To stay or to go? Here are a few pointers to keep in mind when determining whether there’s more value in remodeling your existing home or listing and moving on.
First, estimate the total costs of a new home purchase. Calculate selling and agent costs as well as the cost of packing, moving and loan financing. Remember not to overlook hidden items. For example, your buyer might ask that you replace the carpets before they buy. Or, there may be a need to replace appliances. Then, estimate what you may receive from the sale of your house and how much of that will be cash for your next down payment.
If you like your current neighborhood and school district, remodeling is probably your best bet. This way, you get exactly what your want in your home, and you won't suffer from buyer's remorse. A professional remodeler will sit down with you to estimate the exact costs associated with crucial renovations that are needed for you to stay.
Compare the costs to move and the costs to remodel. Add in factors like your community, schools, and neighbors. When all's said and done, you may discover you more equity by staying in your current home and remodeling.