Should You Call The Realtor, Or Begin Renovation?

By Ruth Williams

The number of new homes sold is one indicator of the health of the economy, and currently, there is something of a housing market slump. Here are some factors homeowners should take into consideration when deciding whether to renovate or to sell.

1. Look at your long-term plans. Are you planning to live in this home for some time? If it's getting tight for your expanding brood, take that into consideration. If the goal is eventually to sell your home, consider improvements that will add value. Customizing your home to your specific personal tastes may turn off a potential buyer, since it will be hard for them to envision themselves in the home.

2. How is the neighborhood and how is the school system? If the crime rate is high, or if there are many foreclosed homes in the area, property values will be affected. And the educational system is critical, even for those without children. Good schools attract new buyers and help to grow the community.

3. How much equity do you have in your home and how much do you owe on your mortgage? If you owe more than your home is worth, then it may be best to wait out the market and renovate. Your house will be worth more after you make improvements, and hopefully the housing market will be on the upswing as well.

4. It might be an extra cost to you, but you should consider bringing in a home inspector. They can tell what areas of your home are in need of repair before potential buyers even see it. In some older homes in particular, there may be problems with the plumbing and wiring, and your basement may contain mold. Leave such important matters to licensed professionals.

5. Take a good hard look at what you've got to spend on the project. It may be possible to do some of the basic renovations on your own, since professionals may charge quite a bit of money. In terms of the style you choose, keep in mind that you may want to sell your home one day, and might not recoup the money you put into it if you get carried away.

Even if you decide not to sell your home yet, that doesn't mean you can't add improvements within your budget. With just a little bit of effort and time, your home can become your own little castle.

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About The Author
Ruth Williams is known for her journalistic versatility. Her article subjects include online college and online degree programs for mid-career professionals.