Buying an existing home is one option, in one hand, home renovation can increase the size of your house and improve it’s functionality while being affordable. On the other hand building a home from scratch makes your dream of perfect home come true and lower some long-term cost. Building or Renovating is the question!
Here are some factors to consider before deciding on buying a home or to start renovating one!
It’s almost less expensive to renovate an existing house than to buy used or build a new one! Buying a used house would cost less than building a new one but you should always break down the numbers down by square foot and keep in mind that costs are variable based on location and market shifts.
What is the most expensive part of renovating a house?
There are important factors such as material and labor that affect renovation costs. Each one takes up almost half of the entire remodeling budget. The most expensive room to remodel is the kitchen because it includes all the remodeling elements as any others space plus HVAC, Electrical, Pluming, cabinetry and extra planning. Bathroom are in a distant second pricey space to kitchens.
Building or Renovating
Is it better to build or renovate a house ?
Deciding whether to buy a new home or stay put in one invest in renovation is a hard decision to make. A general answer to this question is nonexistent, But there are some factors you may want to consider before making the decision.
Some of the best thing about building a home are:
You get to choose almost every detail. New home builds have lots of modern amenities like new technology such as smart devices and high efficiency cooling and heating. New homes are move -in ready and you do not need to worry about new carpets and painting over the previous owner!
Important Factors of Renovating
Money Matters Being realistic about your budget is the key. Renovation cost can surpass your budget because of unforeseen issues like rotten floor joints or electrical issues. You may go above your budget by fixing all these issues so if your budget is fixed you may go after buying a new property instead of renovating one!
Time Matters If you decide on renovating your existing house, keep in mind that remodeling takes a lot of time and you should be patient. A full kitchen remodeling takes three to six months to complete. Living in a renovation zone can be inconvenient and unsettling.
Think about why you need to change or renovating your home. Is it the matter of size even with a bedroom addition? Is it because of the location and street being busy ? If there are factors beyond your control then you should start looking at listings! one of the most common reason people think about move to newer home instead of remodeling their existing home, is the need for more rooms. Often a smart designer can make you a floor plan to find underused space and create another fully functioning room.
Before deciding to renovate or buy a newer home, look at both investment options and figure out which paths pays out . Some renovations can recover their costs while others barely hit the halfway market. make sure your design ideas equal dollars. We all need a place to live but we all want to know, we are making a good investment for our present situation and our future.
You can get your free quote today and let me help you with your next renovation project!