It’s the question every homeowner asks at one point or another: Should I sell or should I remodel?
There are so many reasons why homeowners want to sell or remodel their houses. It might be because they need to find a new place nearer to your work, there is not enough space for your growing family or simply because there are too many things that need to be fixed. No matter the reason is, whether you sell or remodel your house you have to check your finances first. You have to know the pros and cons of selling versus remodeling your house.
Here are a few questions to ask as you make the king-size decision.
Should you remodel?
First up, Team Remodeling:
• Do I love my current home’s location?
• Do I have space (inside and out) for an addition
• Will remodeling address my biggest concerns about my home?
• Do I have a place to temporarily move during the remodel (or the patience of a saint to live in an “under construction” house)?
A YES to most of the above means remodeling is probably in your future.
Should you make repairs to your home before you sell?
A stat: According to the NAR (National Association of Realtors), around 37% of contracts fall through because of repair issues sellers could have addressed before listing their property.
This alone shows that while your home doesn’t have to be perfectly flawless, you should invest time and money to get it in working order. Here are a few must-fix items. (And trust me, if you don’t fix these now, you’ll be doing it later, promise!):
• Faulty wiring
• Grading and drainage issues
• Roof leaks and shingle problems
• Foundation issues
• Heating and air-conditioning problems
• Plumbing and septic issues
When in doubt, ask an agent what to address before listing. Chances are you’ll recoup some or all of the cost you put in when you sell.
If you are going to the remodeling route. You should check your budget. Sometimes, homeowners feel that it would be cheaper to do the renovation project by themselves. However, this might be more costly if they don’t know what they are doing. It would be better to find a reliable contractor for the renovation.
Should you sell your home?
Next up, Team Time-to-Move:
• Do you anticipate needing more space than a remodel can provide in the next 5 years? (more bedrooms, bathrooms, etc.)
• Will remodeling put your home above neighborhood value?
• Would you prefer a home that’s closer to your everyday places (work, school, shopping), or do you desire a different school district or a larger lot?
Resonate with these questions? Find a realtor and at the very least, take a look at what’s on the market. Sometimes moving in one direction is just what you need to clarify your thinking.
No matter how you decide to move forward, either way, there would money involve. Before making a decision, consider what is more cost-effective.
Whether you’re leaning towards remodeling or moving, send me a message. I’d love to do a quick analysis of your neighborhood and give you the stats you need to go along with your intuition! Don’t hesitate to give us a call at +1 (423) 595 7958 or you can click here and will be more than happy to give you a call!
