Should You Sell Your Alaska Home This Spring or Simply Renovate?
Many Alaskan homeowners tend to believe spring is the best time to list their property and prepare to move on to a better, more suitable home. And while they may not be wrong, it is important to note that selling is not always the best answer for every scenario. Depending on how long you've spent in the home and your location—among other factors—it may be ideal to consider staying put and simply making a few improvements.
Below are five questions to ask yourself as you determine whether to sell or renovate your Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole home this spring:
How long have you been in the home?
If you have spent decades in your Alaskan home, it may be time to consider a move to a new property that better suits your tastes and space needs now. However, if it's been less than five years, consider staying a little longer. It may be best to determine what improvements could be made to allow the property to better accomodate you and your family.
Do you know what renovation requires?
Renovation is an exciting concept— dreaming up changes to your Alaskan home and seeing them come to life. But just keep in mind that real life renovation is not a real estate reality TV show. These projects can take much more money than you anticipate and last much longer than planned. Be sure to cover all of your bases, from required permits to budget, before you decide to start your projects.
Will your projects over-improve your home?
Home prices in Alaska are, for the most part, based on comparable properties in the area. It is important that your renovation won't over-improve your home so much that you price it out of the neighborhood when the time does come to sell.
Have I outgrown the home or will I soon?
Many buyer motives in today's real estate market is space— a lack of it! Take stock of your storage and family needs in terms of bedrooms and living space. Have you already outgrown your home? Can you see yourself needing more space in the near future? If so, it may be best to consider moving on now!
Could my location be better?
For homeowners everywhere, location is one of the most important priorities! There's a reason why location, location, location is a common phrase in real estate. Where is your home located in Alaska? Do you like your neighborhood? What are home prices like in your area? If you can think of a better place your home could be located, consider selling and moving to your ideal area. If not, it is likely best to stay put and make the necessary improvements to your home.
Do not hesitate to contact Madden Real Estate for more information to help you make this important Renovate vs. Sell decision this spring! We have walked numerous Alaskan homeowners through the process and are here to help you do the same!
Remember, we even offer a Guaranteed Sales Program— If we don't sell your home, we'll buy it!
Wes Madden, CEO
Madden Real Estate with Keller Williams Realty Alaska Group
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