Is It Wiser to Renovate or Buy a New House?

If you’ve spent a long time in your current home, but need to expand on the space available, you face a tough dilemma. You’ll probably have fallen in love with your home, which will make the “do I relocate or not” decision even more difficult. There are various situations where you’ll need to address whether it’s wiser to renovate or buy a new house altogether. Perhaps you want a new house, but love your neighbors. Your house has charm, but it’s in desperate need of a new look. You might even value your backyard so much you want to stay put.

Different factors motivate homeowners to make an important choice. If you’re wondering whether you should relocate or renovate, here are some critical points to consider:

Neighborhood

Location plays a vital role in the decision process. If you don’t want to leave behind your beloved neighbors, renovation is a wise choice. It’s natural to grow an attachment with your area, where you become comfortable with amenities and are used to calling a certain place home. A useful side effect of staying put arises when you sit in a trendy area where real estate prices are on the incline. This makes renovation a sound investment, since you’ll increase the value of your home considerably. Before your remodeling project begins, you can determine the fair market value of the project once completed. The decision is a no-brainer if the eventual sale price outweighs the cost of renovations. If the concept of renovating your home is appealing, a custom house builder like Kalka can attend to your remodeling requirements. They can help you create a luxury home to suit your individual requirements. This means you can stay in the neighborhood you’ve grown accustomed to, but achieve the home of your dreams.

Finances

Buying a new home and renovating are two decisions that require financial backing. This is arguably the biggest consideration of all, since you can only decide within your financial means. Buying a new house means you need to qualify for a mortgage. The timing probably isn’t right if you’ve recently incurred debts or have changed jobs, because financial stability is paramount. Buying a new home is more realistic when you have the money to do so. If you’ve established reasonable equity in your current home, there are options for equity loans to pay for renovations. There will be other costs to consider, like credit reports, title insurance, and appraisals, but the procedure is much cheaper. If you do decide to buy a new home, remember to factor in real estate commission and selling costs. These are common expenses when moving your belongings from location to location.

Space
The amount of space available is a huge factor when deciding what to do. The great thing about buying a new house is that you can choose an environment with ample space, providing you have the money. When renovating an existing home, you can create more space by building up or out. Adding a second story is a viable plan, but it requires research to discover whether your foundation can support additional weight. Building out is a great option for increasing square yardage, but it requires considerable planning. When extending your home, you’ll also need to consider interior design. An important aspect in the latter stages is decoration, specifically the inclusion of attractive decor that suits your theme. You’ll need to consider questions like ‘do I install plantation shutters or blinds?’ If you’re wondering how much do custom plantation shutters cost, by researching online you can find suitable options well within your price range.

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