Leave It or Love It: What To Keep In Mind When You Want to Sell or Enhance Your Home

At some point, every homeowner will be faced with the decision to sell their house or improve it. The answer really depends on a number of factors, including the state of the market, available finances, and whether or not the family is on board. Understanding these considerations is key to making the right decision, and real estate experts at The Wright Group offer these tips to help you decide.

The Market

Selling a property is all about timing — timing as it relates to the housing market but also to the desirability of your local area. Area house prices run in accordance with many factors including gentrification, government spending, and the health of nearby businesses — all of which may indicate fluctuating value. It’s best to approach the issue as if you were a real estate investor — mathematically. There are a number of tools at your disposal online to help gauge the market and predict which areas might be on the rise.

The size, style, and age of your home also play an important role in its eventual valuation. There are often trends and fashions to be aware of when it comes to properties — for example, landscaping can offer as much as a 20% boost in property value. If you’re looking to make improvements to your property, you’d do well to look into which enhancements are currently providing a high ROI and which are expected to do so in the future.

Financial Options

For some, the idea of moving is desirable but not feasible. Finances always have an important role to play in decision-making — you’ll have to make things work on a balance sheet before you can in reality. If you’re looking into loan options, your best bet is to use a mortgage calculator. This will allow you to estimate monthly mortgage payments and help you to decide if a new home is affordable. It’s also important to factor in the hidden costs that come with selling a property. While real estate agents tend to charge a percentage-based commission, conveyancing fees, removal costs, and mortgage exit fees are all usually charged at a flat rate.

If you’re trying to calculate the costs of home improvement, consider refinancing. A refinance might allow you to increase your borrowing and free up cash to be spent revamping your property. You might even be able to borrow additionally from your current mortgage provider for an overall cheaper deal.

Lifestyle

Arguably the most important factor to consider before selling or making drastic improvements to your property is the effect it will have on your and your family’s lifestyle. Contentment can’t be taken for granted and, for 62% of questioned adults, moving house was the most stressful event of their lives. It’s important to get a clear consensus from your loved ones before making a decision that could drastically affect them.

On the other hand, there is no home improvement for local crime, long commutes, or noisy neighbors. Spending a lot of money on enhancing your property can be the same as entrenching yourself further within it. The benefits can be tremendous but, just like moving, home improvements represent upheaval for you and anyone trying to live as normal.

Should you stay or should you go? If the answer is unclear, it may mean you still have research to conduct, numbers to crunch, and some long conversations ahead of you. Property decisions weigh heavy but, with enough planning, you can save yourself headaches and find a home you’re proud of.

Whether you’re selling or buying, The Wright Group is here to serve all of your real estate needs. Reach out to us today! 219-406-7195

Written by Shirley Martin of

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