The Great Debate: Remodel or Sell?

If you’ve been watching a lot of HGTV, you may be wondering if it’s time to remodel…or time to sell. Ask yourself this question: If you could improve your home and make it the way you want, would you want to stay a few more years or are you just ready for a complete change?

Homes show wear and tear after a few years, just like anything that gets a lot of use. Color schemes and decorative styles that used to be trendy can begin to look outdated. And, you may not have been able to afford doing some home improvements until now. The good news is that interest rates are still extremely low and the economy is improving. So, you will likely get most of your investment back for any home improvements when it comes time to sell.

REMODELING: Planning & Coordinating Resources
home-remodelHome improvements can involve making small changes or quite substantial ones, such as adding a bedroom and bath to your existing home, replacing your kitchen counter tops, cabinets, and appliances. Your home should include the standards set by your neighborhood, but you don’t want to end up with the most lavish house on the block.

Before you make a decision on remodeling, make sure you are going to get what you want, at the price you want to pay, and that you’ll be happy with the results for at least several years to come. Get started by putting together the right team. You may not need an architect, but you may need the assistance of the right contractors, kitchen planners, and interior designers to help you pull it all together. You’ll also need to talk to your lender to learn how much you can borrow. And, as a REALTOR®, I can help you determine if the current market value will support the proposed improvements.

As you’re putting together estimates, you may realize that additional work is required you weren’t expecting. It’s important to plan for problems that may come up, unexpected design modifications that are needed, or possible delays on materials. Planning for the unexpected will help you control your budget and resources.

SELLING: Understanding the Current Market
If you’re unsure that remodeling is the way to go, you may want to remain open about the possibility of finding another home. As a REALTOR®, I might know of homes for sale that have the size, features, and finishes you’re wanting. After you view a few homes, you should have a better idea of what you want and what you like.

new-york-city-housing-marketBefore you make a decision on selling your home, I will create a comparative market analysis of similar homes to yours that have sold recently and are currently for sale so you’ll know what you can reasonably expect to net from the sale of your home. You’ll also learn how long homes are staying on the market and if other sellers are getting their asking prices. Together we can discuss a price range for your home, based on its location and current condition. If you’re happy with where your home ranks amongst the competition, then it should be a good time to list your home for sale.

Keep in mind that whether you decide to remodel or sell your home, change is inevitable. You will be opening your home to workers or to agents and buyers, and you may experience some inconvenience during the process. What matters is that you achieve what it is that you and your family want and need, and that you realize it will all be worth it in the end.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s