Should You Move or Improve?

By: Alina Zingleman: Published: February 25, 2024

Whether to move or improve is a harder question to answer than it was a few years ago, but a few cost-benefit calculations can help you make the right decision.

What do you do when your family outgrows your house, or when the quirks of the place you once found charming aren’t so charming anymore?

Is it smarter to move or improve? Here’s some advice to help you decide.

Selling vs Improving in Today’s Market
More Tips
Upgrading Costs and Considerations
Critical Considerations

Selling vs. Improving in Today’s Market

According to a 2024 study by Redfin, the housing market has shifted in favor of sellers. Existing home sales are booming, with the median home price reaching $351,300 as of January 2024. Additionally, Houzeo reports that homes are selling quickly, averaging just over two months on the market. So, if you’ve been holding onto your property waiting for an upswing, it might be the right time to sell.

Before listing your home, consider factors that attract buyers, like energy efficiency and curb appeal. Additionally, focus on kitchens – even minor updates can make a big impact. Most importantly, price your home competitively to attract offers quickly. As you prepare your home for sale, consider what homebuyers want right now.

More Tips

Take a look at homes for sale in your market to get an idea of what you can get for your money today.
Check your credit report to make sure it’s accurate and up-to-date.
Fix mistakes you find in your credit report.
Get prequalified for a mortgage so you know how much you can spend.
Ask your real estate agent to send you current listings from your target neighborhood.

Upgrading Costs and Considerations

Looking to improve your current home instead? Be aware that renovation costs have increased. According to the National Association of Home Builders, contractors are less likely to negotiate due to high demand and rising material prices. Expect to pay between $100 and $200 per square foot for major renovations, depending on the project and local labor costs.

To ensure a wise investment, consider your neighborhood’s existing improvements. If you plan to move within the next decade, stay within the general upgrade level of your block to avoid overspending. However, prioritize your own enjoyment as well. If an in-ground pool brings you joy, even in a pool-free neighborhood, go for it!

Ultimately, the decision to sell or improve depends on your needs and preferences. Consider factors like school district, neighborhood quality, and commute time. If you love your location, improving your home might be ideal. However, if a different location offers significant advantages, then selling and buying elsewhere could be the better choice.

In a recent National Association of Home Builders survey:

81% of contractors were concerned about rising materials prices
65% were concerned about rising labor costs

Critical Considerations

Your house isn’t just your largest investment, of course, it’s also the place where your family lives. Financial considerations aside, the question of whether to move or improve should be decided by the things you can’t change about your current home:

School District
The amount of traffic on your street
Size and layout of your yard
Commute time
Access to markets and malls
Neighborhood quality of life

If you love the spot, improving makes sense. But if a different location would be an improvement in its own right, then trading up could be the way to go.

Selling your home? Let a broker with decades of experience make the experience fast, easy, and profitable. Contact Zingleman Realty today to get a free, detailed home valuation report.

Find out more about Zingleman Realty and what our clients are saying about us by visiting us on Facebook, Google, and Zillow.

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