And of course, the question holds true today for anyone pondering whether to sell a house in Indianapolis and upgrade to a new locale. Or maybe you're a hopeful first-time home buyer in Central Indiana trying to figure out whether to venture away from the rental noose.
Here are two indications you should stay put and two clues that maybe it's time to join the ranks of 2014 Indy homebuyers.
You should probably SELL if...
1) You have no space and what space you can claim is shrinking.
Even if you don't have kids, available space in a rental or a house shrinks over time. You develop different needs than you had a few years back or heck, maybe even in as little as a few months. That one or two bedroom place may have been fine at the time, but maybe one of them has morphed into a defacto office or studio.
And certainly, if there are kids involved, that's an obvious story. Whether it's a baby on the way, toddlers turning into pre-teens or - God forbid - growing teenagers demanding more space, if your available square footage is on the decline, it's time to sell and buy a new house in Indianapolis or our fine suburbs.
2) You'd like to divorce your neighborhood.
Just like marriage or any partnership, the relationship with the neighborhood you once loved can decline over time. Maybe you moved in because the area was "on the rise" or it was close to friends, family, or your job. Obviously, all of those reasons can change over the years. Sometimes new freeways pop up in backyards for no (apparent) good reason. If you grit your teeth every time you fill out the rent or mortgage check because you loathe your neighborhood, it may be time to move on.
You should probably STAY if:
1) A mortgage increase is no problem. If you get two roommates and sell a child.
Ah, the cold, hard reality of your financial straits can really dampen enthusiasm for buying a new house. Yes, you absolutely do deserve a great new place in the fancy sub-division across town. But all of us are prone to becoming really good at fooling ourselves when it comes to determining our ability to afford something new.
You really must do the budget, crunch the numbers, and above all else - BE REALISTIC.
2) Some small remodeling projects or DIY decorating will make you happier.
I've seen many people develop deep dissatisfaction with their Indianapolis house just because it doesn't sparkle as nicely as it used to or as well as their friend's place a couple blocks over. But the truth is, many houses can be brought back up to speed and their owner's sophisticated taste via a decorator, contractor, or their own sweat equity.
While the projects may seem scary or time consuming, investing money in a small remodeling project and upgrades, landscaping, or even jumping in with your own muscle can save you big dollars when compared to buying a house you can't afford. Especially when you factor in closing costs and Realtor commissions.
Go ahead and put in the wood floors or that deck or new driveway you need. Pamper the place and you just may be surprised.
Hey, I'll be happy to help you sell your house and buy a new one, but it's also my job to help people out and allow them to stay put if it's best for all concerned.
Call or email me any time for advice and thoughts on your specific real estate questions around Indianapolis.
This completely renovated Broad Ripple bungalow is move in ready. You can enjoy all the conveniences of a low maintenance home, new windows, roof, AC and furnace, plus the benefits of a great location. The bright, sunny interior has new bamboo flooring in the living room, dining and bedrooms. Enjoy the well maintained beautifully landscaped private back yard, while grilling on the patio, then take a stroll up the Monon. The newly finished basement is ready for your choice of paint color.
