Your home isn’t the way you want. You’ve got enough cash saved up to do the remodeling project you’d like.
But, should you even do it? Or, does it make more sense to put your home up for sale and buy the one of your dreams instead?
Then again, you’ve been in your current home and neighborhood for some years. So, you’d have to leave everything you know and start all over from scratch somewhere else.
No perfect answer exists. Only you can make the decision you think works best for you and your family.
As you think it through, consider these points so you come to the best conclusion:
- How much can you get for your home if you resell?
Realtors can help you understand the market data. While you love your home, you have to make sure you think realistically.
Many homeowners fall into the trap of overvaluing their homes because they love them so much. There’s nothing wrong with loving your home. But, you have to be 100% honest with yourself about what you could actually get for your home if you sold it.
- Why do you want to remodel?
This question has many individual answers. You may have to think about it for a few days, or even weeks, before you understand your true motivation for remodeling.
Homeowners commonly want to remodel to improve the utility of their home, because they’re embarrassed by the way it looks, to make it safer, they’ve promised family members for years, or they want to improve privacy.
Get clear on why you want to remodel your home. Talk it over with your spouse. And then make your decision.
- What’s the current outlook on your local housing market?
Remember how real estate prices crashed in 2008? It happens. Honestly, prices have restored for the most part by now.
How long will they hang at current levels? We don’t know. But, you have to consider what the real estate market will do in the coming months and years if you plan to sell.
- How long will your remodeling projects take?
You may want just a single project, like remodeling your kitchen. Or, you may have several projects in mind.
Get a realistic timeframe from contractors so you understand how long your remodeling could take.
Even if the projects could take some time, they could also take less time than it would to sell your home at your ideal price.
In any event, it’s another point to consider.With those four points in mind, you know what to think about as you make your decision. All that’s left to do is to consider each and how they apply to you. Then, make your decision, and enjoy the new changes it brings!