How to Decide if You Should Remodel or Move

After living in a home for several years, it can be easy to discover things you may not be crazy about. While some things can be a quick fix, there may be major changes that make you wonder if they are worth the investment.

At this point, you're probably asking yourself whether you should remodel or find a new home. As you've probably realized, this isn't always an easy choice. There are many factors that go into this decision. Here are some things to consider when deciding what will work best for you.

1. Determine Which is More Cost-Friendly

While both options come with costs, one may be more affordable than the other depending on your situation. Some of the costs of selling include agent commissions, moving expenses, minor repairs, the cost of purchasing a new home, and potential upsizing expenses. Remodeling costs can include permits, architectural plans, materials, labor, and any additional expenses that arise during the project.

2. Look Into the Current Housing Market

Depending on whether your local real estate market is hot, it might make more sense to sell if homes are moving quickly in your area. By talking to a real estate agent, you can learn what to expect in terms of average days on market, sales prices, and other important factors that affect the selling process.

3. Decide If Your Roots Are Deep

Is your home more than just a house to you? If you and your family are actively involved in the community, remodeling may be the better choice. On the other hand, if there are better schools or job opportunities in another neighborhood, or if you're spending hours each day commuting, selling may be the smarter option.

4. Decide If a Renovation Can Solve Your Problems

Take the time to determine whether the issues with your home can actually be fixed. Is it really the house, or is it the neighborhood you no longer enjoy? Do you spend too much time commuting? Do you simply need more space? If your answers make you realize that renovations won't solve your biggest concerns, it may be time to put your home on the market.

5. Consider the ROI on Your Remodel

Calculating your return on investment (ROI) can help you determine whether remodeling will cost less than selling your home. It can also help you estimate how much of your investment you may recover if you decide to sell in the future. Review the latest Cost vs. Value Report to see which home improvements typically offer the best return and which may not be as cost-effective.

If these considerations help you realize it's time to sell your home, give me a call today!