Should you love it or list it? Depending on your situation, these factors will help you decide if it's smarter to remodel your home or simply move into a new one.
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Should you love your home or list it?
Many homeowners we talk to are thinking about remodeling projects and spending anywhere from $15,000 to $50,000+ on renovations, and wondering if it makes sense to just move to a new home instead. The answer really depends on your own situation, but you certainly want to think about whether the home will support your long-term needs if you make the upgrades, the eventual resale value of your improved home, and whether those improvements will pay off. There might just be something about your current house that doesn't work for you and your family at this time. Moving might make more sense, especially if you are over-improving your home for its neighborhood.
Depending on what you decide to do, getting your money out when it comes time to resell can be a challenge, so it’s worth doing a bit of research before you decide. If you'd like help with this decision, give us a call and we can help you run through the numbers for your individual situation to figure out what's best for you and your family. Be careful about over-improving for your neighborhood.
If you decide to sell, be aware that the opportunity is good in our market right now, especially if you're selling a smaller home and moving up into a bigger home. That's because the inventory of available houses in the entry-level market and lower price ranges is low, but it's higher in the higher price ranges. You could sell your house at a high-demand level and take advantage of decreased demand and better deals in the higher price ranges.
You can get a look at all the latest market statistics here.
If you have any questions at all or you'd like to discuss whether it's smarter to renovate your home or move, I'd be more than happy to help. Just give me a call or send me an email today!