Wednesday, October 16, 2019 / by Connie Tracy
After living in a home for many years, it can be easy to discover things you may not be wild about. While some things can be a quick fix, there may be major changes or updates that make you wonder if it is even worth the investment. At this point, you’re probably asking yourself if you should remodel or just find a new home. As you have probably realized, this isn’t always an easy choice. There are many factors that go into the decision to love it or list it. Here are some things to consider when deciding to remodel or take the plunge and list your home to sell.
1. ***Determine which is most cost-friendly
While both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions, moving costs, minor repairs, the cost of a new home, and potential up-sizing costs. The costs of remodeling can include permits, architectural plans, materials and labor, and any other additional costs that come up.
2. ***Look into the current housing market
Because the Spokane Real Estate Market is so hot, it might make more sense to just sell your home since houses are selling quickly in Spokane. By talking to a Spokane Realtor, you can find out what to expect in terms of days on market, average sales price, and other important factors when it comes to selling a house.
3. ***Decide if your family is rooted down
Is your home more than JUST a home to you? If you and your family are actively involved in the community, remodeling may work best for you. On the flip side, it there are better- schooling or job opportunities in a different neighborhood, or you already spend hours a day traveling to those locations, selling may be a better option.
4. ***Decide if renovating is the answer
Take the time to decide if the problems with your home are fixable. Is it REALLY the house or do you dislike your neighborhood? Do you have to spend an hour driving one way to work? EEK! Do you need a lot more space? IF your answer to questions like this make you realize renovations won’t solve the problems, consider that it may just be TIME to list your house for sale.
5. ***Consider the Return on Investment on your remodel
Calculating your return on investment will help you determine two things- FIRST, if a remodel will cost you less than selling your home. It will also help you determine if you will be able to make your money back on a remodel if you choose to sell in the future. Look into the COST vs. VALUE Report for the last year, which can guide you on the most and least cost-effective improvements. Check out the following website for more information. https://www.remodeling.hw.net/cost-vs-value/2019/pacific/
Check out my website at https://connie.viewhomesinspokane.com for more helpful articles for buyers and sellers! The more you know, the more prepared you will be in this competitive Spokane Real Estate Market.
Ready to sell your home? Want to find the home of your dreams? Have any questions? Call or shoot me a text and I will be happy to share more with you about listing or purchasing a home in Spokane and surrounding areas!
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