10 Tips to Increase Your Home's Value - Tip 10 - Benefits of upgrading vs selling

Over the last week we have been posting about 10 Tips to help increase your home’s value. We are already at tip #8,  if you have missed the first few tips you should be able to find them in the blog archive area just to the right of this post. The thought of increasing the value of your home may be easier than you think By following these tips found via the Home and Garden Network, your home may be worth more than you think.

Tip 8: Weigh the benefits of upgrading versus selling.
“Should I stay or should I go? It's a question many homeowners are trying to figure out. Here is how to tell if there is more value for you in fixing up, or moving on.

First, estimate your costs to buy a new home. Add up the realtor and home selling costs (packing, moving and the new loan financing). Don't forget hidden items, the buyer may ask you to replace the carpet before you sell or any other fixes to the home that you were not aware of or just didn’t have the time or budget to fix earlier. Make your best effort to include everything it will cost in time and money to sell your home and buy a new place. Then, you will want to estimate what you may get for your house and how much money you can potentially walk away with, with the closing of your current home.  When deciding on a new home, make sure you write down a “must-have” list, these are items your new home must have in order for you to make the move, does your current home already have these?

If you like your neighbors and your school district, consider remodeling. You can get exactly the home you want and you won't risk any buyer's remorse. Estimate the cost of making the most essential renovations needed for you to stay in your current home. Decide what you would like to do and go price shopping at your home improvement store. Contact contractors and get estimates on the projects that are not sure you will be able to tackle yourself. This is especially important if you need to add on extra square footage.

Look at what it would cost to move, then what it would cost to remodel. Add in the X-factors such as friends, schools and neighbors, are you close to shopping, restaurants, or even a bus line. When all is said and done, you may find you get more equity by staying in your home and remodeling.”