Whether the initial love has faded or your home just isn’t working for you and your family anymore, deciding between selling your home and remodeling can sometimes be difficult.
So what you should consider, before making the decision, is — will you be more satisfied with the end result than you are with your home now?
What is the current condition of your home?
If part of the reason your home isn’t working for you or your family anymore is that several areas of the home need updating or improving, then you may want to reconsider selling your home. Often an outdated kitchen and bathroom can have a considerable effect on the resale value of your home, and a renovation of these areas may be necessary anyway to get the maximum profit from your home.
What is it you need from your home?
If you are thinking of selling your home because its current size or the size of your property is no longer working for you, or if the area in which the house is located no longer serves the needs of your family, then selling your home is likely the best choice versus a remodel. Renovations that add additional rooms can be a huge cost and inconvenience, and in most cases will not give you a good return for your investment.
What is your financial situation?
Another thing you need to consider before deciding whether to sell or remodel is your financial situation as well as the financial standing of your home. If the recent downfall in the housing market has made the value of your home less than the outstanding balance of your mortgage, you will definitely not want to sell. Also, if you are thinking of a remodel, you’ll want to be sure it will not put a financial burden on you or your family.
Overall, deciding on whether to sell or remodel depends on a number of factors, and contacting your local Realtor® is always a great way to get the best advice for your particular situation.