If your mind is having a debate on this question regarding your home: “should you buy a new home or remodel the one you’re in?” this article might help you make a wise decision. We have noted down a few comparisons of these two options that can be helpful enough for you.
Table of Contents
The Reason
Laying out the reason of buying or remodeling gives one a good outlook on things. If your reason is having a place that is safer for you and your family, and your current neighborhood doesn’t offer it, then buying a new home is a good decision. If your reason is just to get a brand new atmosphere in your house, remodeling is the wiser and more practical option.
A total change in environment needs adjustment, so consider the move, how transportation from work to home will be affected, the school distance, and other such things. If you need a breather, and space to be more creative, relaxed, you can simply alter your space at home to a more conducive area.
The Budget
If you have a good budget or if your current family income can keep up with the ever rising price of new houses, we don’t see any problem for you to get a brand new house. If you are just keeping up with daily life and your family income is just fair enough for you and your family, a DIY remodeling or low cost renovation is way much better in the long run.
To find out the most up-to-date prices of houses in the market, look for an on online listing in your area. You can then compare further using a mortgage calculator, to analyze what would be your spending, and if you would be able to afford it through the coming years.
Talk to a real estate agent, especially in the current situation. As many countries saw a surge in house-buying brought about by demand for more space (as many are working at home),and of low interest rates – house prices also rose significantly in many states.
The Time
If remodeling your own home doesn’t fit the time or schedule you have on hand, especially if you are an over busy human, buying a brand new abode that is ready for occupancy might be a better option. On the other hand, if you got all the time in the world to make changes at your home without sacrificing any job or business you got, then remodeling is the no-brainer choice for you.
Consider the time and resources you will spend on renovating, and how many hands would be able to help you in the process. You can hire professionals to the work for you, make sure to plan well, and express your wants as best as you could to the contractors.
The Price
Estimate the cost of remodeling and cost of buying a new home. For remodeling, calculate the amount of time, materials and labor. See if the two are close to each other, especially if you got a big remodeling plan at hand. If they are too close in terms of expenses, buying a brand new house might save you from all the stress and hassle that remodeling a home may entail.
No matter if you have a lot of money or just enough, you and your family’s well-being should come first. Can you handle the chaos of having a renovation at your home? It would be noisy, dusty, and would disrupt your normal routine.
The Future
If your current home or house is built few years back and remodeling it won’t make it stronger enough to stand the ever changing times, as well as the weather, buying a new house will be beneficial for you and your family’s future. Also, see if the value of your current home is increasing. If not, then buy a new one and consider it an investment for the future.
Other Options
If one of the reasons you are contemplating to buy a new home or remodel your current abode is to expand your space, a prefab is a good option too. Prefabricated homes (prefab for short), are a type of special dwelling of prefabricated built, which are manufactured off-site in advance, in standard sections that can be easily shipped and assembled.
“Prefabricated” could be buildings built in components (panels), modules (modular homes) or transportable sections (manufactured homes), some may also be used to refer to mobile homes (houses on wheels).
Prefabs are great if you have lawn space, they can be detached and placed in the backyard and can also be integrated as a part of your current home. You can choose designs to match of complement your house’s exterior.
6 Things: Buy A New Home or Remodel The One You’re In?
Still can’t decide what to do? Well, an expert in this field can surely help you out. There is no harm in asking and consulting a real estate agent, they will help you in deciding what’s best and advice you in connection to mortgages, current market situation, financial options, even the area that would best fit your needs. If you don not know an agent, you can simply ask friends and family who had undergone a purchase, or look through good reviews over google.
Buying a new house or remodeling your current home is a decision that shouldn’t be hurried. You are not only investing in your family’s future home, there are many other things to consider to make sure that nothing will flop later on. To summarize, consider the following when deciding to buy a new home or remodel your abode:
- Pinpoint The Reason as to why you should purchase anew or remodel
- Know Your Budget and if you can afford whichever project you choose
- Time Allocation, if you have time to supervise or DIY
- Compare Prices in the market, consult with experts
- Durability and the Future, consider market value
- Other Options: a prefab is good for home expansion
Planning is a good key, as well as asking help and advice from experts, from families, and friends.
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Many people make the mistake of trying to buy a fixer upper not knowing the extras that may show themselves, such as electrical work, plumbing, among many others. These things require professional installation and can cost a fortune depending on the job. The job may not look like much from the outside, but could be complicated and require a lot of parts. Having a contractor come in before purchasing a home (if allowed) may save a ton of money (and headaches) in the long run.