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Should I Renovate or Buy a New Home?

11:27 AM

You love the way your house is designed, but your kitchen is outdated. You wish for a new home, but your kids attend the district school in your area. Your bathrooms are spacious but need a new look. These are some of the dilemmas that homeowners often experience and this puts them in a difficult situation to make an important choice – To buy a new home or renovate an existing one to align it better with your needs.

Each of the two choices comes with its pros and cons, so let's look at whether renovating your home or relocation is the right option for you


Pros of Buying a New Home

Saves You From Inconvenience

There are several good reasons you should purchase a new home, and the first one is inconvenience avoidance. Living in a house under construction can be challenging (even if it is for a shorter period), and you can save yourself and your family from this hassle by purchasing a new home.


Is a More Prudent Financial Decision

Renovating a home can be expensive and while purchasing a new home is even more costly, financially, it is a better decision. And with falling interest rates in the current situation, you are likely to get a more affordable mortgage, especially if you have a decent credit history.


Allows You to Experience Different Aspects of the New Neighbourhood 

When you move to a new house, you get to experience various aspects of your new neighbour that may not be available in your old area. And if you are lucky enough to find a better school system and a more luxurious neighbour, what else can you wish for?


Pros of Renovating Your Existing Home 

While buying your home may seem relatively straightforward, renovating your existing home also comes with several advantages.

Moving to a New Neighbour Can Be Challenging

Renovating a home while living in it is tough, but so is relocating. When you buy a new home, you have to look up for packing services or take up the tedious task yourself. In either case, you can save yourself from this hassle if you undertake the renovation of your existing home.


Adjustment Can Take Longer

A new neighbourhood may be enticing, but adjusting to a new community can be challenging. You don't know about your neighbours, the convenience stores around the area, or the way around. And most importantly, moving to a new neighbourhood may mean relocating your children's school. Another major challenge that you can avoid simply through renovation!


You Know All the Aspects of Your Home

When you live in a house for a certain period, you become aware of all the aspects of that place, both positive and negative. And while you renovate your home, you can work on changing all the negatives in the house and bring it a step closer to your dream home.


Renovating is a Pocket-friendly Option

Renovating may be expensive, but it is more cost-competitive when compared to buying a new home. When you sell your existing home, you have to pay the real estate agent who facilitates the sale. Moreover, you will have to look for a new mortgage and cover up the cost of relocating. By renovating, you can avoid all these irrecoverable costs and may also qualify for a home equity loan.


Provide Better Returns on Investment

When you renovate the house and transform its look, it is an investment that is bound to pay returns when you plan to sell your property.


Renovate or Buy – What’s Best for You?

There are pros and cons of both renovating your home and buying a new one. But if you enjoy your existing neighbour, do not want to deal with packing and relocating, and simply want to change your home's look, we recommend renovation. Get in touch to find out more about architectural designs and construction documentation.