If you know you need a change at home but can't quite determine whether it would be better to sell your home or invest in renovations, there are some key factors to consider.

You wouldn't want to start spending time and energy on renovating only to realize that you will sell soon anyway, and the reverse is also true.

Trying to sell before renovations or without renovations can also be a major regret if you don't spend enough time researching and planning your best options for the ideal outcome you're looking for.

Is your desired change location-specific or more costly than selling?

The first thing to ask yourself is: Do you like your home as it is, or are you pining for something different that is more related to the location rather than the actual property? The one thing a renovation cannot change is the neighborhood, so start there.

If you adore the location, your commute, and your neighbors, but the layout could use some work, your best bet may be simply staying put and renovating. This is especially true if you know that you are likely to stay in this one spot over the long-term.

If your location is the main issue and you truly no longer enjoy the neighborhood, you need a different lot size, or the renovations you want would cost more than your property's market value, then you may want to start looking into selling your home.

Are the renovations you have in mind required for functioning?

Some renovations are just nice-to-have's like an aesthetic upgrade to the window shape or a redesign of the kitchen so it looks a bit more contemporary when having guests visit.
In other cases, upgrades are practical necessities like fixing a structural element or the plumbing infrastructure.

Yet, if you see that most of the renovation ideas you have are refreshing functional aspects that impact the way you live rather than just an aesthetic touch-up, it may be smarter to renovate rather than sell.

Are the home upgrades you envision due to fast-paced life changes?

There are some moments in life when living through the transition of a construction zone would be inconvenient at best. In those cases, considering relocating rather than renovating may be the way to go.

It is hard to add to a growing family or manage a job relocation, for example, if you're in the middle of major renovations. You'd be much better off simply selling and buying a new property in these sorts of cases.

When you don't know which way to go between renovating or moving homes, just ask yourself these questions, and you'll gain some clarity on the best path forward in your specific circumstances.

Courtney Edgar is a lifestyle journalist and copywriter based in Montreal. Her work has been published in HuffPost, Pop Sugar, Atlas Obscura, Explore Mag, and more.