Should You Remodel Your Home Or Sell?
One of the most nerve-wracking aspects about remodeling to increase the value of your home is this: Should you spend all this money on home improvement or just sell your house as it is and start over? Before you embark on any extensive improvement project, it's a good idea to determine whether remodeling is the best option for you, or whether it makes more sense to buy another house that will better fit your needs.
The following questionnaire will help steer you in the right direction.
Answer each question and record the number of points associated with that answer.
1.
How far "off" is your present house from the one you would like to live in? A little (5) Somewhat (3) A lot (1) Score: ______ 2.
What are the property values doing in your neighborhood? Increasing (5) Staying the same (3) Decreasing (1)Score: ______ 3.
What are property conditions doing in your neighborhood? Getting better (5) Staying the same (3) Declining (1) Score: ______ 4.
How long will you get useful life out of any potential remodeling? 10+ Years (5) 3-10 Years (3) Less than 3 Years (1)Score: ______ 5.
In relation to your house, the other homes in the neighborhood are: Larger (5 ) Similar (3) Smaller (1)Score: ______ TOTAL: ______ If you scored under 10 points, moving might be your best option because you know you're not going to own your current home for long and you might live in a neighborhood where the property values are actually decreasing.
If your total is between 10 to 17 points, either option (moving or remodeling) might work for you.
You need to take other factors such as your budget and your job stability into consideration.
Any score of 18 or above indicates that remodeling might indeed be a good idea, especially if you are committed to your neighborhood and the property values where you live are stable or increasing.
Even if you've already decided that it makes sense for you to remodel, don't call the lumberyard just yet.
Next you have to look at whether you need to repair before you remodel.
Even if you've decided to sell without remodeling, hold off a bit before you call a real estate agent.
While repairs might not increase the value of your home, maintenance left undone can take dollars out of your pocket at resale.
The following questionnaire will help steer you in the right direction.
Answer each question and record the number of points associated with that answer.
1.
How far "off" is your present house from the one you would like to live in? A little (5) Somewhat (3) A lot (1) Score: ______ 2.
What are the property values doing in your neighborhood? Increasing (5) Staying the same (3) Decreasing (1)Score: ______ 3.
What are property conditions doing in your neighborhood? Getting better (5) Staying the same (3) Declining (1) Score: ______ 4.
How long will you get useful life out of any potential remodeling? 10+ Years (5) 3-10 Years (3) Less than 3 Years (1)Score: ______ 5.
In relation to your house, the other homes in the neighborhood are: Larger (5 ) Similar (3) Smaller (1)Score: ______ TOTAL: ______ If you scored under 10 points, moving might be your best option because you know you're not going to own your current home for long and you might live in a neighborhood where the property values are actually decreasing.
If your total is between 10 to 17 points, either option (moving or remodeling) might work for you.
You need to take other factors such as your budget and your job stability into consideration.
Any score of 18 or above indicates that remodeling might indeed be a good idea, especially if you are committed to your neighborhood and the property values where you live are stable or increasing.
Even if you've already decided that it makes sense for you to remodel, don't call the lumberyard just yet.
Next you have to look at whether you need to repair before you remodel.
Even if you've decided to sell without remodeling, hold off a bit before you call a real estate agent.
While repairs might not increase the value of your home, maintenance left undone can take dollars out of your pocket at resale.
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