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Renovating vs. Buying New: 3 Factors to Consider
February 20, 2020 at 9:55am | Angie Cody
I've found that there are a few crucial questions to ask yourself that can elucidate whether you should renovate your home or buy a new one. Let's discuss them.
If you’re torn between renovating your current home and buying a new one, there are actually three factors you should consider:
1. What’s motivating your decision? Perhaps you’re an empty-nester who no longer needs a large home. In that case, purchasing a smaller home may be best. On the
flip side, maybe you have a growing family; adding another room to your home could alleviate the strain. If adding one or two rooms is still not enough, then buying might be the call.
2. Financing. Would you qualify for a mortgage on a new home? Since it may be a larger home with more value, the lending options you have available to you will likely
look different. Do you have the funds available to renovate, be it room additions, new flooring, or kitchen/bathroom remodels? Do what makes the best financial sense for your family.
3. What is your timeline? Sometimes renovations can take a month, other times they can take six months. Do you have the patience to work with a contractor and
accommodate their schedule? Maybe you recently attended some new construction open houses and can’t shake the itch for a new home; if that’s what your heart wants, and the finances allow it, go for it.
If you have any questions about this topic or would like to discuss your situation with me in more detail, please reach out via phone or email. I’m always here to help.