At some point as a homeowner, you will be faced with the decision to either invest in renovations or buy a new home. Families expand, lifestyles change and weighing the options can be complicated.
Your decision will ultimately depend on a few certain criteria: budget, location, needs, and the housing market. These important factors play a crucial role in your decision to start over in a new place or transform your existing home. It’s a good idea to write a list of the pros and cons in order to weigh your options better.
Here are a few ideas to ponder as you do:
Budget – What is your budget for renovations, and will it add comparable value to your home? If the renovations are close to or more than the purchase of a new home, you may consider the alternative option.
Location – Are you 100% committed to the location in which you currently live or would you consider relocating? Will your current location allow for all improvements you desire to make? (HOA, municipal, environmental restrictions to consider)
Needs vs Wants – Include a list of your absolute must-have needs in your home along with your wants. How does this list measure up to the other pros and cons you put together?
Current Market – If the market is strong for sellers (which is currently is), this decision could be made solely on the potential financial profit. However, if the market is flat or somewhat stagnant, you may look more at improving your home to increase its value for a future sale.
Deciding whether you should renovate your current home or buy a new one isn’t easy. If you would like to discuss your future real estate plans more, let’s connect! I am always available to lend my professional experience to help you and your family!