Is it Better to Remodel or Buy a New Home?
If you’ve been living in your current home for a while then you may be considering a move or a remodel. But is it better to remodel or buy a new home? This is a complicated question, but it is one worth looking into more deeply. So let’s do just that by comparing renovating vs building new.
Is it Better to Remodel or Buy a New Home? – A Remodel vs New Construction
If you ask us, is it better to renovate or buy a new home, we would probably tell you that it is better to renovate in most situations. AQWA Constructions is a renovation contractor, so you might think we are biased when answering this question. But we really do always try to give an unbiased answer to these kinds of questions, and the truth is that the answer is not going to be the same for everyone. So let’s look at the differences between a remodel vs new construction and try to answer the question of is it better to renovate or buy a new home? Here are some things to consider:
Do You Like Your Neighbourhood?
Good neighbours can be hard to come by, and if you really like your neighbours and your neighbourhood then it may not be worth giving all that up for a new home. Also, there’s more to a neighbourhood than just your neighbours. There’s also your children’s friends, their school, the local stores and attractions. If you do buy a new house you could stay in the same city, so you wouldn’t be completely starting a new life. Or maybe you do want a fresh start in a new city, which would mean that a new home is the better option.
You Don’t Have to Move
Nobody actually likes moving, especially if you have a lot of stuff. It takes so much time and is a major upheaval. Sure, you can hire a professional moving company, but that is an added expense that you wouldn’t have if you remodelled your home. But for many people moving is not a big deal. Some people have already moved several times due to a military background or because of their career. If you have no problem with moving then that is a plus for getting a new home in a new place.
Let’s talk pricing. A remodel is more than likely going to be significantly cheaper than buying a new home. If we were to give a score to renovating vs building new, then this would give some serious points to remodelling. However, it’s possible that your current home has increased in value and you would be able to afford a very nice new home by selling the one you’re in now. If money is not a consideration for you then it’s up to you whether it is better to remodel or buy a new home.
A Renovation Can Increase a Home’s Value
To add more to the financial aspect of buying a new home vs renovating, it’s important to consider the value that will possibly be added to your home by remodelling it. It’s also important to remember that a renovation doesn’t always increase a home’s value and it might actually decrease it, depending on the local market. You should talk it over with a professional to find out about the possible impact a renovation can have on the value of a home.
Fund a Renovation with Your Home’s Equity
While we’re on the topic of pricing and affordability, let talk about ways to fund a renovation project. You can use your savings, but a more popular source of funding is a loan. By getting a home equity line of credit you will probably get a very good interest rate, which makes paying off the loan that much easier. If you buy a new home, you will have different financing considerations. The different way to fund a renovation or the purchase of a new home are the things you will want to spend some time considering.
A Remodel Allows You to Get what You Want
When you work with quality renovation contractors during a remodel you will get exactly what you want. During a renovation it is easy to customize your home because you have been living in it and you know what changes will make it a better place to live. If you purchase a new home you won’t have much control over the customisation of its build. If you build a new home you will have a lot of control, but it’s more difficult to know exactly what will make a new home a better place to live in if the home doesn’t exist yet. We’re sure a new home will be very nice, but by remodelling your current home you can make it exactly how you want it to be.
Consult With a Professional When Considering a Remodel
Is it better to remodel or buy a new home? The answer is it depends. If you are looking into renovating or buying a new home, it is a good idea to talk it over with a professional. At AQWA Constructions, we offer a quality home renovation service that provides you with a fair and balanced view of renovating vs building new based on your personal unique situation. You can get in touch with us by calling 0414 234 695, or by contacting us online.