Blog :: 03-2012

Move or Improve?

People move for many reasons: job, retirement, to be closer to family, or other motivations. But what if the reason is because the space is just too small, do you move or improve? The first thing to consider is how long you might stay where you are. Making many major, costly improvements wouldnt make a lot of sense if you're planning to sell in the near future. Potential Buyers of your home may not care for your improvement choices, and remodeling often creates a lot of turmoil while being done. The biggest benefit from improvements is that they are something that you wantyou should enjoy them when they are completed. There are many improvements that will add to your homes resale value down the road. Set goals for the repairs you want to do. Traditionally the following remodeling projects that add the most value are kitchen and bath improvements, adding a new family room or bedroom, and painting or siding the exterior of your home. Remodeling Magazine, www.remodeling.hw.net, facts and figures section reports that overall, projects do not recoup their initial cost when sold. This information can be found in their Cost Vs. Value report. From a financial view point, investigate how your planned improvements will increase the value of your home. Your home could actually take longer to sell in the future if its in the upper end of the available properties in your neighborhood. Historically, buyers choose the least expensive home in the most expensive neighborhood that they can afford. Homeowners that are thinking of selling should concentrate on changes that will make their home stand out in a market that has a lot of inventory. Move or Improve? This is a question to be dealt with on both an emotional and financial level. Your home is an investment in your future, where you should be happy to raise your family. A remodeling project should increase your enjoyment in your home while you are living there, and help increase the resale value of your home. If you plan to sell your home and there are some repairs that need to be made such as fixing a hole in a wall, painting, replacing torn carpeting, or other defects, take care of these yourself or have a professional do them. Typically, repairs will have to be made prior to closing on the property, and the cost can be as much as double what it would be if they're fixed beforehand. If you don't have the money for the repairs, get an estimate or two, and show that you've accounted for these prior to placing your home on the market. Talk to a Realtor. They can help you determine which improvements could make your home easy to sell.