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22
Move or Improve? Deciding When It's Time to Sell
To move or to improve—that is the question. Don't worry—plenty of homeowners are faced with the same dilemma when considering purchasing new Augusta homes for sale.
Our real estate agents believe that if buying your first home is the biggest real estate decision of your life, then deciding whether to remodel or sell your home is the second-biggest real estate decision you'll make. If you're like many homeowners, you've been struggling to make a choice. On the one hand, a new home is an exciting thought. A new space in a new area—now may be the perfect time to move. On the other hand, although you're no longer in love with your home, you still have a coveted attachment to it. Why not give it a second life by remodeling a few rooms, upgrading some appliances or even adding an extension on for more space?
If you're wondering whether it's time to move or improve, consider these questions:
- Why do you want to move?
This question is the most important: Why are you considering changing homes? Perhaps you've become disinterested in your neighborhood, maybe you don't want to contend with the seasonal weather changes. You could simply be unhappy with work or school and believe that moving with help resolve these feelings. Whatever the reason might be, it's important that you identify it and discuss it openly with your household. - Do you need to move?
There's also a likelihood that, regardless if you want to move, you may need to move. Your home may be too small for your growing family or too large for your downsized lifestyle. You may need to move to a different school district for your children or find more affordable housing elsewhere that enables you to maintain your lifestyle. - How much are you willing to spend on home improvements?
If you choose to stay in your current home, you need to determine how much money you'll need to invest in it. A new coat of paint, new décor, and minor remodelings like new cabinetry or countertops may be easy to budget for. However, renovating large areas like removing walls to enlarge rooms, building extensions, and constructing an additional bathroom can significantly increase your expenses. - How much can you budget for your move?
If you choose to look for a new home, you need to determine how much home you can afford. There are many expenses to factor in besides a mortgage payment. Your monthly payment will include homeowner's insurance and property taxes. Purchasing the home will require a down payment plus closing and real estate agent costs. If you need to make any necessary remodels or fixes to the home before the sale, those should be factored in. You'll also need to have money saved up for moving expenses and immediate purchases that you'll need to make for your new home.
Should you move to a new home or improve the one you own by adding space and making renovations? The right answer is the decision that best suits the needs and desires of you and your household. For some homeowners, it's worth investing more into their current home so that they can enjoy it for many years and potentially increase its resale value. For others, selling their home enables them to live the lifestyle they desire without being discontent in their current residence.
Are you unsure whether you should improve your home or sell it? Contact us and speak with a real estate agent that will help you find answers to these important questions.