The current real estate market is a bit volatile, to say the least. Buyers are having to make tens of offers before having one accepted. Real estate agents are struggling to find homes within their clients' budgets.
At first, this might seem like a good time to sell your home, since you can basically guarantee there will be interest. But if you sell your current home, that will also mean you need to find a new one, which can be more hassle than you bargained for.
If you don't need to move right now, you might want to consider an alternative: improving your current home. As it turns out, a lot of people are improving their homes right now, too — and for good reasons.
Why Is Improving Your Home a Good Choice?
Think about the reasons why you'd be moving right now. Would you be moving into a home with more space? Maybe you'd be upgrading to a home with nicer finishes, or one with a more modern look.
Rather than buying right now in a market where many homes are over-priced, you may be better off spending your money on improvements on your current home. You can add an extra room on to create more space, remodel the kitchen to make it more functional, refinish the floors, or make other changes that will transform your current home into your dream home.
By updating rather than moving, you'll be improving the value of your home. If you do choose to sell a few years down the road, you'll get a good return on your investment. At that point, you may earn even more for your home, which means you'll have an even larger budget when you do move.
What kinds of improvements should you make?
There are two kinds of improvement you should make. The first are improvements that make your home more livable for your own family. With more people working from home these days, what you need from your home may have changed. You might consider adding a home office, building a kitchen island that you can work and eat at, or dividing a large living room into two smaller rooms.
The second kind of improvements are those that will make your home more appealing to future buyers. Modern finishes are big right now. With many millennials buying their first homes, buyers want houses that are not only secure and sound but attractive. Tearing off wallpaper and painting the walls, adding accent lighting, and replacing worn cabinets are some small upgrades that will really pay off when you sell.
So, should you remodel or move? With the real estate market being so difficult for buyers right now, it's not a great time to move. If you're able to stay in your home for a few more years, staying and making some updates is probably your better option. Contact Hassle Free Home Services if you need help with maintenance or small updates.