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Spend To Fix or Invest With A New Home

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Have you experienced difficulties when buying a home? One difficult real estate crossroad a buyer sometimes face is whether to renovate or buy a new home. Deciding between the two is a hard choice to make. We suggest that you consider the pros and cons of both options before taking steps in either direction:

  1. Renovating may not be as exciting as buying a new home, but it could be a more cost-effective move in the end. Provided the house is structurally sound. A good renovation would be a lot cheaper and financially viable. Additional room is very often the motivating factor for wanting a new house. It may be a viable plan, but two extremely important factors need consideration: a. your home’s foundation to support the additional weight and b. whether your local zoning code allows you to build up.
  2. Rising prices are a huge consideration. A new house means qualifying for a new mortgage. If you are anticipating big ticket purchases coming your way, the timing may not be right for a mortgage application. However, ff you have a decent amount of equity built up in your current house, you may be able to swing a home equity loan to pay for renovations.
  3. When you opt to remodel, you can meet your exact specifications. This is a big contrast to buying a new home since it isn’t designed just for you.
  4. While remodeling isn’t cheap, you can avoid the realtor commissions, moving costs, and the money you’d likely spend getting your new home exactly how you want it.
  5. You have more control of how much you spend with renovation. You can stop a project when finances are tight and make adjustments whenever you get the budget again.
  6. Homes are much more than dollars and cents.  You should also think about the non-financial costs of relocating including the stress and upheaval involved in a potential move and the time it will take you to find services and professionals in your new community. If you do have children, consider how a new school, with new friendships will impact the kids.

Renovation, apart from being relatively economical offers a unique avenue for exploring your creative capabilities and your eye for decor. Buying a new home on the other hand gives you nothing to whine about with everything being new and crisp and without upkeep for a long time to come!

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Got a question about buying or selling your Bakersfield property?  Call us at (661) 770 7382 or shoot us a message.

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