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Time to Sell or Simply Ad-on?

 Consider all your options first . . .

You may be contemplating whether it’s better to sell and “move up”, or simply add-on in order to upgrade your existing home. Circumstances can vary making this a difficult decision. In Richmond, Virginia, news reports indicate a relatively stable market compared to other parts of the country; nevertheless, property values have seen a decline resulting from the current economy.

Home owners often ask themselves if they should buy a new home or add on to the one they own. This question comes up in all markets, so I know it’s not just a sign of the times. Motivation can come from many things, but there are a few critical questions one can ask before moving forward.

Richmond is blessed with a wealth of excellent neighborhoods, providing a variety of life styles from which to choose. So, the first question to ask is “can I duplicate what I love most about my neighborhood living somewhere else?” This consideration may make the decision easy if you are attached to your home, or if are driven to move for specific needs.

Next, “what will it take to make my current house meet or exceed what I can find in another location?” Why else would we consider moving? This may be influenced by our finances, space considerations, schools, work, and undetermined gains vs. losses. It’s sometimes best to make a list in order to evaluate this question properly.

Finally, “am I willing to live through renovations and additions in order to get what I can purchase somewhere else?” Be realistic and honest about how this effects you as well as everyone living in the house. Give the greatest consideration to this question, as it has the greatest impact on family and relationships.

The rest will fall into place with the assistance of qualified professionals like contractors, designers, architects and Realtors®. The source depends on your decision, so choose wisely while consulting a trusted advisor.

For more insight, information and any questions on this and other important issues, please contact your most valued real estate professional, we are here to serve you! 

Sources:  John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and a Licensed Architect. He and his wife Ann are in business together in Richmond, Virginia.