Remodel Or Sell: It's time to ask yourself some serious questions
The big question – should we sell or remodel? Whether you just inherited the property of your parents or it could be your children moved out of the house, it’s a multifaceted question. The point here is, you need to keep an eye on the housing market and the five-year plan of your family.
Like in Portland, where strong markets are found, as a homeowner, your job is how you plan to use it with family and friends, or maybe renters. Or ask how you’re currently using your space.
It’s best to do a market analysis in a strong market with regards to your property. Once the cost in moving in and out has been reviewed, as well as the overtime value of remodeling, it sometimes makes more sense in keeping the home because of low costs and remodeling will update the amenities and space to your current lifestyle.
What will help define your needs and determine in getting the most value from your investment is a market analysis. Are you planning on renting or to live there? How does your property compare to your neighborhood’s recent sale?
Ask yourself first before making a final decision whether to remodel or sell:
- What is the reason on why you should remodel?
- What is the cost of home improvement to your current home?
- How long will it take for the project to end?
- Will the value of your home improve with this project?
- What is the current appraised of your home?
- Will the market for housing remains or will it change?
- In a new home, what requirements do you seek?
- How much will it cost for home improvement in a new home?
- What is the kind of space you think you’ll need?
- In the time-frame, how might your lifestyle change?
- Do you consider relocating closer to your family and friends when your retirement year comes?
- Do your relatives or children inherit the property?
After you’ve weighed all questions carefully, it will be easier to make a decision both emotionally and financially.