4 Signs that it’s Time to Move, not Improve
Are you looking to upgrade your current home or you’ve simply run out of space and want to add square footage? Knowing if you should move to a new neighborhood instead of improving your home can be a tricky decision, especially once you start considering all of the grunt work that comes along with it. Here are four signs that will tell you it’s time to move and not improve your home.
1. Your plans for expanding your home has been denied.
So you want that extra bedroom or that extended deck. It’s as easy as hiring contractors to do the work, right? Not exactly. Before you begin any extenuating work on your home, you have to seek the approval of your local government. And if they don’t approve your plans and your heart’s set on adding more square footage, this is a sign that it might be time to move.
2. Your home expansions will be too much of a headache.
Perhaps your plans for expansion were approved by the local government. But once you started thinking about all of the details, such as the inconvenience of it all, i.e. having to live elsewhere, not being able to use certain rooms, the cost, etc. you might be less excited to embark on a five-month-long journey to achieve your renovated home. Make a list of pros and cons to expanding or renovating your home, and if you’re finding more cons, then the time to move has likely come for you.
3. You can sell your home quick.
When you’re finding that your home has accrued noteable value and inventory is low, yet there are many buyers, you’re in the best case scenario to sell your home quick and upgrade. Seek the help of your local real estate agent to assess the value of your home when you find yourself in a sellers’ market.
4. You’d be overimproving for your neighborhood.
While you might think it’s nice to be the flashiest house on the block or in your neighborhood, think again. Believe it or not, there is such a thing as overimproving for your neighborhood. First, take a close look at home comparables in your area. Have homes increased their square footage? Have they undergone high-dollar renovations? If you’re finding that your home would either be the largest or the most renovated, it’s likely time for you to move. When overimproving your home for your neighborhood, you run the risk of having trouble selling later. Because when buyers compare neighboring homes when you’re ready to sell, it’s likely they will look elsewhere and buy a home more in their price range, which is the rest of the neighborhood.