Should you Buy a New Home or Renovate your Current Home?

Posted by Kris Lindahl on Friday, May 29th, 2015 at 8:58am.

Question - Image Credit: http://pixabay.com/en/users/geralt-9301/

Sometimes you are faced with a difficult decision, such as renovating your current home or finding a new home that fits you better. Renovations can be expensive, but so can getting all the upgrades you want out of a new home.

Your budget will certainly need to be considered. However, you will need to consider many other parts of this big decision, too. Here are a few questions to start with if you're thinking of renovating or finding a new home.

Will the Renovations Increase the Value of Your Home?

Some renovations, such as the kitchen, bathrooms, a finished basement and others, will add value to your home. However, other renovations don't add value at all. If you're adding value, renovating may be a better decision, depending on how much value you will add compared to what you will invest.

What is Your Long-Term Plan?

If you don't plan to leave the community for many years, renovating may not be the right way to go. A new home in the community with everything you want, may be an easier road to take. However, if you plan to sell within the next five years, renovating is a great way to add value and make your home easier to sell.

Will you Get what you Want without Changing the Floor Plan?

When you renovate, if you have to change the floor plan, it can get messy and expensive. If the floor plan is a huge issue with your current home, you may be better off finding a new home with a more suitable floor plan for your needs.

Will moving affect your mortgage or property taxes?

When you look at your budget, it's important to consider any change in taxes or mortgage from moving. Can you handle the change or will it be too much for your budget.

Ultimately, there are many benefits to both renovating and finding a new home. It will be up to you to weigh the pros and cons for your situation and make the right decision for your family.

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