When should you buy a new home vs remodel your current home
It’s inevitable, no matter how much you love your home, there’s bound to be a time in which you want to experience change. In some cases, change means a renovation and remodel of your home. In other instances, change means buying a new home altogether. Either option can result in a new environment and a fresh start. But how do you know when it’s better to purchase a new home vs. remodel your current home? Here are a few ways that you can tell.
1. You Have No Emotional Attachment
There are many homeowners who remain in their home simply because they have an emotional attachment to it. Perhaps, this is where they raised their children and created height charts along the wall. Maybe their entire family always celebrates a particular holiday there. Perhaps they experienced the loss of a loved one in the home and would prefer to hold on to their memory.
In these instances, it may be a good idea to remodel your kitchen cabinets. However, if you find that you have no emotional attachment whatsoever to your home, then you should consider buying a new one.
2. You Don’t Have the Patience for Construction.
Remodeling can be less expensive than purchasing an entirely new home, but construction can definitely pose an inconvenience. This is especially the case if you’re making major changes to your property. Typically, during remodels, homeowners often complain about the amount of dust that’s always present in their home.
In many instances, you may be restricted to one or two rooms of the house until construction is complete. And there’s always a chance that the construction could be extended for months, depending on the circumstances. If you don’t like the idea of having your life put on hold for an indefinite amount of time, then buying a new home is the better option.
3. You Prefer to Skip the Suprise Expenses
Remodeling is less expensive than moving, that is, unless unexpected expenses arise. You see, if your home is large and you plan on making big changes then you may pay much more than you initially planned. This is often the case for people who are moving the plumbing, tearing down walls, or adding gas lines.
Your contractor may find that there are certain issues that need to be addressed before the construction goes any further. And these issues usually cost big bucks. If you want something a bit more predictable, then you should consider purchasing a new home instead of remodeling.
4. The Location Isn’t Ideal Anymore
Have you recently changed jobs? Have most of your family members moved out of the city? Have you noticed that the homes in your area are starting to depreciate in value? Perhaps there is an increase in crime in your area. All of these instances are signs that the location may not be ideal for you anymore. If you would like to be closer to your job and family or would like to move to an area where the property value is going up, then it’s better to purchase a new home.
5. There are Space Issues
If you have a growing family, then you may need more space. In this case, you could add on extra bedrooms. However, there’s always a chance that you simply don’t have enough room on your property to make the necessary additions. In this particular instance, the better option is to move to a new home.
6. Remodeling Won’t Increase The Home’s Value
Renovations often result in a better aesthetic. So it’s easy to assume that the value of your home will go up once these changes have been made, especially if you’ve paid a significant amount of money for the remodel. However, no matter how much you spend on a renovation, it’s possible that the value of your home will only increase a tiny bit. In fact, the value of your home may not change at all. If you’re considering making major changes to and these changes won’t result in more equity, it’s better to buy a new home.
There’s no one-size-fits-all answer when it comes to deciding which option is better. Ultimately, whether you choose to purchase a new home or remodel your current home will depend on your personal preferences. However, if you can identify with any of the points we’ve just discussed, you should consider purchasing a new home.