Deciding whether to renovate or move to a new home is never easy. A renovation could turn your current house into the dream home you have always wanted and it can also potentially increase its resale value. Whereas a new home could offer you a fresh start and more space without the hassle required to renovate.
There is no right answer to the question of whether you should renovate or sell your home. If you are stuck between upgrading your house or starting fresh in a new home, here are some pros and cons to consider as you weigh your options.
If you would rather stay where you are, here are some of the many pros of renovating your home:
· Renovating your home gives you a chance to make changes as per your specifications so that the final result suits your needs.
· One of the best advantages of renovating your home is that if you love the location of your current residence, you will not have to move away. A few small or even extensive repairs will allow you to spend many more years on the same property.
· Home renovations are not cheap, but they are surely cheaper than buying a new home altogether. There are a lot of costs associated with moving homes that you can avoid by renovating your current home.
Where we have the pros of renovating, there are also some cons:
· Renovations often end up bringing sudden expenses to the forefront, such as structural damages, plumbing issues, and faulty wiring. This can cost you more than you initially planned to spend on the project.
· Renovating a home is not easy. It includes studying the plans, taking planning permissions, hiring contractors, and ensuring that the entire project follows a set budget and timeline.
· While you might be eager to remodel your house, it is always wise to remember that not all renovation projects pay off. Thus, you might spend a lot on the repairs without any assurance of getting that money back when you put your house on the market in the future.
Before you renovate or sell your place, consider these pros of moving to a new residence:
· Moving allows you to change your physical surroundings, including your neighbors, the neighborhood, and your proximity to amenities, such as schools and hospitals.
· Moving to a new home allows you to perform all the necessary repairs and renovations before moving in, rather than living in the middle of a construction zone with a home makeover project.
· If you are buying a newly built house or apartment, you can avoid dealing with repair work and contractors entirely and move in as soon as you get the keys to your new residence.
With the pros come the cons and some of the drawbacks of moving to a new home include:
· You might need to compromise on some of your requirements for the ideal home as there is a limited supply available in the market, and many of the prospects might not meet your demands 100%.
· Moving means leaving your current neighborhood behind, and if you are on good terms with your neighbors and love the amenities on offer, this might be a major disadvantage.
· Buying a new home is a time-consuming process, requiring plenty of research, home inspections, and location visits.
· Moving to a new home can be a costly initiative, especially if your current home is not selling well on the market and you do not have enough savings or an approved home loan to fund the investment.
There are a lot of things to consider before renovating your house. Renovation helps you by offering you a luxurious and better lifestyle at the minimum costs. But still, it requires careful planning and budgeting to transform your old house into a new home. Buying a new home will give you a new start, a better neighborhood and amenities. By weighing the pros and cons of both, you can decide which option is best for you.
Assistant Manager, Real EstateTreadstone Associates