Should You Renovate or Buy New?
We hear this question all the time, mostly from people who have outgrown their current home. On one hand, the dollar investment to remodel your home could be used to purchase a new home which would include all new appliances, paint, carpet, hot water heater, roof, and so on. On the contrary, your current home may have mature landscaping, a nice green yard, and a wonderful neighborhood full of friendly people who take pride in their properties.
There is no right or wrong answer to this question, since the conclusion truly is a personal preference. The decision is based on a number of factors that need to be considered. These factors include the type of renovation, cost, neighborhood analysis, market valuation, your desire factor, and other issues.
We often find that when people decide to renovate instead of buy a new home, it is because their current home is in a very desirable location and they want to spend a very long time there. In other words, they really like where theyre at, they simply need to update their property.
Should You Renovate or Buy New?
Reasons to Renovate
Entice prospective buyers Save money on utility bills
- new windows
- energy efficient fixtures
- lighting
- non-toxic finishes
- proper insulation
Tax deductions
Lower insurance premiums
Extra living space
Enhanced quality of life
Add value to your home