As the economy continues to strengthen, you may wonder whether to stay in your current home or sell while the timing seems perfect.
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Since there are many things to sort out, the experts at Homes.com have put together a comprehensive overview of things to consider:
• Size: If your home is too small, moving may be a more affordable, less stressful option than additions, which can be costly and overwhelming. You can expect to recoup anywhere from 45 to 75 percent in additional home appreciation, depending on the project, according to Remodeling.com. However, the return on investment is not always immediate, which is something to consider if you’re planning to sell immediately.
• Renovations: If the necessary renovations to stay in your current home seem overwhelming, it may be time to move. For example, a new roof can cost anywhere from $5,000 to $30,000 or more, according to Choice Roofing Group. Large-scale home issues may decrease a home’s market value, but conversely, many home-seekers love the opportunity to customize their dream home.
• Competition: Do your research. Online tools such as Homes.com’s Home Values Channel can help determine your home’s worth. Then, work with a real estate professional to determine a competitive price point, and let the bidding begin.
• Lifestyle change: Just as growing families need more room, a shrinking family might mean it’s time to downsize. Retired and looking to travel? Downsizing can free disposable income for a world adventure.
• Demand: As demand picks up, builders are ready to keep up, and that means brand new homes at varying, competitive prices. Consider selling to take advantage of increased demand and tightening supply.
• Equity: Year-over-year home equity growth reached eight percent at the end of 2013, as reported by the Homes.com Local Market Index. If you love your current place, continue enjoying your home and reap the benefits of increased equity when the time comes to sell.
• Local economy: If you live in a growing town, it may be wise to stay put. Watch the local economy grow for a year or two and then decide if it’s a good decision to relocate.
• Updates: Home updates are an opportunity to add value to a home and make it feel brand new.
• Location: Consider your neighbors, school zone, proximity to work and daily life activities. Are you happy where you are?
• Availability: Keep an eye on the market by signing up for free email alerts on Homes.com; receive notifications when new homes meeting your specific criteria become available. Take your time and wait for the perfect home.