Renovate Or Buy New? The Important Things To Consider

by Jenn

There comes a time when your home is not quite living up to your needs or wants in life. Your situation could have changed and suddenly the house is too small. Or, it may be that you want something more modern and your house is too old. If you’re dissatisfied with your house you are probably thinking about selling it and buying a new home. 

However, you do have the option to renovate the house instead of making a move. Which option is better? There is no right or wrong way to go whether you are thinking of buying or renovating. However, you do need to think about a few things to make a good decision. In this article, we will give you a few things to consider. 

What to know about renovating

Renovating is usually a lot cheaper than buying a new house. Usually, it will cost a few tens of thousands to make your home look brand new depending on the type of work you plan to do. The nice part about renovating is that these changes will add value to your home so the cost may end up being neutral if you end up selling your house after all. 

How you renovate is going to depend on what your needs are and what you’re trying to accomplish. Sometimes you just need some new floors from Sierra Flooring and upgrade the appliances and you’re done and happy with the results. Other times you will be looking to tear down some walls to make an open-concept home or add an addition to the house. 

Think about what your dream house would be if you were looking to buy and then see if you can turn your current home into your vision of a dream home by renovating instead of buying. 

Then, figure out a budget for the project you have envisioned. If you have the equity you can do what you want. Otherwise, think about how to finance and if it’s worth it. 

What to know about buying

Buying a house is not a simple feat. It can take a lot of time to find the right house and can be quite expensive. However, when you do find the right house it is essentially a blank slate for you to create the home of your dreams. Sometimes you may not be able to renovate the current home the way that you wish and buying a new one will be your only option. 

This is a good time to sell since the market is so hot so if you can find a bargain you will end up with money in your pocket. That extra money can be used to fix up the new house in a way that makes it perfect for your needs. 

Location may also be a factor in the decision so if your situation changes and the location where you are is no longer working then buying in the right area is your only option and renovating won’t help. 

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