Remodel, Add or Buy New? Which should I do?
If you have decided it is high time you change the setting around you, chances are you are struggling to decide whether you should renovate your home, build a new one starting off from scratch, or meet new neighbors by buying a ready-to-move-in home. Whatever your choice may be, you must certainly take into consideration a number of factors such as available budget, personal needs, location, the age of your existing home, and local regulations.
To Remodel is Not as Scary as You May Think
Workers wondering around you, while you are having your morning coffee in the dusty kitchen, sounds like an unpleasant start of your day, to say the least, but once it is all done, every minute spent in your overhauled home would be a joy to behold. If you love your neighborhood, your old house has a sentimental value for you, and you are on a tight budget, to remodel or not to poses no dilemma. However, you must keep in mind that renovation provides little or no additional space, and at the end of the day, an old building still remains old, even after an overhaul.
Buying a New Home Could Save a Lot of Hassle, But…
Moving into a new home is exciting and brings a feeling of a fresh start. Should you decide to sell your old house and buy a new one, your real estate agent would handle all tedious details and documentation for a certain fee, of course. Mortgage lenders, on the other hand, could provide you the needed funds to acquire a new home and would most likely deal with the transfer of the property. But, moving into a new home could also get you a headache from dealing with organizing and transferring all of your belongings. This could be a very tiresome and expensive process and should be carefully planned. Also, finding the right place, at the right location, for a reasonable price could prove to be time-consuming.
A Fresh New Construction Might Prove Cheaper Than a Simple Renovation
If you love your neighborhood, but your house is in pretty bad shape, demolishing it and building it afresh could save you a lot of money and stress. Nothing can replace a modern, energy efficient building, which in the long term, could save you a lot of money. There is always the possibility of discovering major structural problems after a renovation, leading to new repair works and costs. This could be avoided with a new construction, which would also allow you to add more space to your home and re-arrange room alignment.
One thing to consider while remodeling is the tax implications that occur. Unlike new construction and buying a new home, your taxes gradually increase towards the new value of the house compared to jumping to it right away. If you end up with a remodel and a new home that are roughly the same cost and both give you what you are looking for it may be the deciding factor in what you end up doing.