Is it Better to Remodel or Buy a New Home?
The answer to this question depends on several factors, all of which are unique to the person asking. Homeowners have likely heard a wide range of answers from friends, family and a handful of real estate experts.
Through our daily interactions with Homeowners, we’ve determined some of the most important questions to answer to help make the best decision for you.
Do You Want a New Location?
One of the most common reasons that Homeowners decide to buy a new home instead of remodeling is the ability to change locations. Perhaps you sacrificed location for a lower price for your current home, or you want to change school districts for your children’s education – moving into a new home in a new community can give you and your family a fresh start.
David Weekley Homes is attuned to the needs of these living arrangements. We’ve updated several of our home designs to feature mother-in-law suites, casitas, and other add-ons that accommodate multigenerational living or hosting guests.
Living circumstances can change quickly, and a new home allows you to more conveniently address those changes. If your current situation is satisfactory, remodeling might be the way to go for your family.
Are You Okay with Ongoing Construction?
We’ve all experienced road construction – the noise, inconvenience and seemingly endless project timelines can frustrate even the most level-headed drivers.
Now imagine those conditions in your home, a place that many consider a sacred gathering space where family members can expect peace. If that sounds like too much of a headache, the transition to a new home might be the best fit. If you’re willing to put up with the disruptions for a new kitchen, bathroom or office, remodeling is a suitable option.
Are You Prepared for Complications?
Every major life choice is full of potential pitfalls, and moving into a new home is no different. But renovating a home is especially complicated. From consulting engineers and dealing with contractors to deciding on paint colors and new furniture, a remodeling project is extensive and more difficult than the television shows make it appear. That’s not to mention any unexpected expenses.
If you’re mentally and emotionally prepared to handle that stress, renovating can work for you. But if you prefer a more turnkey solution, buying a new home can limit complications.
How Would You Prefer to Finance?
Whether you’re renovating or buying, you’ll likely have to finance the decision. The home buying process is a reliable option that’s mostly handled by professionals. That comes at a price, but for many Homeowners, the security of working with experienced agents, lenders and builders is worth the costs.
Financing a renovation project isn’t as simple. A second mortgage on a single home often requires a higher credit rating and comes with more unfavorable terms than the initial mortgage. Other financing options are available, including adjusted payment terms with contractors, but borrowers are unlikely to find better terms than a Homeowner’s loan from an established financial institution.
Based on your answers to these questions, you should be able to decide with some certainty whether a new home or a remodeling project is the best fit for you.