With the current housing market, a lot of people are faced with choosing between selling their home or renovating it into something that they love. While both are going to have a fair deal of work, money, and time involved, it is best to consider all of the options before making the decision on what needs to be done. Some things are easier to accomplish. For instance, if something like exterior remodeling like replacing your old windows or having new siding installed is on your list, it may be better in the long run to tackle these home improvement projects. Then you’ll have a home you like the looks of better now plus one that’s worth more when it comes to selling it.
Elements to Consider When Deciding to Sell or Remodel
Remodeling? Check Out Home Equity Loans
Now, you can renovate and update your home with the use of home equity loans that provide the same great interest rates that you would find on a new mortgage. This makes it easier than ever to change out your home and not have to worry about the money to do so. And if you’ve got substantial equity in your home, your chances of being approved are often better than if you’re applying for a loan to buy a new home.
If you’re leaning toward selling, here’s a point many people overlook. Will it cost you more to close out your current mortgage and get a new one? Some mortgage companies put prepayment penalties on their mortgages, so check the terms of yours.
Do You Love Your Neighborhood?
Changing school districts for one you like better or moving to a new neighborhood you feel more comfortable about are valid reasons, but if you like both of these and the distance that you are from the shopping areas, then why move? You might be able to benefit from just renovating. The old ‘location, location, location’ mantra about real estate remains true. If you love where you’re located but not your home, remodeling is probably a better choice for you.
The Lot Size
If you have some room to work with, you might be able to expand your home and give yourself more room. However, a lot of people move because they either do not have enough house or enough yard. If this is the case, then you might want to consider selling since in most cases you can’t expand your lot size (unless the lot next door is vacant).
Value of Your Home
Will your proposed remodeling push the value of your home far above those around it? Having the most expensive house on the block is not going to work in your favor. When it comes to selling, you want to make sure you can get what you want for it but that it is actually going to sell. This might take some time if you have a more expensive house than others in the area. If what you’re thinking about doing is important to you, in this case a better option might be to buy a new home that already has it.
If you’re thinking about the many exterior home improvement projects that can be done to increase the look and value of your home, speak with us here at Window Outfitters. We would be more than happy to give your home an assessment to find out what can be changed to make it more pleasant on the outside, rather you want to sell or not. We also have financing options for those that want to renovate their homes.