In this economy, you need to weigh carefully the benefits of home improvements versus the price you can expect if you sell.
First, estimate your costs to buy a new home. These might include new loan fees, packing, moving and improvements you want to make right away.
Second, estimate your costs to sell your present home. Add up the realtor commission, closing costs, repairs, replacing appliances and/or improvements like carpets.
Third, if you like your neighbors and your location, consider doing some remodeling. You can get exactly the home you want and not risk buyer’s remorse. Estimate the cost of making the most crucial renovations needed for you to stay. Decide what you would like to do and price materials and labor. Call contractors and get estimates. This is especially important if you need to add on extra square footage.
Fourth, make your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then, estimate what you may get for your house and how much cash you will realize that you can put down on a new home. This step is when you need the advice of your Coldwell Banker professional realtor.
Look at what it would cost to move, then what it would cost to remodel. Try to factor in the unknowns of friends, schools, neighbors, and economic conditions. Either way, it’s not an easy decision. Our Coldwell Banker agents can help you understand the market forces which would affect your sale.