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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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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