Spring is just around the corner and with it comes change. For some this means a coming change in the family dynamics within their home. Children grow up and move out, some go to college, and others go into military service. These parents face an age old question: "should we downsize?"
At the same time another group of homeowners have a similar decision to make. These homeowners are flush with equity and see an opportunity to "move up" into the home of their dreams. Relatively low interest rates are tempting but...a severe lack of inventory, rising prices, and geopolitical instability raise fears.
So how do you decide between selling your home or giving your current house a reboot? Do you dare dip your toes into this treacherous buyers market? Here are few tips that may help you decide the best path forward:
1. Analyze Your Local Market
Get in touch with a real estate pro. A qualified agent can help you get a better grasp of the market, price your home appropriately, and give an understanding of the outlook for purchasing your next home.
When you work with a great agent they also have the ability to take your home and increase its appeal (value) by suggesting what you can change or remodel, what needs to cleaned, how to best declutter your home...something most of us are blind to! Getting an outside professional perspective is vital.
2. Home Inspection
Hiring a licensed home inspector will do a few things for you. Most importantly they will point out any serious areas of concern or needs for immediate repair. Does your roof leak? Do you have mold in your attic? Do you have a window seal in need of replacement? All good things to know.
If you have been in your home a few years, you may be concerned about the lifespan of your systems...think: electrical, HVAC, and plumbing. A home inspector can provide an update as to their working condition and if it's time to replace them. They certainly aren't cheap, and replacing them should be a serious concern when buying or selling a home.
A home inspection can also provide some much needed validation that your home is in "pretty good shape" and that staying may be your best option. We all feel better knowing that our biggest investment is running in tip-top condition.
3. Research Contractors
Alright...so you have spoken with your favorite real estate pro and had your home inspected by a licensed professional. So now what? Have you decided to remodel and stay? Maybe you want to make a few upgrades before putting the home on the market so you maximize your profits? Knowing what kind of cost you may face is critical. It's time to speak with a contractor.
It's extremely important to work with qualified contractors who are licensed or registered within your state. Be sure to get multiple quotes and timelines, don't settle for just one source of information. After getting an idea of the scope of the work, it's time to decide if the expenditures make sense for you family. It may be a better option to price your home to sell and allow buyers to choose their own colors or materials. All things to consider.
Final Conclusions
Selling, buying, or remodeling are all decisions that need to involve the proper due diligence. Utilizing the services of qualified and licensed pros will go along way making sure you are getting pertinent and reliable information.
With current home inventory low, there is demand for your home. So exhaust all possibilities and make the best decision for your family.
If we can be of service in any way please don't hesitate to reach out!