The question enters many homeowners’ minds whether it’s your first home or your fourth home. “Is our current home our forever home or will we be selling in the near future?” Often it’s a split decision. Sometimes, homeowners can’t easily decide what their feelings are on their current home situation, but today, we are breaking down the top four items, and corresponding questions, we believe you should weigh when trying to decide on whether you want to love your home or if you’re ready to list it.
You know the saying, location is everything. In real estate that couldn’t be more true since the location of your home determines its value. The exact same property in a different neighborhood can vary significantly based on its location alone. Questions to think about when deciding with location:
- Do you love your current location?
- Does the location of your property have truly unique features or can they be duplicated?
- Do you love your neighbors?
- Are properties available in your price range to purchase in the area you love?
- Would you be okay with a neighborhood near your favorite location or do you need to be in a neighborhood within your desired location?
Unlike location, the size of a home can always be changed whether it’s to add more square footage, or in some cases, take away. But when thinking about whether or not you want to continue living in your current home, you need to think about how you actually live and utilize the space around you. Ask yourself these questions:
- Do you need more or less space?
- Are you using all the space you currently have?
- Do you need more space?
- Can you add on square footage?
- Can you repurpose your current space to make it more functional?
Whether you decide on staying in your home or listing your home, you need to consider renovations. Not every house on the market is going to be move in ready, and maybe your current home just needs some extra love. Consider these questions:
- Could a renovation change the way you feel about your home?
- Can you live through a renovation?
- Is a fixer upper something you would be willing to look at?
- Would you have the time to manage a renovation project?
- Are your renovation ideas actually doable from a cost perspective?
Knowing the cost of everything when it comes to buying or selling a home is important in keeping yourself educated and ahead of the game. With every home comes additional costs you didn’t plan for. Trying to keep this in mind is always helpful when deciding how to proceed with your current property. Here’s a few additional things to think about:
- Can you afford to do a renovation to make it sale-ready?
- Can you sell your home and make a profit to go towards a new home?
- How much is your property actually worth on the current market?
- What’s the going rate of properties in neighborhoods you love?
- Is it a buyer or seller market?