Should you stay or should you go? It’s a question a lot of homeowners ask and there’s a lot of money riding on the answer. The question refers to moving versus renovating or remodeling. If your home needs work, or if you’ve outgrown it, does it make more sense to put your home up for sale or to do a renovation? The answer can have a tremendous impact on your finances. For example, if you move, you may be in the market for a new mortgage. If you do the renovation, you might need help paying for it. Either way, Cliffco Mortgage Bankers can help you put together the loan you need for whatever you decide.
Cliffco Will Help You Get the Most Out of Your Loan
Whether you’re looking for a mortgage loan to purchase property, looking for a loan to help with a renovation or construction, or if you’re looking to use the equity in your home to be secure in your retirement, Cliffco can help you get the most out of the loan you need. We often see customers wrestling with the issue of whether they should do renovations on their home or simply sell it, and we want to give you some thoughts on what you should know before you make this decision.
Questions to Ask Before Selling or Renovating
When you’re deciding between selling and renovating a home, the Chicago Tribune suggests asking yourself several questions, including:
- How long have you been living at your home? Real estate experts suggest waiting 3 to 5 years before you sell or you won’t break even on moving costs.
- Do you like your location? You’ve heard the old saying about the most important aspect of real estate: “Location, location, location!” But it’s true. If you love something about your location, like the schools or access to the beach, you’re less likely to leave.
- How much is your home worth? If you live in a hot real estate market, you’ll likely be more inclined to sell. But if you don’t think you’re going to fetch the price you want, you’d be more likely to renovate your home.
Understanding What’s at Stake
If you’re wrestling with the question of selling or renovating, it’s time to start doing your homework. Among the things, Nerdwallet suggests, is listing your home improvement goals. Figure out what upgrades are needed or what you’re willing to pay for. Then try to estimate the costs. Also figure out how you’re going to pay for any renovations you might make. Next, you need to have a sense of the current state of your local real estate market as well as any market where you might consider moving. Talk to local real estate agents. Compare your home’s value with recent sales. Don’t forget to factor things like closing costs and broker commissions.
Cliffco Can Help You Renovate or Sell Your Home
Once you’ve crunched the numbers and determined which path makes the most financial or emotional sense for you, Cliffco can help. If you’re moving, we can help you find a mortgage in your new area. If you’re renovating, we can see if you qualify for a home improvement loan. If you’re considering either option, contact Cliffco today.