If you are moving due to an employment-related relocation, the decision to sell may already be made—you and your employer have decided that relocation is in your cards. If the relocation is temporary, you may decide to rent out your home until you return. If your company doesn't offer a third party buyout, you may encounter difficulty selling if your market is soft.
Certainly you're going to want to weigh the financial considerations of selling. If it is just more space you're after, you might want to consider remodeling.
IMPORTANT NOTE: Renting out your home has tax implications. Consult with your tax professional if you are considering it.
If space is a problem, trading up is usually the most expensive solution. Consider not only the cost of the new home, but the cost of the move itself, the commissions and closing costs which make a little extra room cost a lot of extra money! Consider remodeling if you're happy with your neighborhood and the overall structure and condition of your present home. Can your lot support an addition? Do the local building codes allow it? Would the costs involved in remodeling outweigh those involved in moving?
If you think remodeling or adding on to your existing home might fit the bill, consider these general guidelines:
Confused about whether to fix up or trade up? Here are some general guidelines about what works and what doesn't.
Projects that add the most value relative to money spent:
Projects that add the least value relative to money spent: