Real Estate: Should you Remodel or Sell?

Real Estate: Should you Remodel or Sell?

Real Estate: Should you Remodel or Sell?

Most people who are considering selling their home are dissatisfied with some aspect of it. Common reasons are too little space, too much space, or changing needs. Sometimes, remodeling is a better solution, especially in a "down" real estate market.

One popular remodeling project is changing space use. Garages are converted to family rooms; attics become bedrooms; basements become playrooms or storage areas. Is there space in your house that can be easily remodeled to better suit your needs?

What is your local real estate market like? If other houses in your neighborhood have been listed for sale for months without selling, then selling may not be a quick or easy option.

Many people hope that remodeling will add value to their home. A lot depends on how your home compares to the surrounding neighborhood. If it's the worst house on the block, remodeling may bring its value in line with neighboring homes. On the other hand, if it's already the nicest house on the block, the neighborhood will hold down the value despite remodeling. A real estate professional may be able to advise you on how much a remodeling project will affect the value of your home.

Besides space conversions, kitchens and baths are among the most popular types of remodeling projects. There again, there is a wide variation as to how the remodeling will affect the value of your home. Adding a second bath will add convenience; modernizing the kitchen can make it easier to use.

Some remodeling projects typically don't add value to the homeand may even make it less attractive to buyers. Swimming pools are one such improvementmany buyers don't want the bother or potential liability of a pool.

The best way to approach your remodeling project is to consider the ways you can improve your life, and not try to second-guess what a potential buyer might want.

There may be other changing needs that suggest selling your home. Commuting costs may make you wonder if moving closer to work is a better idea. But can you find an affordable, suitable home in a closer location? You may be better off buying a more economical car or doing some of your work at home by phone to cut back on commuting.

There are many options to consider. Before deciding to sell your home, consider the answer to the question "why" and look for creative solutions to the problem. Your child may enjoy a quirky attic bedroom a lot more than moving away from friends.

Remodeling can solve your current problem while adding future value to your home.

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