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Stay - OR - Sell....That is the question???

Monday, October 28, 2019   /   by Sara Koenig

Stay - OR - Sell....That is the question???

After living in a home for several years, it can be easy to discover things you may not be crazy about. While some things can be a quick fix, there may be major changes that make you wonder if it is 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 this decision. Here are some things to consider when deciding what will work best for you.

1. Which option is more 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 costs 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 incurred in the process. 

2. What is going on in the current housing market?

Depending on whether your local real estate market is hot, it might make more sense to just sell if houses are selling quickly around you. Currently in Spokane we are seeing record low inventory that has not budged all year. This is great for sellers, however if you are looking to Buy a new home AND sell your current home, be sure and talk through that scenario with your realtor.

By talking to a real estate agent, 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 home, as well as the plan for where you will go next!

3. Decide if your roots are deep 

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, if 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.

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4. Decide if a renovation can solve your problems

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? Do you need a lot more space?

If your answer to questions like this make you realize renovations won't solve your problems, consider that it may just be time to put your home on the market, and find the home that checks off more of your "Must haves" without all the effort in doing a remodel.

5. Consider the ROI on your remodel

This is important and something you should involve your realtor in...they know the market and can help you determine if it's worth it.

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 v. Value Report for the last year, which can guide you on the most and least cost-effective improvements.

If these considerations make you realize it is time to sell your home, give me a call today!

Best,

Sara


Sara Koenig | Spokane Realtor

509.939.5940

Sara@Spokanehaven.com

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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