As circumstances or tastes change, the need or desire for a new living space may arise. The decision between renovating and selling can be a difficult one, which is why your real estate agent is available as a resource to you.
Barbara Ballinger of RealtorMag recently laid out seven steps that can help you arrive at the right decision whether to stay at your current home or list it:
- What frustrations are you facing with your current home? Traffic pattern, space, lighting, etc.
- What are the pros and cons of your home site?
- What are the pros and cons of your current neighborhood?
- Factor in your time frame and family needs.
- Consider getting multiple bids on potential updates for a realistic cost estimate.
- Compare the appraisal and remodeling costs with other homes in the neighborhood.
- Consult with your real estate agent to find out what is available in your price range in other neighborhoods you like.
You may also want to evaluate the cost vs. resale value of any renovations you’re considering.