Time to Sell or Simply Ad-on?

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. This question comes up in all markets, so it’s not just a sign of the times. No matter what the motivation is 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 area, or if you are driven to move for specific needs not available where you are now.

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, modern amenities, 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 most significant 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.