Whether the love for your present home has faded, or your home just doesn't work for you and your family anymore, deciding between selling your home and remodeling can be a difficult decision. So what should you consider before deciding to fix it or list it?
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. A dated kitchen or 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 because the size of your home or property no longer works 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 costly and inconvenient and in most cases will not give you as good a 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 . If your home's value is 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 your project will not become a financial burden.
Contacting a Realtor is a great way to get advice for your particular situation.