For nearly everyone there will come a time when they are faced with the same tricky decision: should I buy a new home or renovate my existing one? Whether you want more space or simply a fresh look, renovating your existing abode or purchasing a new one both have their own unique set of pros and cons.
Renovate
Pros: If you decide to renovate your existing home you have the comfort of knowing exactly what you’re getting yourself into. You are familiar with all the nooks and crannies of your home, know your neighbors and your way around the community. If you love your street and neighbors then renovating may be the right choice for you. It is also a good idea to renovate if your neighborhood is rising in popularity, as a renovation could greatly increase the market value of your home. If you have enough money invested in your home then you could apply for a home equity loan to help cover the cost of renovations.
Cons: When renovating your current home there is only so much you can do. If you live in a bungalow but want the extra space of a two-story home then it may be easier and more economical to purchase a new home. When you decide to renovate your current home you are working within defined limits. Also, if you want to build an addition you need to verify with your local building inspector that your addition conforms to the zoning and setback bylaws. Finally, remember that if you decide to renovate you may find yourself living in a construction zone for many months or possibly years to come.
Buying new
Pros: One of the pros of buying new is that you have the excitement and adventure of a fresh start. Buying new allows you to choose exactly what you want for your living space, without undergoing the long process of renovations. You also have the opportunity to try out a new neighborhood or area of town that may be more conducive with your interests and lifestyle. Buying a new home allows you to avoid the headache and frustration that often comes along with renovations, while still being able to enjoy a new living situation.
Cons: Buying a new home is often more costly than renovating your existing home. Chances are you’ll have to get your finances in order and apply for a new mortgage, which depending on your current financial situation can be difficult. Not to mention the additional cost of moving, real estate commissions and closing costs. Selling your current home and buying a new one can also take a substantial amount of time depending on your asking price and the current market conditions.
Essentially the decision between renovating versus buying new comes down to your budget and how much you love your home. If you find yourself constantly unsatisfied with your current living situation then it may be time to look for something new. If you are considering buying or selling a home in the Durham region I would be more than happy to speak with you and help you come to a decision about which choice is right for you.
