Should you add on, improve it or purchase another?
Here are 4 questions you can ask yourself to help clarify if you should improve or sell.
Firstly, how long do you intend to keep your house? It makes little financial sense to pour money into a house only to sell it unless, of course, you can make a profit.
Renovating or extending can be quite stressful for some.
Secondly, will you be able to recoup the cost of improvements when you sell? We can show you comparable properties, sold recently, to determine how much your improvements will increase your home’s market value.
Thirdly, are the improvements you are considering logical, given the age, size, and location of the house?
Just as you wouldn’t install a new sunroof on a bomb of a car, making expensive additions to a house that’s full of functional obsolescence makes little financial sense.
Fourthly, could your renovations over-improve the house?
There are some additions that aren’t welcomed by certain buyers. For example, for some a swimming pool is a bonus, for others another area to maintain. So, do look into the future to avoid over-improvements on your home you can’t recoup.
These 4 questions will get you focused.