With home prices finally beginning to rise, homeowners now may have options that they haven’t seen in awhile. They may begin to gain some of the equity they lost over the last several years. That creates opportunity to refinance, remodel, or maybe sell.
If you’re sitting on the fence, trying to decide to Leave It or List It, here are a few things to consider!
~ Do a “Love it or List it” Analysis ~ On a sheet of paper 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?
Once you do the “love it or list it” analysis, you’ll be able to identify which parts of your home are bothering you the most. With that information, you can now start to explore more options.
~ Do your research ~ This applies to both options–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. Think about your commute. Would it be longer? Would it cost more in gas? Are there any gains to offset extra costs? Gathering these details will help you add more to your “love it or list it” analysis.
Also,this is a great time to get some expert advice on how much your home would sell for and how long it might take. Calling in a REALTOR® to do a Market Value will help you determine if selling is a good option.
~ 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.
~ Evaluate the process ~ 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. 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.