Renovate Your Home or Buy New?

There comes a time when every homeowner feels like they need more room. It could be that you are looking to expand your family or it may simply be that you want a new ensuite bathroom. Whatever the reason, you need to decide whether the wisest choice for you is to renovate your existing property or to buy a new one entirely. To help you out with making this all-important decision, we are going to help you to weigh up your options in this blog post.

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Neighborhood

Do you love your current neighborhood or do you think that there is an area which will better suit your needs? When you renovate your existing property, you already know a great deal about where you are staying so it is the safe bet. On the other hand, there may be advantages in moving to a new area such as being closer to work, more facilities, a lower crime rate etc. It is worth writing out a list of the pros and cons to make a decision of this magnitude just a little bit easier.

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Finances

Both renovating and buying new require a financial commitment, and it is worth weighing up the costs of both before making your choice. You may well find that buying a new house can save renovation costs or vice-versa. Whatever the case, it is worth inquiring further about loans and weighing up how your current financial situation is looking before setting on the decision which is right for you.

Space

When you renovate your existing property, you essentially have two main options of where you can go - up and out. And at least one of these options may be rules about by the location of your house. As well as this, you should also check how straightforward it is going to be to obtain the relevant planning permission to expand your property. On the other hand, if you buy a new property, you have options which are only limited by your budget to find a home which suits your space needs.

The Downsides

Both renovating and buying new have their downsides. Of course, the intention is that you will have a much better property in the long-run, but you have to put up with some negatives to start off with. Let’s start with a renovation. This can end up being a long and arduous process which requires a high degree of patience and flexibility. You will have to deal with the constant noise and dust, as well as contractors moving in and out of your home. And you may even have to find an alternative living situation. When it comes to moving, you have to go through the upheaval of uprooting yourself and all your possessions, not to mention finding a buyer for your current home. Looking closer at these downsides is almost as important as dreaming about the benefits.

The decision whether to renovate your home or buy new is a big one, but hopefully, this guide has helped to make things just a little bit easier.