Move or improve?
What do you do when your family outgrows your house, or when the quirks of the place you once found charming aren’t so charming anymore?
Is it smarter to move or improve? The answer is it depends on many factors. And this is a question only you will be able to answer. Here are a few things to consider when considering your options.
- How well are homes selling in your area? Is it a buyers or seller’s market?
- What improvements will you need to do to sell your home and what will the costs associated with this be?
- Are the homes you would be interested in moving to within your price range? Is there ample inventory available?
- As a general rule, improving costs less than trading up. But it depends on what kind of improvements you’re doing.
- Consider the resale value of your remodeling projects for when you do go to sell whether now or in the future. Of course, don’t discount the enjoyment you will get from your remodel.
- Beyond financial considerations think about the neighborhood and where you want to be. Consider the school district, the amount of traffic on your street, the size and layout of your yard, your commute time, and access to businesses you frequent on a regular basis. All of these play a huge factor in your quality of life.
If you love where you are, improving makes sense. But if a different location would be an improvement in its own right, then trading up could be the way to go.