The decision of whether to fix up your home and continue living there or sell and move on to a new one has been explored by countless homeowners.
It’s even the topic of many television shows. While many people feel comfortable in their house and don’t want to deal with the hassle of moving, often the needed repairs and updates can feel overwhelming, and the prospect of moving is the easier option.
Although this decision is extremely personal and can be complicated by emotional attachments, here are some tips to help make the best decision for you and your family.
One of the biggest factors you should consider when deciding whether to sell or fix up your home is the financial impact. Start by getting real numbers for the repairs and updates you’d like completed in your home in order to stay. Most contractors will give you free quotes for any work you want done. Once you have those numbers, you can start to compare the cost of renovation to the cost of selling and moving.
Don’t forget to factor in closing costs, loan fees, and the cost of the move itself. Additionally, HGTV says it’s not uncommon for buyers to ask for some repairs to be done as part of the sale. These numbers can help take the emotion out of the decision and give you a look at the financial impact of each decision.
Real Estate Market and Home Values
Another consideration in selling or fixing up your home is how much your home could sell for and whether you could buy a comparable home (or even an upgrade) for a similar price. If your home is in rough shape, the selling price might be lower than you’d like, leaving you with fewer options for your next home purchase.
Perhaps your larger home worked well when all of your children lived at home but now they’ve all moved on, and you’re ready for a smaller, more updated home. In this case, selling could be a much better (and cheaper) option than renovating. It’s a good idea to talk to a real estate agent about how much your house could sell for and what your purchasing options would be.
Satisfaction With Your Home
Although it would be nice if we could completely remove the emotion from the decision, the fact is that we all get emotionally invested in our homes. It’s important to try to look past the emotional attachment to analyze our personal satisfaction with our home and space. Think about the things you can’t change, like the location of your home, the size of your lot and yard, and the size of your home. If you feel satisfied with these unchangeables, staying put could really work for you. But if you find yourself unhappy with what you’ve got, it might be time for a change.
Sell Your Colorado Springs Home to Zech Buys Houses, LLC
Are you living in El Paso County, Colorado, and feeling overwhelmed because you don’t want to fix up your home? Zech Buys Houses can help! We will buy your home for cash and can close on any day of your choosing. Call us today to get the process started.