Remodeling is price prohibitive
A good real estate agent should be able to give you an idea of what necessary (or wanted) renovations would cost to your existing home. It could be that the amount of work you would need to do on your home to get it where you want it - or get it into tip-top shape for a sale - is beyond what you want to spend. In that case, it might make better financial sense to make small improvements, put it up for sale, and put your money into a new home that better suits your needs.
You don't want to over-improve for the neighborhood
The other important factor to consider when deciding whether to move or improve your home is how the redone home would sit in your neighborhood. You don't want to run the risk of doing a bunch of expensive renovations only to have the home sit on the market because it's overdone and considered overpriced.
"Weighing against renovation is the risk you'll ‘over-improve' your home compared with others on the block," said Bankrate. "When you are in a neighborhood that has starter homes and smaller homes, adding a large addition or doing an extensive renovation may not yield the return one would expect."
No comments:
Post a Comment