Homeowners are faced with numerous decisions throughout the year when it comes to their homes and how to manage them. A home is one of the biggest investments you’ll ever make, so decision-making shouldn’t be taken lightly. At some point you may be facing the decision of whether to move to a different property or simply improve their current one.

It’s never a clear-cut choice, but we’ve listed some variables that you need to weighed carefully. Your personal finances and the status of local markets are just two of the issues you will need to consider.

Before taking the leap either way, here are some factors to examine:

Thoughts on Selling

• Current Real Estate market conditions s probably the most important. Is your area flooded with homes for sale or is inventory low? What is the average transaction time from listing to close?  Is the market lopsided with more sellers than buyers?
• Local factors. Will there be an infusion of new jobs coming to your city, or are companies moving away and jobs decreasing? Will there be a flux of new residents or is everyone trying to sell quickly? Will new jobs bring higher incomes or is downsizing a problem?
• Your current home value. What is your home worth? You need an expert opinion not that of your neighbor. Can you get out of your home what you have paid or will you be upside down?
• What is your bottom line? What is the lowest offer you could accept? Will you be able to offer any help with the closing costs if that is what current market conditions would indicate?
• Personal logistics. Can you afford to move to a new house and carry the old mortgage if you have to? Do you have to sell first and then move? How long can you continue to pay the mortgage, taxes and insurance on this property?

Insights into Renovation

• Current Real Estate market conditions a.  Will increasing your home’s size or upgrading features price you out of the area? Sometimes putting in high end finishes that you like or want can make your home worth more than what it would appraise for. NEVER over-improve for your neighborhood, you will not recover that expense.
• Local factors for future: Are buyers looking for homes similar to an upgraded version of yours IN YOUR NEIGHBORHOOD? Be careful not to create a ‘forever home’ when buyers are moving to your area for a starter home, if you ever plan to sell your home for a profit.
• Personal logistics. How far is your commute to work, could it be improved? Do your kids like their schools or are there better schools somewhere else? If you don’t plan to a significant number of years in this home, these are things to consider, but if you really feel like you’ll stay there for many more years, improving your property can be a wise move.

There’s not a magic formula or way to determine the right steps for every homeowner but using a local real estate professional for an opinion of value can be a great start whether you plan to move, remodel, or just aren’t sure.

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Home Buyer’s Frequently Asked Questions.

Home Sellers Frequently Asked Questions.