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Stay or Go? Helping Clients Decide Whether to Remodel or Sell

March 24, 2014
From Loan Officer John Hendley

From Loan Officer John Hendley

There’s are several popular TV shows about homeowners who are deciding to move to a new home or remodel the one they have. In fact, one show has two real estate professionals competing to see which can deliver the best solution. Will they stay in their newly remodeled home or list it?

You are viewed as an expert in housing, so you have an opportunity to help prospective clients wade through the issues to make a decision like this. If they list, you’ve proven yourself to be an excellent resource on what to consider in a home. If they decide to stay, you may not have the listing immediately, but you’ve build credibility and a relationship with them that may lead them to refer you or use you later on when they are ready to move.

How can you help them decide between remodeling or moving to a new home?

Ask them about the things they don’t like about their home. Floor plan? Square footage? Lack of a finished basement? Situated on a busy street?  Ask them to be specific about the house itself, but also the neighborhood, and their yard. Some things are easy to change; others are impossible. The difference between the two is the difference between remodeling and moving!

Learn about their future plans. Do they plan to downsize when their children go to college? If so, how many years from now? Might they relocate soon for a career or in retirement? Or do they see themselves welcoming their children and grandchildren for many years to come?  If a family is planning to stay in the home for a while, remodeling can be a good investment, and it certainly can make living there more enjoyable.

Show them wish list properties. Take them to homes that have all of the features they want in their own home. They may be too costly to buy, making remodeling a good choice. Or they may find a home they like even better than their own, already filled with the amenities they want! Either way, you are educating them on what the market offers and at what price. If they decide to remodel, they can make smart choices that will maximize their equity.

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