🏡 Hate Your House but Love Your Rate?
What don't you like and what to do next?
|1. What is the source of your dissatisfaction? |
Start by identifying what specifically you dislike about your home. Is it the layout, the size, the location, or something else? Understanding the root of your dissatisfaction can help you determine whether it's something that can be fixed or not.
2. What is most important to you?
Once you've identified the things that you don't like about your home, prioritize them based on how important they are to you. For example, if you hate the layout of your home, that may be a more significant concern than if you dislike the color of the walls.
3. What’s your budget?
Consider your budget and whether renovating your current home is financially feasible. Sometimes, the cost of renovating a home can be much more expensive than originally projected (just ask some of your friends or family who have done so.) Especially if you're looking to make major changes.
4. What would an expert say about your future project?
Unless you have done several renovation projects, “you don’t know what you don’t know.” A real estate professional can provide advice on how much “renovating” would be worth doing if you are ultimately going to move in the next few years.
*After all, no one wants to put $75k into a time consuming project if it will only increase your home value by $25k. It never hurts to ask, “Can I chat with you about how a renovation project would be worth it or not?”
5. Are there any bigger unknown issues?
The ultimate wild card here! What lies behind those walls when you start opening them up? The answer could be a very, very expensive fix.**What to do then? If you're considering renovating your home, it's important to have a professional home inspection to identify any underlying issues that may need to be addressed. This can help you determine whether the cost of fixing these issues is within your budget and whether the renovation will truly solve your concerns.
6. Would you prefer to be a landlord and rent your place?
While being a landlord is great for some people, it is undoubtedly a part-time job that many people may not have the time, patience, or interest in pursuing. You must understand local laws, research competitive market rates, screen and communicate with tenants, and have a clear lease agreement in place. Additionally, budgeting for future expenses related to property upkeep is important.
7. Is it worth exploring the idea of moving or selling? (It is important that we emphasize the word “explore” here.) If your current home is not meeting your lifestyle needs, then you should definitely explore this option. Weighing the pros and cons should involve asking a few important questions, such as:
Should you sell it as is or fix it up a bit? What would you earn from the sale? How much could you apply as a down payment to a new home? What would be the new home's monthly mortgage be?”
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