Monday, December 16, 2019
Renovation vs. Home Purchase: When It Makes Sense to Renovate Than Buy
For homeowners wanting a significant change, they have two options. One is to renovate their current homes. The other is to buy a new home. But when does it make sense to make a new home purchase? When is renovating your home a better choice?
There are times when buying a house is a better choice. This is true if it is no longer safe or big enough to accommodate your family's spatial needs. However, there are many reasons sometimes it would be best to give your home a major makeover instead of having to go through the whole home-buying process again.
Eliminate home-buying stress
Many homeowners were able to acquire their homes with the help of a mortgage loan. If you choose to buy a new house, you may need to apply for a new home loan just to make the purchase. You will find a new house based on your budget in a location that fits your needs. By renovating your home, you can hire aprofessional to do your interior design in Utahand still keep the house you've come to love.
Avoid heartaches from leaving your home
So you've built many memories both in and out of your home. You could have raised your kids here and watched them grow inside the very walls of the house. It is usually the emotional attachment of homeowners that stops them from selling the house. Instead, renovating allows you to make the necessary updates without having to move to another home. You get to cherish the memories but still get the upgrades your home badly needs to make it a safe and convenient haven for the family.
Improve home value and equity
With homes being an expensive asset, it only makes sense for homeowners to want an increase in home value. You can do without having to buy a house priced higher than your current home. With the right home improvement projects and with proper care and maintenance, you canimprove your home value and equity. If you have no budget for a renovation, you can even tap on your equity to make the necessary updates.
Create more room without moving
Renovating can help you make the necessary changes so that you can make more room for your growing needs. Homeowners often think that a bigger house is a good idea. If you need to make room for new family members, check if you can make some changes to accommodate their needs. Sometimes, what you may need is more space, not more rooms.
Avoid costly expenses and inconvenience
Let's face it: Buying a new and bigger house is usually more expensive than renovating your home. If you haven't gotten enough cash for a new home purchase and you're not able to transfer your mortgage to a new one, you'll need toapply and pay for the new home loan. You'll have to pack your stuff, move out and make improvements to sell the house for a more desirable rate. You're doing this all while you look for a new home to buy and move into.
It is true that buying a new house gives you the opportunity to start anew. However, if you don't have the budget for a new home purchase, then you can make your current home work. There are lots of ways to renovate your house so that it can accommodate your current demands. If you are emotionally attached, don't want more inconvenience, want to save money, and improve your home value, then it makes sense to choose renovation over buying a new home.
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