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Age Old Question: Buy New or Remodel Existing Home?

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Your house doesn’t have enough storage space, bathrooms, or counter space! Not too mention your kitchen is old, small and poorly ventilated. Now you are trying to decide between remodeling your current home to address some of these needs and buying a new bigger home. This is a question many homeowners find themselves trying to answer. There are a few key factors to consider as you try to decide what will be best for you and your family.

First think about the location of your current home. Do you like this area? Do you have kids in local schools? Is there a low crime rate? If you like your current location, then you need to determine if you are able to buy a new bigger home in this same neighborhood or would you be forced to buy in a different less desirable area? If you can’t afford a bigger home in your current area and you want to stay local, then you should consider remodeling/adding more square footage on to your current home.

Another factor to consider when deciding between remodeling and buying a new home is the disruption caused by remodeling. If you are remodeling your kitchen this means you will be without a fully functioning kitchen for a couple of weeks. Even if you are not working in a key area like the kitchen you can still expect disruption from any remodeling project. Construction materials, dust, noise, and additional trash will be sure to accompany any remodeling project. If this doesn’t sound like your cup of tea then maybe you should buy a new house and leave the messy, inconvenient remodeling to someone else.

Finances obviously need to be taken into account when making such a large decision. If you don’t have the cash on hand then you might want to tap into your home’s equity. When remodeling you can leverage the equity you have in your home to pay for the upgrades. If don’t have a strong equity position in your current home you might be better off selling you home and buying a bigger home for a similar price in a less desirable neighborhood.

When thinking about adding more square footage to your existing home you need to consult your local zoning laws. In some areas you might not be able to add-on due to zoning laws so be sure to do your research before starting construction.

All of these factors need to be considered before making a decision on whether it makes more sense to remodel your current home or buy a new home. The home is often our largest investment so when making decision about remodeling or buying a different house it is important to consider all factors.

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