Whenever the topic of downsizing or upsizing arises, so too does the question: should we remodel or just sell? The question is multifaceted, whether your children have moved out of the house or perhaps you just inherited your parents’ property. The key is to keep your eye on the housing market and your family’s five-year plan in the back of your mind.
In strong markets like Portland and Seattle, your job as a homeowner is to ask not only how you’re currently using the space, but how you plan to use it with family, friends or perhaps renters.
“In a strong market it’s best to do a market analysis of your property,” says Heidi Hawk, design consultant with Neil Kelly. “After reviewing the costs to move in and out, as well as the value of the remodel over time, sometimes it makes more sense to keep the home because the costs are so low and a remodel will update the space and amenities to your current lifestyle.”
A market analysis will also help define your needs and determine how to get the most value from your investment. Do you plan to live there or rent it? How does your home compare to recent sales in your neighborhood?
Before making the decision to remodel or sell, ask yourself:
- Why do you want to remodel?
- How much will home improvements cost in your current home?
- How long will the projects take?
- Will these projects improve the resale value of your home?
- What is your home currently appraised at?
- Is the housing market predicted to change or remain the same?
- What requirements do you seek in a new home?
- How much might home improvement costs be in a new home?
- What kind of space do you currently need or think you need?
- How might your lifestyle change in this timeframe?
- Are you considering relocating to be closer to family and friends in your retirement years?
- Do your children or relatives wish to inherit the property?
- Do the benefits of selling outweigh emotional attachments you have to your house, neighborhood and neighbors?
Once you’ve weighed all the questions carefully, you’ll be able to make a decision based on the facts — both financially and emotionally. At Neil Kelly, we’re dedicated to the heart and science of the home, which means that whatever your needs, we have the experience and capability to help you enhance and maintain the livability, functionality, beauty and value of your property.
Contact the design/build remodeling experts at Neil Kelly to get advice on your options and choose the next best steps for your family. Whether it’s time to remodel or sell, we can help get you there.