Every family has a picture of their dream house that they wish to live in. The dream home differs from one family to the other based on a couple of reasons such as the design of the house, the location or neighborhood among many other things. Since we live in an ever-changing world with innovations each day, the designs keep on shifting. As a result, homeowners are once and again faced with a tough decision to make as to whether buy a new house or renovate the existing one to fit their needs. There is no direct answer as to which is the better option. For this reasons, I have compiled some factors that you should put into consideration that will help you to make the decision.
#1. The location
This is the first question you should ask yourself. Is current location ideal for that house you wish to have or will you be forced to relocate? If the location is not perfect, then you will be compelled to move. If the location is okay with you, find out if that house is available or even if the local codes allows you to build one there. Also find out how that house will compare with the others in your neighborhood.
Budget is the second thing you should consider. Ask yourself how much it would cost to renovate your current house and how much it would cost to buy a new one. The costs may alternate depending on the location since areas with high demand would require you to cough a few dollars more to buy a house.
#3. Current state of your present house
Will your existing structure hold the upgrades you wish to install? For instance, you may be considering adding another story yet your house cannot hold it. In this case, you may only be left with the option to buy a new house.
#4. Reasons for the upgrade.
Ask yourself why do you need the upgrade in the first place and is it worth it? The upgrade should be made with a long-term objective to ensure it caters for other issues that arise in the future. For example, if you live in a one bedroom and have two kids, it would be nice to consider expanding to maybe three bedrooms so as to secure your future when these kids grow up.
#5. How will the new house affect your tax payment?
You may find out that the new house will attract higher taxes as compared to what you are paying for your current house. Make sure you are aware of this before making the decision so that you do not face challenges later.
#6. Are you up for the hassle involved?
Whether you are selling your house to purchase another or you are renovating the current one, there are bound to be hassles in both scenarios. First of all, moving is stressful and often creates some form of anxiety of the unknown. Similarly, the renovation has its pack of challenges. More often than not, it takes way much time than was estimated; this means you have to cope with the dust, noise for a couple of days, weeks or even a month. Additionally, you have to do without some amenities as they are repaired.
It is hard to come to a conclusion as to which is the way forward when it comes to buying a house instead of home improvement. At times, people will do renovation and remodeling of their house just to add value then sell it to buy a bigger house. The decision will, therefore, depend on what you come up with after weighing the factors discussed above. I hope this article has helped you in making a decision on how to achieve the home of your dreams.