations, such as the cost of renovations versus the potential return on investment and the impact of higher interest rates when buying a new home. Michelle emphasizes the importance of consulting a mortgage loan officer and a financial advisor to navigate these complexities.

4. Set yourself up for success 

Gather a team of professionals, like a mortgage loan officer and a financial advisor, REALTOR® and contractor, to gain a well-rounded perspective on the pros and cons of each option. Having a trusted team can provide valuable insights and help you avoid common pitfalls, making your decision-making process smoother and more informed.

5. It’s a personal preference 

Michelle shares real-life client stories, including a couple expecting twins who decided to move to a larger home and a client who chose to renovate their sentimentally valuable home. These stories provide practical examples of how different factors can influence your decision.