Should You Sell Your Home or Remodel and Enjoy Your Home? What Makes Most Sense?
As home prices increase, homeowners have options. Some are quickly gaining back the equity they lost over the last several years. That creates opportunity to maybe refinance, remodel, or sell. If you’re sitting on the fence trying to determine whether to list your home for sale or to remodel it, consider these important tips. Other considerations need to be taken into account as well, such as the condition of the home and it’s modernization. In a buyers market or a market in equilibrium buyers usually want to find a “plug and play” home where everything is nice and up to date. Often we have to consider the impact of dated kitchens and baths will have on the sales price and once this is factored in, then take a look at the economics of selling your home.
Tip 1: Do a “Love it or List it” Economic Impact Analysis
Write down the things you love about your home and the things that might cause you to decide to list your home for sale. Take your time doing this. Really give every aspect of your home consideration. Do you like the neighborhood? Is it where you want to stay for a long while or even retire? Is the area or your home lacking something? Could remodeling your home be the solution? Often we are just looking for a new look and staying out might be the best answer. Once you do the “love it or list it” analysis, you’ll be able to identify which parts of your home are bothering your the most. With that information, you can now start to explore more options.
Tip 2: Do your research and cost analysis
This applies to both remodeling or selling. Visit other neighborhoods that you might like to live in. Carefully explore the surrounding area, the homes, the types of people, the shops, businesses, and churches. Think about your commute. Would it be longer? Would it cost more in gas? Are there any gains to offset extra costs? Another way to discover what your home has and doesn’t have (compared to the market is to interview a few Realtors). I have been a Realtor in Chandler and Gilbert for over 13 years and I have on many occasions recommended to my sellers to stay put and remodel. I do this based on a needs analysis and then finding what is best for them since I have a fiduciary responsibility to my clients and will show them the financial consequences of selling or remodeling as well as the market price for their home “as is” or remodeled. I also offer advice on which upgrades and modifications will offer the greatest return on their investment.
Next visit some remodeling companies. See their remodeling projects and invite their team to your house to offer their suggestions. Sometimes what a homeowner thinks is a difficult remodel is really quite simple. Of course, the opposite is true too. For instance, if a home doesn’t have the supporting structure it needs, a remodel could become very complex or, in some case, impossible, which might prompt an immediate desire to sell.
Tip 3: Have your financial records in order
Whether you decide to remodel or sell, having your financial records easily accessible is vital. You’ll need these documents for both situations. Knowing what upgrades you’ve already done to the home will help when it comes time to sell. And, having your tax documents and other financial information on hand will help you if you decide to remodel using financing.
Tip 4: Evaluate the process
Talk to expert listing agents and remodeling companies so that you can completely understand what to expect with both processes. If you’re listing your home, learn about the marketing process, holding open houses, showing your home, what large items might need to be removed, and the overall timing of how long you’ll need before you close escrow. For remodeling, get details about the length of the expected renovation. Will you be able to live in the home or will you have to find a place to stay? Will you use one firm to do both the design and build process? Often this is easier and can be less costly than using several contractors.
Take your time and pay close attention to all the details. Both selling and renovating a home are major decisions. Make sure you give the decision-making process ample time as well as compiling a considerable amount of research to make your final decision. You should also take special care in selecting a Chandler Realtor who is truly out for your best interests. I have turned down many listings because I didn’t think selling was the best move for these would-be sellers. I work on referral and have been in business for a long time. I have accomplished this by putting my clients needs first and when they realize this they do much better and my business grows as well. A good business transaction is when all parties win and this is the way I have done business as a real estate agent in Chandler for over a decade. Read my reviews and credentials on the menu of my website.