Two Choices when Upgrading
First and foremost, it is important to base your decision on the things you can’t change about your home, such as the school district, commute time, size and layout of your yard, the amount of traffic on your street, access to markets and malls, and neighborhood quality of life. If your new spot is a downgrade compared to your current home, in regards to location, then think seriously about life without these little but important location factors associated with your current home.
Selling vs Improving
On the other hand, there are a positives associated with selling your home now. According to MarketWatch, home sales are on the rise; home sales were at their highest since 2006. A few things to keep in mind if you do decide to sell would be to consider what homebuyers are looking for, focus on curb appeal, and take a look at homes for sale in your area to get an idea of what you can get for your money today. During our economic downturn, home improvement slowed, therefore, contractors cut deals to stay busy. However, today that is not the case. Contractors are much less willing to bargain on price and may even turn you down if the job doesn’t offer enough profit. With construction costs on the rise, expect to pay anywhere between $100 to $200 a square foot for a new construction or a major remodel depending on the scope of the project and labor costs associated with your area.