Home Seller's Guide: Should You Sell and Move or Remodel and Stay? : HGTV FrontDoor Real Estate

Part 1: Evaluate Your Situation

Do you really need to sell? If you love your neighborhood and just need more space, perhaps you can remodel and stay. Or if the market is slow and houses aren't selling, you may be better off waiting or renting your home out.

Whatever your reason, before you even put up the "For Sale" sign, crunch the numbers to see if it makes financial sense to sell your home. These steps will help you figure out whether you should sell or stay.

The Steps

• Step 1: Gauge your need to sell.close

  Most would-be sellers typically don't have to move. Most would-be sellers typically become unsatisfied with their homes, neighborhoods or careers and sell based on desire rather than actual need. Decide if your desire is worth the time, money and energy of selling, moving and buying again.

  As a guideline, expect to spend 15 percent or more of your home's value in this process. And depending on how much money you still owe on the mortgage, expect a large chunk of your equity -- the amount of money you've actually invested in the home -- to be eaten up.

  Before you take any action, take stock of your situation. Look at the big picture and figure out why you want to sell. Consider your options. Take our "Should You Move?" Quiz to find out what's really behind your urge to move.

via www.frontdoor.com