Consider price appreciation, adding on to house
The decision to sell your home is usually a tough one. There are financial, as well as emotional decisions to be made, and a number of other factors that can tip the balance one way or the other. Emotional decisions are ones that only you can answer, but as for the financial side of things, there are a number of common sense questions that should make the decision a little easier.
What Is Condition Is Your Home In?
If you are looking at major home repairs, i.e. new roof, major plumbing or electrical overhauls, you need to weigh them carefully. If your home has appreciated substantially over the years and the repairs would create a financial burden, it may be wise to consider selling, you’ll have to ask a little less than if the repairs weren’t necessary, but you may still make a profit on the sale.
However, if the housing market is down, or you haven’t owned the house that long and your equity is not substantial, it may be wise to refinance and make the repairs now, before the situation worsens.
Can You Add On?
If your home is too small, but you like the neighbourhood and the house in general, you may want to consider adding on.
Room additions can make a large difference in the size, layout and livability. Do you have the room to add onto the side or rear of the house? Can you add a second story? Remember that as much as you like your home and neighbourhood, remodeling is not always the answer. No matter how good your contractor is, remodeling will not increase the size of a small lot, and it probably won’t be able to alleviate major flaws in room layout.
Do Your Homework
If the time is drawing near to move or improve, do your homework. Look at what your neighbourhood is doing, and housing prices. Talk with a trusted real estate agent, and consider an independent market appraisal. Consider paying a general contractor to discuss your home’s condition, and the cost of improvements.**Nothing on this website should be confused with financial or legal advice. If you need this, or any other type of advice, please seek the help of a competent professional. In addition, because real estate laws change all the time and differ from state to state, and even city to city in the same state, everything in these pages should be considered general marketing advice and ideas. Please see link to full Disclaimer at the bottom of this page.