The toughest decision most homeowners have to make is whether to buy a new house or renovate their current home. It can be quite the headache trying to decide which option is best for you and your family, so we’ve compiled a list of pros and cons that might help you avoid any regrets should you choose to buy new over renovate, or vice versa of choosing one or the other option.
There are many factors to consider when you try to look for a new home. As you do research on the real estate market, there are a lot of houses that need owners, but there are many things you want to consider first before making your final decision.
Moving to a new home has some positive changes in your life like:
- A new home means new rooms, more space, and sometimes a better location
- You have to adapt to a new home, which brings excitement and a big change in your life
- New neighbors-possible friendships on the way
Disadvantages you will meet when moving to a new home:
- Sometimes moving to a new home can become time-consuming, if you can’t find the home matching your needs or items on your wish list
- Costs may appear as the major factor when moving into a new home because the whole process of buying a new home comes with many additional, and not always apparently fees
- Leaving the old neighborhood can be hard for some people, especially if you have more positive memories
As many companies are offering home renovating services, this process seems easier to be done and it’s becoming a more popular decision in the real estate industry. But, we are going to put these two on a scale and make it easy for you to choose the one that suits you better, depending on your time, wallet, and your family needs.
Advantages you can get from renovating your home are endless, but we have selected a few we think are important comparing to buying or moving to a new home:
- A renovation can cross a lot of items off of your wishlist with nearly endless possible designs you may want to add to your already existing home
- Not leaving your neighborhood is enough reason to feel stress-free, not leaving behind memories or friendships
- Adding value to your established home can not only be a smart return on investment but additionally it can provide a new aesthetic look on the whole property
- Fewer costs since you don’t need to pay for realtors and a moving company
Adding an extension to your home or remodeling the whole house, in some cases can’t be counted as a smart move:
- Unplanned expenses may disappoint you. In the case of older homes there may be structural issues that arise or are uncovered as the renovation project is underway
- Return on investment is not always guaranteed if we consider you are doing it according to your wishes and needs. Not every style will appeal to new home buyers or have a long lasting value. Take this into consideration as you plan your renovation.
- The timing is very important when you plan on starting the renovation. The best time you can start a home project in the spring. Otherwise, it may take a lot longer than initially projected as work will be slower on cold days and some of the weather dependent work might not be able to be completed in the rain or snow.
With all the positive and negative sides of both renovating and moving from your home, you have a clear picture and surely can make the best decision for you and your loved ones.
If you decide on renovating your home and you are living in Canada, you might want to check these Home Additions in Calgary, which can be designed according to your wishes and remodel your current home into your dream home.