Should You Remodel or Buy a New Home?
One of the most common questions for homeowners is whether they should renovate their current home or buy a new home. Some people do not have the budget to purchase a new home, which means that a remodel is better-suited for them. However, in some cases, it may be time to make that dreaded move.
4 Questions to Ask Yourself Before Deciding
- Is Your Current Location Important To You? More than likely, you are not going to be able to buy a new home in the same neighborhood, so it would make more sense to remodel if you live close to work and good schools.
- What Does Your Budget Look Like? Remodeling is going to usually cost less than buying a brand new home. It fact, if you don’t change any structural elements of the home, you will be able to roughly 50 percent on associated costs as opposed to buying a new one.
- Will the Renovations Improve the Home’s Value? If the changes to your home that you are considering making will not improve the value of your home, it may be better to either sell your home and buy new or opt for a different type of renovation.
- What’s Your Long-Term Goals? If you are recently married and are planning to have several kids in the foreseeable future, but you live in a one-bedroom house, you’ll probably be better off buying a new house instead of renovating your existing one. Sometimes, it is just easier.
Remodeling Is Usually the Better Option
Unless you need to move for a closer commute to work or to get access to better schools, you’ll probably want to renovate. Remodeling is going to cost less in the long run and it will likely improve your home’s value, especially if you go with the right renovations. It also allows you to create a personal touch to your home almost immediately. If you were to buy a new home, you are going to be out more money because you’ll need to hire a realtor, switch over the insurance, deal with the title processes, and various other processes that are associated with buying a new home. That personal touch that you want won’t necessarily be out of the picture if you choose to buy instead of renovate, but it may not be as easy.
Speak to a remodeling expert before beginning any renovation project to make sure that you are choosing a project that is going to add value to your home. Otherwise, it may be money down the drain.