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Should You Renovate Home or Buy a New Home?
It can be difficult when you fancy a change, but cannot decide whether to renovate your home or buy a new home. Both options have a plethora of advantages and disadvantages, however, the best choice will depend on a variety of factors, such as which is the most practicable for your lifestyle, your budget, your needs, and your future goals.
If you are struggling to decide whether to renovate your home or buy a new home, here are some things you should consider to help with your decision.
Benefits of a renovation: Cost-effective
A renovation project is more than likely going to cost you less money than buying a new house, especially as there are no additional costs such as legal fees and estate agent fees. A renovation can be a cost-effective and affordable solution to changing your home to meet your requirements, without the hassle of moving house.
You can also be flexible with a renovation project, and do parts of your house at a time, to fit with your budget and minimize disruptions. Renovations can also add a significant amount of value to your home. You will be able to figure out your home’s value before, and then compare it after the renovations.
Renovating your home means you can do whatever you want with it. You have a clean slate and have control over what you want to keep, and what you want to change. If you buy a new home, you may have to compromise on certain features. When getting a renovation, you can work with an architect and designer, to create the house of your dreams.
A renovation project has limited risks compared to buying a home. This is because you already own the home, and the renovation projects will just depend on contractors coming in and completing the jobs. There are still risks, such as surprise costs and delays, but nothing that cannot be quickly resolved, for example, if a contractor pulls out, you just need to hire a new one. When you buy a house, you risk a long timeline, a complicated chain, and things going wrong. You will also not know much about the property until after you move in.
Benefits of moving house: A fresh start
If you are eager for change, you are likely bored with your current home, and buying a new house can give you a fresh start. Whether that’s in a different type of property or a new neighborhood with better amenities.
The work has been done for you
Most individuals will invest in renovating or upgrading their homes before they put them on the market, to make them more attractive to buyers. This is a great advantage, as all the work has been done, there are limited problems that need fixing, the home has been modernized, and all you need to do is move in and enjoy it.
If the renovation project entails major works or works in key areas of the home, such as the living room, kitchen, and bathrooms, your household is likely going to face a lot of disruption, for a long time, while the projects are completed. This may mean adjusting your lifestyle, or moving out for some time while the work is completed. With a new home, you just need to spend a day moving house, and then you can relax.
There are many things you should consider when deciding to renovate your home or buy a new home as it is a big investment.