One of the most difficult decisions that you need to make is whether you should renovate your current house or build a new one. As there are many things that need to be considered, there is no straight answer. If you want to downsize and the current property is too large, renovating would not solve the problem and you would have to search for other options. On the other home, you can renovate the house if you have a growing family and require extra space.
A trend that is becoming more and more popular by the day is big houses becoming a thing of the past. Since taking care of a home is not easy, people are in search of smaller houses. Similarly, even growing families are considering using their current space more efficiently without having to build a new house. But, things are not as simple which is why we have prepared this perfect post that looks at when it is best to renovate and when it is best to build a new house. So, what are you waiting for? Let’s dive in.
When You Should Renovate Your House?
The following reasons might encourage you to opt for renovation.
- Location: If you love the current neighborhood and cannot imagine leaving, renovating might be the way to go. Popular neighborhoods are difficult to get into.
- Emotionally Attached: Another reason why renovating your house might be best is when you have an emotional attachment to the property and you have trouble imagining moving. If you have the money to make necessary changes and cannot think about moving, renovating would be a good option.
- Increasing Property Value: If the property values in your neighborhood are on the rise, you might want to stick around. It all comes down to the amount of increase. Getting a higher return on the investment is a good sign. Make sure to speak with your realtor to get an idea about where the real estate market is heading.
- Poor Property Value: Now, if you want to move out and start a life, you first need to ensure that the current property value is good. If it fetches a poor value in the market but is situated in a prime location, renovating it could help increase its value so that you can sell the property and move out.
- Love the Character: The fact is that the majority of newer homes do not offer the character that old homes provide. If you admire the charm of the old property and do not like living in a modern house, you can simply renovate it to continue enjoying the charm offered by the property.
- Short Timeline: Creating a new home takes a ton of time, especially if the weather does not cooperate. If you do not have enough time, renovating might be the best option. Generally, renovation takes up less time as compared to creating a new house.
When Should You Build A New House?
The following reasons highlight when building a new house might be the best option.
- Preferred Lots Available: There are times when renovating costs greater than building a new home. If there are suitable lots, you might be better off starting new. Besides, moving allows you to live in popular neighborhoods.
- Low Resale Value: Before deciding to renovate, you have to consider the cost of renovation and building. There are times when renovating costs outdo the resale value of the house. Therefore, you should avoid wasting your hard-earned cash and opt for building a new home.
- Unable to Make Necessary Change: In addition to the above, it is possible that your permits for making necessary changes to the existing house were denied. Certain neighborhoods have strict regulations on making changes. Thus, your options would be limited and you would need to build a new house for much-needed flexibility.
- Existing Property Is Structurally Unsound: Another reason why building a new home is the best way forward is when the existing property has structural issues. It would be simply better to spend your money on creating a structurally sound home.
- Price: There are times when building can be more affordable than renovation. It depends on the age of the property and the amount of work required. Budget everything to decide if creating a new house is cheaper.
- Too Much Hassle and Stress: Finally, if you want to avoid the hassle and stress that comes with renovation, you would be better off with building a new home.
Conclusion
Once you have finished reading our guide, you will be able to decide whether you should renovate or build a new house. Remember, it depends on the condition of the house, the regulations in place, price, and your preferences.