Once you move onto a new property, it is important to evaluate how long you plan to stay in the vicinity before you are likely to sell. According to Kathy Henne, it is counterproductive to spend time and money improving a property that you are going to put on the market soon. If you do plan on making improvements, be sure that these renovations will increase your home’s market value when compared to other properties on the market in the area.
- When you feel you are outgrowing your current living space, should you move to a larger home or simply improve your current one?
- Do research to investigate if the home improvements you would like to make will increase the value of your home in the long run.
- Carefully consider your own personal happiness when you are making the decision to “move or improve”.
“Investigate how your planned improvements will impact the value of your home against others in your neighborhood. Your home could actually take longer to sell in the future if it’s in the “upper end” of the price range for your neighborhood.”