Renovate The Old Home Or Buy A New One?

During the years when both families and careers are expanding, many homeowners will have to decide whether they should renovate and enlarge the current home or buy a larger, new home. If your family is beginning to feel cramped and uncomfortable in your current home, this problem may be one that you and your spouse or partner are discussing on a regular basis. While there is no definitive right or wrong answer, it is possible to look at some factors and see which decision is probably better for your individual situation. 

Will the addition make financial sense when the home is sold? 

At some point in time, your home will likely be sold. Because of this, it is important to understand how enlarging a house will affect its value. Renovations that push the home into the highest range of real estate values in the area or beyond will not make financial sense when the home is sold because it will not be able to recoup the extra cost. In order to avoid this problem, renovation plans should remain in line with the property values where the home is located.

Does your current building lot have sufficient space for adding on to your house? 

Another important factor to consider before deciding whether to renovate your existing home or build a new one is whether the location of your current home offers sufficient space to make the renovation. If your current building lot is small or if your family actively uses and enjoys the space that will be sacrificed for renovating your current home, then opting to sell your current home and purchase a new home may be the most comfortable decision for your family. 

Do you have a viable plan for enduring the building process? 

Another important factor when considering the renovation of a home that you are living in is your plan for enduring the building process. Families that attempt to live in their home while contractors are working often regret it. In some cases, local housing regulations may not even allow for the home to be occupied during a substantial renovation process. If your family is not willing or able to temporarily live in a rental or with relatives while the renovation is completed, then selling the home and building a new one may be a better solution. 

To learn more about the benefits of building a new home instead of renovating your older one, contact a reputable new home construction contractor in your area.