Renovate or sell? Consider the big questions

Your family is growing, but your home is not. You face the big question, then: Should you renovate your home or should you sell it and find a bigger residence?

The Chicago Tribune recently took a look at this debate in a feature story on its website. And the story does a good job listing the questions that you need to consider before deciding to sell or renovate.

You might love your home and your neighborhood. In that case, renovating might be the better choice. You can add space or make your home more modern, without leaving the Chicago neighborhood that you love.

But renovating isn’t the easiest process to live through. Renovations tend to take longer than you think, and they’re certainly not cheap. Before committing to a large-scale renovation project, make sure to consider whether you are willing to live with the mess and inconvenience that comes with big home-improvement jobs.

You should also consider the value of real estate in your neighborhood. If you sell your Chicago condo or single-family home, will you be able to land a big sales price? If so, then moving to a home that is already fit for your family might be the smarter choice.

And if you’re not in love with your neighborhood? Then selling and buying a new home again might be the better choice. Chicago is a city filled with interesting neighborhoods. Some are perfect for singles, others for families and still others for empty nesters. Depending on where you are in life, selling a home that was once but no longer is a good fit might make the most sense.

If you do decide to sell, make sure to work with a Chicago REALTOR® familiar with the neighborhoods in which you want to live. This is the best way to ensure that you nab the highest possible sales price after listing your home.