As the economy continues to strengthen, many Americans wonder if the right move is to stay in their current home longer or sell while the timing seems perfect. Concerns about selling a home vary, ranging from financial worries and family comfort, to finding the perfect neighborhood and school zones, to name a few. As a result, here is a list of the “Top Reasons to Stay or Sell Your Home” – a comprehensive overview of things to consider when deciding to stay in your home versus sell.
Consider Selling If…
1. Size Is a Problem
There are many quick fixes that can be done to homes, but if size is a problem, moving up and out may be the best option. Renovating and adding more space to a home can be a very costly and overwhelming project. While home remodeling is typically a long term positive investment, expect to recoup anywhere from 45% – 75% in additional home appreciation, depending on the project, according to Remodeling. If the main concern about a home is size, a more affordable, less stressful option may be to sell and find a home with enough space to accommodate the family.
2. Deferred Maintenance
Do you see only costly projects when looking around the house? It may be time to consider moving. Minor repairs and changes can freshen up the look and feel of a house, add equity and increase a home’s longevity. But, if the amount of necessary improvements to stay in your current home seems overwhelming, it may be time to part ways. If a home is older than 10 to 15 years, new roofing, among other large-scale projects, may be necessary. According to Choice Roofing Group, a new roof can cost anywhere from $5,000 to $30,000 or more, depending on size of the home, style of roof and type of roofing material chosen. Having outstanding home issues may decrease the amount a home will sell for on the market, but on the bright side, plenty of home seekers love a good fixer-upper, giving them the opportunity to customize and turn a ‘diamond in the rough’ into a dream home.
3. Change of Lifestyle
Just as a growing family needs more room, a shrinking family might mean it’s time to downsize. Whatever the reason, a home that’s just the right size is important, but that size varies depending on the family that’s in it. Retired and looking to travel? Downsizing may be the perfect way to free up disposable income for world adventure. A lifestyle change, whether it’s a job relocation, or change in the family dynamic, represents the perfect opportunity to create new memories in a new home and maybe even discover additional amenities and features that your current home may be lacking.
Stay in the Home If…
1. The City is Growing
As the economy picks back up, cities are able to invest more in revamping and improving areas. If you’re currently living in a growing city, it may be wise to stay put. Watch the neighborhood and economy grow for a year or two and then decide if it will be profitable for you to make a change. Furthermore, as the city grows, so will home equity in area neighborhoods. Watching the neighborhood improve may even change your mind about staying in your current home, continuing to build equity and create memories.
2. Projects & Updates Are Enough
Many homeowners are quick to sell a house because updates need to be made or projects seem too overwhelming. Instead of viewing updates as impossible, view them as an opportunity to add value to the home. Whether repairs are minor or major, research the most economical way to tackle each issue. Making small or large improvements will also make a home feel brand new, and provides amazing satisfaction and enjoyment for a “new” home. Find DIY inspiration over in the DIY Improvement Category.
3. Location, Location, Location
Many factors play into the decision of selling or staying in a home, often times going beyond money and the economy. If the neighborhood and neighbors are a large part of the perks of the current home, stay put and enjoy it. When considering the family, school districts are also vital. If currently zoned for great schools, it may be best to stay, so children can benefit from exceptional education. Proximity to work and other daily life activities also plays a role in the decision making process.
Moving and selling a home is an important family decision that affects so many aspects of life, not just the physical house. When deciding whether to keep or sell a home, weigh all of the options to determine which decision is best for your family.
Visit the Press Room for the full list of reasons to stay or sell your home.
