Should I move or improve my condominium?
Selling your condominium can costs thousands of dollars by the time you total up the closing and moving costs. If you don’t have to sell immediately, consider your decision carefully — especially if the market is slow.
One alternative to selling your home is to remodel and upgrade your living space to better suit your needs.
Figure out what improvements you want, then get some estimates from a local contractor. Total up the cost of selling your home and moving then compare the two.
Ask yourself these clarifying questions:
- What is your condominium’s condition?
Look around and see if you have any major problems, such as an aging ventilation system or floor that needs replacement.
- Am I over-improving for the building?
Whatever your improvements, ensure they match what other condominiums are doing in the complex. Over improvements may not translate into higher a resale value.
- Will it pay off in the long run?
All improvements are not equal. Remodeling a bathroom or kitchen may not bring you as much return as opening up the space or bringing in more light. Factor in any financing costs you incur if you refinance or use a home equity loan to complete your project.