Have you been in your current house for years, maybe even decades? With the current housing market still in favor of sellers, you may start to wonder if now is the right time to put your home on the market and buy something new. Before you call your Realtor (hopefully that’s me!), take some time to contemplate if that’s the best option or if a remodel would be more beneficial. Keep reading for some considerations that will help you decide which option is best for your situation.
Considerations for Selling or Remodeling Your House
- Evaluating Your House Needs. Have you outgrown your house since you bought it? Maybe you bought your house before you started a family and now those two or three bedrooms are no longer enough space to hold everyone, and everything, comfortably. Or, maybe you have the opposite issue – you’re now an empty nester with too much space and empty rooms that go unused. In these cases, selling is typically the best route to go. However, if your home fits your needs now and in the near future, a remodel may be all you need to feel like you have a brand new home.
- The Value of Your House Right Now. Without remodeling, what is your home’s worth? Would you be able to sell it for enough to pay off any mortgage you still owe and buy a house you love that fits your needs? If so, now is the perfect time put it on the market.
- The Cost of Remodeling. How long has it been since your home was updated with new appliances, fixtures and wall coverings? If you walk through a time warp back into the 80’s or 90’s every time you enter your house, it’s time to upgrade! A great way to estimate the remodel cost is to get quotes from at least 3 contractors who come with high recommendations, have the proper licensing requirements, and the experience to take on your specific projects. If this cost is more than you can afford, it may be time to sell.
- The Equity Gained from Remodeling. Do you really love your house and can potentially swing the cost to remodel? If so, consider the equity you will gain to the value of your home. If the equity is less than the cost of upgrading, it may be in your best interest to forgo the upgrades and call your Realtor.
Evaluating your home needs, the value of your current house, remodeling costs and potential equity earned will help you weigh the pros and cons of remodeling versus selling your home. After considering your situation, if putting your house on the market is the right decision, contact me to get started on the process!
Karin Zeigler brings a wealth of knowledge and expertise in buying and selling residential real estate in the South Puget Sound area including Thurston, Mason, Lewis and Pierce counties. Whether you’re looking for a first house, downsizing, or have special circumstances such as military loans, Karin can help you find your dream home. Contact her today, or call 360-870-6249, to start your home buying or selling process.