Should I sell my home or remodel? That is the key question as the market has shifted. It is hard to resist selling when people are throwing cash at you. Now that the market is back to normal, the question is mot so easy to answer.
Your home is where your heart is. Therefore, for so many homeowners, it’s a lot more than a saying. Their home is a place where they made so many memories with family and friends. The highs and the lows shared in those walls. Thus, considering selling it can be extremely painful. But what do you do if your home is no longer meeting your needs? Can you simply remodel your home into the house you need? There are some major considerations that can help you decide which is the right choice for you and your family.
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Do I Sell My Home – Is Your Home Still Perfect?
Sometimes, the changes you need to make your home right for today are small. For example, if all the bedrooms are upstairs, and stairs have become difficult for you. In that case, you might be able to add a
small bedroom on the main floor. This would allow you to continue to stay in your home, even if trips up the stairs were increasingly infrequent as you aged.
However, if your remodel is more about a totally whole new look, that’s different. Also, going from a space that’s largely compartmentalized to entirely open concept. Those can be huge changes to a house. Thus such changes will require a considerable amount of time, effort, and money. In those cases, it’s usually better to find the house you want and sell the one you’re in.
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Do I Remodel My Home – Is the Neighborhood Thriving or Sliding Down Hill?
What is the state of your neighborhood right now? Is it healthy and thriving, and you love everything about it? Then, it’s definitely worth considering a remodel instead of just moving along. After all, you never really know what you’re going to get with a new neighborhood. At least not until you live there a while. Plus, you certainly already know some people nearby. That’s a wonderful way to build community.
However, neighborhoods can also deteriorate. When that happens, go property values stagnate or worse. Not to mention the quality of schools in the area, and sometimes even a sense of safety and security. Therefore, if you’re pretty sure your neighborhood used to be a lot better and you’re not always comfortable going outside at night anymore, it’s time to look for a different area. There’s no amount of remodeling that can fix that particular concern.
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Will Your Equity Buy the Home of Your Dreams?
Most importantly, you have to look at the financials. Remodels can take place over years, And this can give you time to spread out the expense. Especially if your equity won’t quite cover the costs you think you may incur. And so, that dream kitchen might take a little while to become reality. However, it’s still possible if the rest of your house makes you happy and you’re willing to wait.
However, consider if selling your house could get you closer to the home of your dreams with the equity you’ve secured. After all, you can save yourself a lot of mess and stress by simply moving on to the home you really want. Especially, if you’re moving to a different part of your city, or a different area entirely. After all, that equity can easily buy something wholly different and potentially perfect, and maybe even shrink your house payment a little bit.
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