Should I Sell My Home or Refinance and Improve
It is the first of the year and it seems that this is a time when many people start thinking about Selling their home. The answer to whether it is best to Buy another house or remodel the current house can be answered by asking the following questions:
1 - Do like living in the area you live in?
ANSWER: Location, Location, Location is the #1 Selling Point for a home. If you home is conveniently located to your activities and work and you like the neighbors, then you need to consider staying where you are and improving your home.
2 - Is your home one of the most expensive homes in the area?
ANSWER: If you plan to improve your home, then you want to make sure that your will be able to recoup some of the expenses if you do need to move. Every neighborhood has a median price range for the homes in the area. All home prices gravitate to that median range. Lower priced homes can potentially get a higher price - if improved correctly. Likewise, the price of the most expensive home in the neighborhood will also gravitate to the median price range which makes recouping the cost of you improvements a lot more difficult. Pricing your home correctly is critical to insuring a FAST sale. Homes priced too high in the beginning generally stay on the market so long that the home eventually sells for much less than the projected correct price range. In summary, when evaluating whether to sell or improve, take into account the price of your home compared to your neighborhood. Not sure of the price? Call me - Jason Gracey of RE/MAX Vintage - at (281) 376-2755 for a Comparitative Market Analysis.... or go online to our website and do a search for yourself - http://GreatHoustonProperties.com
3 - Is there another home you want instead?
ANSWER: Hey, we all look around and notice other houses. We go to a friends and see that house down the street that you would like to buy. We fantasize about what it would be like to live there. And then there is another house and another house. If you keep finding other homes of interest, it is time to sit down and take an assessment of your home and what it is that makes you yearn to move to another home. If it is the curb appeal, that can be changed. Same with the Kitchen. But if it is location to friends, work, schools, or other points of interest, those can’t be changed so it may be worth selling your home and buying another home – particularly with interest rates so great.
4 - Do you want to still be living in the Houston area in 5 years?
ANSWER: If you think you will be transferred within the next 5 years, or if your attachment to the area will change as in the case of children going to a specific school, then you may find it better to improve your home and make it more sellable when it is time to sell the home. Still, keep in mind that any improvements you make should be made with the idea of the sale.
5 - FRIENDS, FAMILY, FUN
ANSWER: Your home is your connection to your life and your happiness. Your home should be close - reasonable driving distance - to your friends, family, and the things you enjoy doing. If it is not, and you find yourself on the road all the time, then it is DEFINITELY time to sell and buy a home with a better location for you.
January is the best time to start thinking about what you want to do - even if you don't want to list until May or June. This way any repairs that you want to make can be done before then. Remember that people want to purchase a home they can move right into. You may wish to refresh the paint and make some minor other changes - particularly to the curb appeal. Adding Flowers in the Spring can really dress up a home.
Below are some articles that help you determine which improvements you can make and how much you can recoup when you sell your home:
Home Improvements That Add the Most Value By Colleen Kane CNBC Writer
Read more: http://www.cnbc.com/id/48692031/Home_Improvements_That_Add_the_Most_Value
10 cheap fixes to boost the value of your home By Teri Cettina • Bankrate.com
Read more: http://www.bankrate.com/finance/money-guides/10-cheap-fixes-to-boost-the-value-of-your-home-1.aspx#ixzz2GsPXf9RT
Need a little help evaluating your options - Call me - Jason Gracey of RE/MAX Vintage - at (281) 376-2755 and we will take a look.