If you’ve been thinking about whether to remodel your home or sell, you already know it can be a difficult decision. But you are not alone, BenBuys.wpengine.com wants to help you determine what’s the best decision for you and your family.
Making this decision is going to depend on a few things that you will need to weigh what their importance is to you. Once you clearly think these factors through, it should be clear what the best option is for you and your family.
To Remodel Your Home or Sell?
How attached are you?
If your home holds a lot of sentimental value, you’ll want to consider that. But it can’t be based solely on the emotional ties you have with it, after all, it is just a house. Memories can be made anywhere.
But the emotional factor isn’t just about it being where you grew up, or the fact that your children have lived most of their lives there – even though they’re only 10. You should consider the relationship you have with your neighbors. If you have good neighbors that you get along well with, that’s pretty hard to find.
And how about the school system, if you move will you be out of the school district you admire so well? And how about the community as a whole, do the officials take good care of the community and provide fun activities throughout the year?
These are all factors that you can consider before deciding whether to move or remodel and stay put. But next on your list should be the costs involved in either of those choices.
Remodeling – how much will it cost?
Make a to-do list of all areas of your home that needs to be changed before deciding to stay. But you have to be open and honest, listing every need you have and every repair or upgrade that is required to keep you in your home.
Then you need to determine the cost of those upgrades – are these upgrades something that you can do or would you need to hire a contractor? Whatever upgrades you can do will need to have the associated costs involved and the same goes for hiring a contractor. Get estimates from at least three local contractors in order to know what your budget will look like. Check out this remodeling calculator from RemodelingCalculator.org to help you determine your costs.
Be sure to consider the time it will take to complete any upgrades. If you are hiring a contractor, find out what their reasonable estimate is for how long it will take. If you are completing any upgrades yourself, be honest and determine how long those upgrades will take you to complete.
Moving, is it a better option?
Many people feel the need to downsize from the home they’re in. That can be a very reasonable solution but even if you are downsizing, you can end up with more costs if you don’t do it right. Or perhaps you just need more room for your growing family, again, be sure you are not going to take yourself above your financial means.
When considering the move option, you need to factor in all costs of moving, which include:
- Realtor fees
- Moving company or rental truck
- Loan financing
- Repairs required by the buyer, like carpet or appliances
- Down payment for a new home
Next, you should get an estimate on what your home may sell for. Ask a Realtor to give you an appraisal which will include values of homes recently sold in your area that are close to the features of your home.
Some additional tips to do before considering moving:
- Check your credit report and get any possible errors resolved
- Get yourself prequalified for a mortgage – this will allow you to see how much you can spend on a new home
- Look at listings in your desired area to see if you can afford it
Will you reap the rewards of an upgrade?
Many homeowners think that they can simply add on a room to a home and get their money back – and then some. But it doesn’t work that way, you still need to consider other homes in your area and what they’ve been selling for recently.
Those homes have to be as like-kind as your home, meaning; if your home has three bedrooms, two baths, a two car attached garage and an acre of land, then that’s what you need to look for in homes that have recently sold near your neighborhood – or at least as close to that as possible. Adding on a room may result in a complete loss, however, if you absolutely want to stay there and just want that added room that may be a risk you want to take.
If you’ve decided to sell your home, contact BenBuys.wpengine.com to see how you can sell your home for cash in hand, in 30 days or less. And be sure to check out what others are saying about working with Ben Buys Indy Houses.