It's hard to decide whether moving to a brand new home or fixing up the old one is a better option. It's best to consider the following before making a decision.
Any real estate agent worth their salt will tell you that location is everything. It's also a big factor in the renovate or buy dilemma. If you and your family love your neighborhood and are reluctant to leave behind good neighbors and amenities, then renovation might be the better choice. You should also consider whether your property is in a developing or trendy area where real estate prices have the potential to go up. In this case, staying put and renovating your home might be the only logical decision.
State of Finances
Whether you decide to buy a new house or fix up your old home, you still require financing and a solid cash flow. A new house could mean applying for a new mortgage, something that will be challenging if you are in debt. Buying another home means you have to offload the old one, as well as spending money to move your belongings. Meanwhile, if you have built up a substantial equity in your present home, then you could secure a loan to finance a large-scale renovation.
The need for more space is one of the biggest motivators for wanting to buy a new house. Of course, you can also solve this problem by renovating your home. You'll have two options available to you to expand up or out. While adding a second story is viable, you have to consider factors like the strength of the foundation and the state's zoning code.
You can also build out to increase your home's square footage, but it will affect your yard acreage. If you're building out, then you must check that you have enough yard space and that you need the mandated right-of-way and setbacks.
Renovating your existing home or buying a new one have their own pros and cons. But one thing is certain, you'll need a good home insurance policy to protect you and your family. At Western Pacific Insurance, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at 702-932-3105. You can also request for a free quote by CLICKING HERE.