When it's time to stay and remodel or style and move on.

When it’s time to stay and remodel or Sell and move on.

People are often in this boat and like HDTV’s program Love it or List it, people have a dilemma on whether or not they should simply remodel or renovate their existing home into the home that they want or sell it and move on to a home that’s already move-in ready.

Here are some tips on knowing when to stay and when to move on.

If your mortgage is close to being paid off and you’re almost done with monthly payments, you might consider staying. Buying a new home would mean taking on a new mortgage and even if your home puts down most of the down payment, chances are you’ll probably still have a mortgage payments.

If your credit is less than perfect, strike that, if your credit is literally in the dirt, it’s probably not a good idea to reapply for a new loan. You will be paying a higher interest rate and it just might not be worth it. Getting a new mortgage might be harder than you remember, especially if you’ve owned your home for quite some time.

You might consider staying if you have money to renovate. If you love certain aspects of your home and really feel that it just needs a facelift, you might consider putting that money into renovating of the kitchen, bathrooms or the layout to something that you really love.

There’s simply nothing in your price range. If you want to stay in the neighborhood and there’s nothing in your price range, there’s really no need to move. Wait until the right time comes along and then you might consider moving.


It’s a great time to move if the kids are gone and your downsizing. Empty-nesters are often finding great smaller homes and condominiums that require very little if any maintenance.

If you have equity in your house that can be rolled into a new loan or larger more updated home, you might consider moving. The interest rate may also be lower than what you are currently paying.

It would simply be too much to get your current house where you want it. If there is so much work to be done your current house that you’ll be spending thousands of dollars and an army of people to fix it, it may simply be time to move on.

You may also want to move if your neighborhood is changing. Perhaps you loved it when you first moved in but now, you find yourself locking your doors more at night and being concerned for your safety when you walk the neighborhood.

Considering whether to stay or whether to move is certainly something that should be evaluated on a case-by-case basis. In the Panama City Beach area there are plenty of beautiful condominiums that several folks downsize to when the time is right. If you’d like us to run the numbers please give us a call at any time.

Thank you to Donald Payne and his team at Vision Realty for their guest post this week. Don is an expert in Columbus real estate and has tons of information for buyers and sellers in his area.

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