Should I remodel or sell and buy up?

There are many situations where a family needs a larger home, more bedrooms/baths, etc. The big question in these difficult economic times is whether to add on to your existing home or sell and buy a larger home?

The list below is meant to provide a short method for examining needs in dollars and cents against other factors.

1. First, how would the improvements affect your home's neighborhood ranking? Would the
improvements cause your home to be best in your neighborhood; if yes than you
might not be able to regain all your improvement costs in any future sale; if no than an
addition or remodel might be fine and actually raise your home's value as well. By the way
bathroom and kitchen improvements seem to add more to the home value than
other rooms. Basement finishing ,on the other hand, may not add that much to value.

2. If you plan to stay in your home for the long term than improvements may be the best
answer.

3. If you are wishing to upscale to a much nicer home you may consider selling and buying
since the higher priced upscale homes are plentiful and at bargain prices. Also, medium
price home prices have relaxed the smallest and are in general easier to sell.

4. Other factors- If school locations, family activities, hobbies-golf water, biking or other
family dictate relocation rather than improve than now may be the time to talk to a
real estate professional to see how they can help.