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Renovate or sell? What to know before deciding

For many homeowners, there will inevitably come a time where a decision has to be made: either make much needed home renovations or to ditch the house altogether. If you’re considering either, Hilary Farr and David Visentin, hosts of HGTV’s “Love it or List It,” have some tips to help you choose.

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Should I renovate or sell it? HGTV stars give tips

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Should I renovate or sell it? HGTV stars give tips

Play Video - 3:56

Deciding factor

“Everybody has issues in their house,” Farr said. But one main reason to stick around is this: location. If you live near good schools, good means of transportation and an updated area, that would be a good reason to stick around and put money into renovating your home.

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What to know when renovating

One of the fun parts of renovating is getting to pick and choose exactly what you want and how you want it. One of the less fun parts: the budget. And when it comes to deciding just how much money you’re willing to put into your project, Farr and Visentin both agree that a safety cushion of cash is a good idea.

“It’s almost always over time and money,” Farr said. “Always put it in a 15 to 20% contingency. If you’re lucky, you’ll get away with not spending it or spending less.”

What to know when selling

If you’re overwhelmed at the idea of listing your property, the good news is that homes are selling in less time (on average) than during the 2007-2008 recession.

RELATED: 14 things you can throw out of your kitchen right now

To help speed up your home's time on the market, try and boost your home’s energy efficiency as that is a great selling point for buyers on the market today. And don’t forget to focus on curb appeal to catch buyer’s attention.

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Anchors play ‘Love It or List It’ with HGTV stars

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Anchors play ‘Love It or List It’ with HGTV stars

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