26 Jun Remodel Home or Buy New
Remodel Home or Buy New is a big question homeowners ask themselves. A question I get asked more than a few times. The answer is…you guessed it – “It depends”. There are a number of parts to this equation that you as a homeowner should consider. Here is the objective formula:
Existing home value + Remodel Cost < Cost Purchasing New
But we all know the answer is not as easy as this equation. Let me list the the aspects you should consider between remodel home v buy new.
What are the factors you should look at when remodeling your home
- Cost of needs and wants to improve your existing home
- Current sale price of your home
- Future value of remodeled home
- Impact on family/lifestyle during remodel
- Value of existing neighborhood to family & lifestyle
- Pride and joy of remodeled home
What are the factors you should look at when buying a new home
- List all needs and wants for new home
- Cost of homes with your needs and wants
- Finding the right home
- Impact on family/lifestyle during move
- Value added on new neighborhood
- Pride and joy of new home
Comparing your Remodel Home & Buy New categories will help you make an educated decision. I know I simplified the renovation process. Especially when you take into account the whole construction process. But I love that part. I know you can to. But I also know construction can be a painful process if you don’t have the right team. Check out my earlier post on Construction Nightmares to see how you can avoid them. Just like finding the right real estate agent to find the best home, having a good architect and contractor will make your home remodeling project fun project.
Post any questions you have about the construction process. I have been doing home remodel projects for over 25 years. I can help. Good luck in whatever you decide.