Should You Buy a New Home or Renovate an Existing One?

house renovation

If there is one thing that lockdowns and work-from-home setups are making clear, it’s that space is important. If you are living in a small space and on your own, things may not have been so bad when you’ve had to isolate yourself for weeks. But if you have a family, and you and your spouse had to stay at home for work, and your children had to stay at home for their online classes, then the need for space would have been glaringly apparent.

Growing families will need more space as the years go by. The kids will grow and will need their own rooms. On top of that, you may have more kids in the future. Sooner or later, you will need to decide on whether to move out and buy a new home or renovate. If you are undecided about whether to call a real estate agent or to call a remodeling expert and electrical contractors for a renovation, read on.

When Should You Renovate Your Existing Home

Moving out of your home is not an easy decision, especially if it has been your home for years. It has all the good memories that you cherish. It was a witness to the important milestones of your family. Leaving a home can be emotionally stressful.

Here are some things that you should ask yourself before you decide.

  • Are you in the right location? Is it near your work or your children’s school? Is it near important facilities and services such as hospitals, banks, and markets?
  • Is it a peaceful and friendly neighborhood?
  • Will renovating and remodeling gives you the space that you need?
  • Is the house stable enough for a renovation?

If you answered yes to all these questions, then a renovation will be the more practical choice. Here are some benefits of choosing to renovate your home.

  • Familiarity. Of course, you have been living in your home for years. You and your family know the community well as the back of your hands.
  • No adjustment periods. There will be no need to reorient yourselves.
  • No moving expenses. Except for some movement of furniture for the renovation, you won’t need to hire a moving van to transport your whole lives into a new city or state.
  • Cheaper. You will only need to spend on the additional space that you need, so it will be much cheaper than building a new home from scratch.
  • Eco-Friendly. You will be saving on building materials and you will have lesser construction wastes.

Here are some remodeling or renovation ideas that can give you more space.

minimalistic home interior

  • Think about storage. Over the years, you will have accumulated stuff that can occupy space in your home. Have a storage system for your belongings to create a more livable and useful space. You can incorporate built-in shelves and cabinets to make your home less cluttered and look more organized.
  • Transform your basement. Your basement represents valuable real estate space. Instead of letting it collect dust and cobwebs, why not transform it into another room? You can transform a basement into an extra bedroom, an entertainment room, or a living room.
  • Think beyond your walls. You can transform your yard space as an extension of your home. Why not build a deck or a patio where you can hang out on hot and humid days? You can set your outdoor space to be conducive for productive work and activities. Have some outdoor furniture where you can set your laptops and work with the outdoor breeze kissing your nape. You can also build a shed that can serve as extra storage space for your home tools and equipment.

When Should You Buy A New Home

Ask yourselves the same questions as above. If you answered that you can be in a much better and safer location, or that you need more space than a renovation can give you, then buying a new home is your best option. Moving to a new place is an exciting time. Though it can be stressful, it gives you the chance to have a fresh start in a new place and a new community.

You can sell off your existing home to help augment the costs of buying a new one. You can also enjoy tax benefits when you buy a new home if you meet certain conditions. Buying a new home gives you tax breaks that you can take advantage of to significantly lessen your moving expenses.

Moving to a new place can also be beneficial to your family. It is a shared experience that you can chalk up to your experience as a family.

Whether you choose to renovate your home or buy a new one, it will be a personal choice. Think thoroughly about your needs and finances to be able to make an informed decision.

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