Do You REALLY Want to Sell - or Should You Add On?

Do You REALLY Want to Sell - or Should You Add On?

It's often a dilemma to decide whether you really want to sell a home you love, in a neighborhood you love, just because you need more space or you've looking for more amenities. If you find yourself asking that question, here are a few things to ponder before you put your home on the market.

First, are you truly happy in the home, in your neighborhood? Sometimes people think they're happy, when all they really are is comfortable and accustomed to where they are. It's human nature to be wary of changes, and moving your entire household and family is one of the biggest changes people can make. Think long and hard about the pluses and minuses of moving to a new home before you put your home on the market. After you've received an offer is NOT the time to come to the realization that you really don't want to move!

Realize that it can often be considerably LESS expensive to add on than to move, especially if you live in an area where home prices have escalated considerably. You may end up with a larger mortgage payment, higher taxes, and more headaches if you move. On the other hand, if adding on to your home makes it the biggest and nicest home on the block, you may not be able to fully recoup your remodeling costs for many years. However, if you truly love your home and area, and plan to stay for quite a while, it may not bother you that your home's eventual sales price might be hurt somewhat by the other, less improved homes in the neighborhood. That's a decision you'll have to make, again after some serious thought.

There may be some zoning restrictions that preclude you from even being able to add on. Check with your local authorities to find out. What you learn may affect your decision, one way or the other.

Just because you've outgrown your home or would rather have some other types of amenities, that doesn't automatically mean you have to look for a new home. If you've already found a home you love, in a neighborhood you love, perhaps you'll be better off adding on. It's something to think about, BEFORE you put a "For Sale" sign in your front yard!