Having some reserves as a cushion to work with to prepare your home for its sale is ideal. Many sellers will have at the very least, minor repairs, paint touch ups or updating to do which will be out of pocket expenses. Be sure to make yourself familiar with the highest sale price in your neighborhood as well as the lowest over the past 180 days - before you get started on any projects beyond maintenance. If you are uncertain of your area or neighborhood’s sold prices, contact a Realtor. This will help you to determine whether or not staying in your current home and renovating or making significant upgrades makes good financial sense; or if you are making a decision rooted in emotional connections to your home.
You may currently have expansion potential by weatherproofing a damp basement, finishing off attic space or even adding a second story to your current home; but before taking on costly additions you will want to confirm you aren’t making big improvements for only a small return on your investment. When adding on doesn’t add up, or your municipal codes will not permit the style of addition your situation or property requires, it makes sense to consider selling and purchasing a more suitable home instead.
On the flip side, perhaps you no longer require a 4-bedroom, 3-bath, two-story home and don’t wish to be the curator of vacant rooms forever. Carefully consider your energy costs and long term ability to keep up with the yard work and home maintenance when deciding if staying makes sense. It can be hard to leave the home you have so many priceless memories in, but we will not always be in a seller’s market and there is a season for all things.
Sometimes the location is no longer right for you (and it is ok to admit it). Over time the dynamics of a neighborhood can dramatically change due to new homeowners and renters, association rules or personal relations. Perhaps your children are not thriving in the local school district and you would like a change for them. That 40-minute daily commute you thought was “no problem” has maybe become more cumbersome than it used to be just a few years earlier.
It can be difficult to say “Good Bye” to your home, let a trusted Realtor help you move on when the time does arrive.
Nicole Foster has enjoyed being a Broker with Regency Realty for the past 11yrs - working w/buyers, seller & investors specializing in new construction. Nicole is a Windham resident and mother of four children.