With home prices increasing, the equity in your home is rising as well. Many homeowners are now seeing opportunities for refinancing, remodeling or even moving. If you’re not sure what’s right for you, review the tips below.
Analyze your home. Make a list of all the things you love about your home. Make an adjoining list of all the things you don’t like or wish you could have. Take your time and really think about every aspect from the basement to the bedrooms and the attic to the yard. Do you love the area? Is the home to big or small? Can a remodel fix the issues? Do you want to retire here?
Do your research. This applies to both sides of the coin.
What is the cost of the remodels you want? Explore Angie’s List or reference good contractors in the area. Does the city allow the changes that you want or will you need a permit?
Is there another neighborhood you may want to move to? Be sure to check out the homes, churches, schools, and shops in the area. Is it going to be a longer commute? Are there any gains to offset additional expenses?
Get your finances in order. Regardless of which direction you go in, having your financial records easily accessible is vital. You’ll need these documents for both situations. Knowing what upgrades you’ve already done to the home will help when it comes time to sell. And, having your tax documents and other financial information on hand will help you if you decide to remodel using financing.
Evaluate the process. Talk to the experts. Make sure that you know what to expect and all the steps. Find out what the pitfalls may be. Learn about the whole process and what you will be dealing with every step of the way. Take your time and pay close attention to all the details. Both selling and renovating a home are major decisions. Make sure you give the decision-making process ample time as well as compiling a considerable amount of research to make your final decision.
Need more help or to review the process? Call Helen today at 847.967.0022 or email [email protected].