Deciding between fixing up your home or moving into a new home can be a very difficult decision and there are many factors to consider. In order to help you identify all the factors to help you make the best decision for you and your family we found this article. We hope it will help you!
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From the article:
Real estate agents often hear from clients who are interested in home buying because they ???need more space??? or they want more ???modern??? kitchens. There may be other reasons their current homes don???t fully meet their needs: a new job, a new relationship, a new baby and so on.
But buying a new home is never the only solution. In fact, in some cases it may be better to remodel or renovate the home you have. Here are some things to consider when deciding whether to remodel, renovate or buy:
Buying means selling, too
Often, the desire for more space leads the homeowner into a simultaneous buy/sell situation. Given that lending standards are still tighter than they were a decade ago, it???s nearly impossible for most people to buy a home before first selling their current home. That means being in limbo ??? potentially homeless ??? until they find a new home. This brings up a great deal of uncertainty.
Buying and selling at the same time is stressful. For starters, in many parts of the country, the inventory of available homes is limited. Yes, you can sell your home, but with inventories so tight, where will you go? Few people want to take that gamble. This is keeping many people, and potential inventory, on the sidelines today.
Buying and selling also comes with a lot of costs. The seller pays the real estate agent???s commission, for instance, along with closing costs on the buy side, plus moving expenses and more. Though it might not be music to a real estate agent???s ears, your money may be better spent on a remodel or renovation.
Credit is easier to obtain
With property values up, homeowners in some parts of the country are realizing an increase in equity of 10 percent to 20 percent over just a year ago. If you suspect that your home equity has increased, call your local bank or mortgage professional or do some research online. You might be surprised to learn that a bank will lend you money ??? more than you might imagine ??? against the equity in your home. Also, a home equity line of credit (HELOC) is considered a mortgage, therefore, the interest part of the loan is tax deductible.
Looking to make some easy upgrades to your home? Then checkout this article about easy upgrades to home that could be of interest to you.
Read the entire article here: http://www.zillow.com/blog/should-you-remodel-or-trade-up-144324/