List Up or Trade Up Your Home? My Thoughts…
Many homeowners in my community of Mount Pleasant are often stuck questioning whether they should sell their property and list or invest in key remodels, thus trading up their spaces. It’s good to really consider everything and discuss important market statistics with your Realtor before making a decision.
Here are a few items that need to be evaluated before selling:
- Are the values of the homes in your neighborhood increasing? How does your neighborhood compare to others surrounding you?
- How quickly are your neighbors selling their homes?
- How many homes are for sale – competition indicator – in your neighborhood?
If you are considering a home sell, I can look up this information for you and help you come to a conclusion. Currently, the Charleston real estate market is picking up, and all signs currently point to a seller’s market in our area. But, we can look specifically at your home mortgage, the value of your home today, closing costs, moving costs and neighborhood real estate indicators to make the right decision for you.
I think this is a GREAT time to sell in our market. Contact me for a real estate consultation and we’ll look a the figures together. (No obligations to sell.)
|This Mount Pleasant home is now under contract!|
Should I Remodel Instead?
Are you among the 22% of homeowners with a mortgage who, according to real estate research firm CoreLogic, are underwater, or one of the 23% who have 20% or less equity in their homes? If so, your choices are limited.
Even if you can sell, you will probably walk away empty-handed, or at least without the 10% to 20% cash needed to put down a deposit on a new place.
If you fall into this category, you may want to consider renovating your current home instead of selling. There are many modest investments you can make to your home, while also recouping costs. Perhaps consider closing an attic or porch to add square footage or make simple upgrades to your kitchen.
The most basic thing you could do with a smaller budget would be to refresh the look of your home with new design or home decorations. This is a great way to revive a home and feel like you are in a completely different house without breaking the bank. I’m now offering complimentary design consultations for anyone considering this option.
|Here’s an example mood board I created for a design client.|
However, if you plan to stay in your home for several more years, you may want to invest more and make your home exactly what you need/want it to be. Consider adding a master suite (we are currently doing this now to our Mount Pleasant brick ranch, and I’ll share project photos later), completely remodeling your kitchen or bathrooms, opening up spaces by knocking down walls or investing in a fabulous porch or backyard.
|We decided to gut and renovate our kitchen, creating a perfect space for us!|
So, there is a lot to consider and a lot of options at the end of the day. Let me help you make this important decision. I specialize in real estate and design in Mount Pleasant – and the surrounding communities – and know our neighborhoods inside and out. We can work together and make the decision to sell, remodel or decorate!