I’m often asked by clients whether they should invest in remodeling their current home or sell it and “move up” to a bigger, better house. Here’s an article from The Real Estate Journal that addresses some of the finer points of that question. Keep in mind that the figures the article cites for recouped costs can vary greatly from one market to the next. A real estate agent can provide a market analysis of the current market value of your home, as well as an estimate of market value once remodeling is completed.
Technorati Tags: Remodeling, SellingYourHome
First-time sellers take note. Sunday’s Seattle Times ran an article by Ilyce Glink outlining potential closing costs for sellers (also available here, at the author’s website). Not all of the items mentioned apply to Washington residents, however many of them do. A good rule of thumb to remember is that it can cost up to 9% of the purchase price to sell your home (when listing with a full service real estate brokerage): generally 6% for both the listing and buyer’s agents’ commissions, 1.78% excise tax, and other costs such as title insurance and escrow company fees. Remember, though: that 9% does not include any mortgage pay offs, home equity lines of credit, or credits paid to the buyer.
Technorati Tags: RulesOfThumb, SellingYourHome
