Should You Remodel or Move?
Often, when meeting with prospective sellers, I hear the question, "Should I sell my home or remodel it and stay?" There's even a show on the home and garden channel called Love it or List it where a broker shops for new homes for a couple while a contractor remodels their existing home. At the end of the show, the couple must decide if they love it enough to stay or want to take one of the new homes found by the broker. Most of us don't have access to a TV show who will offer us this option so we have to decide if it is a better investment to remodel and stay in the home or just move out and buy what we want. Here are some tips to help you decide.
Look at Market Conditions in your area
Market statistics, the ones that really matter, should be hyper-local. Numbers in your county or city can vary greatly from the national ones put out by NAR and other organizations. Home prices can even vary from one neighborhood to another, depending on amenities, condition and crime in the area.
Look at your purchasing options
Living in an area where you can fetch a good price for your home might also mean it will be difficult to find a new home that is affordable. Look at your purchase options before making a decision to list. If you sell, will you have enough for a down payment? Will your payments go up in your new home?
Consider the costs
Statistics show that an average home renovation is less expensive now, around $4,000 down from over $6,000 in 2010. Looking at the cost, it's obviously less expensive to renovate than to move. However, most average families don't have that kind of money lying around and would need to take out a loan to cover the costs. This additional debt may offset the expense of moving in the long run.
Have An Awesome Week! Price: $239,000 Beds:4 Baths: 3 Square Feet: 1,755 Four bedroom home in La Cueva School District. Main floor has a bedroom and a convenient 3/4 bath. This floor plan features a nice size family room with raised ceiling and open to dining room. Lovely Master Suite with walk-in closet and viewing balcony.Make the upgrades count
If you decide to update your home instead of moving, make sure your upgrades add value to your home. Talk with a professional to find out if the upgrades you're considering have a good ROI or return on investment. Thinking about moving in 5 years? A pool might not be the best use of those renovation dollars. Upgrading your home with Green features, like energy efficient windows, that save money and add value are a great place to start.
Take a look at the future
It's a good idea to stay on top of city projects, especially those close to your existing home. Homes near schools, retail centers and other amenities, tend to hold their value better than those that require a drive for those things. Look at what your neighborhood has planned before making your decision. The decision to love it or list it is a personal one. Do your homework and make the decision that is best for you and your family and you won't regret it. If you've already decided to sell, give The Sandi Pressley Team a call today to learn about our marketing plan.
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