Signs It’s Time To Buy A New Home Rather Than Invest In A Renovation

When you’re an existing homeowner that wants change, it’s hard to take a side in the age old question of choosing whether to move or renovate. How can you make such a great financial decision and be confident about it? While there’s no definitive answer to your question, these are several signs that could point you in the right direction.

Signs It's Time To Buy A New Home Rather Than Invest In A Renovation
The Existing House Isn’t in Good Shape
While it’s easy to get caught up in the thought of renovation, you should look at your situation more realistically. Is your home a good candidate for a remodel? A failing foundation or a chronic mold problem could say otherwise. If you just need to update paint and cosmetic details, a renovation may be worth it, but major problems can cost a lot of money to fix, let alone look good. Take a look at the shape your home is in before making a decision.

Renovating is Too Expensive
If renovating and all the associated costs that are attached to it is higher than the costs that are associated with moving, it might not be wise to stay put. Use a pencil and piece of paper to determine which would be the least costly route. Writing down the pros and cons can help you visualize better than trying to remember everything.

You Aren’t Emotionally Attached to the House
Do you genuinely like your home? Do you feel as though it would be difficult emotionally to pack up and leave? If you don’t have any binding emotional ties to your abode, it probably wouldn’t hurt to move on and find another space that you could have that connection with. Finding a new home with the features you want can be much more rewarding than trying to change the home you have.

You Want More Room
Whether your family is getting bigger or you’re just cramped for space, creating more room is one of the pricier home renovations. Adding rooms and opening up spaces can put quite a dent in your financial accounts. On the other hand, finding a home that already has the space you need could prove to be the more affordable option.

The Market is Doing Exceptionally Well
If you aren’t particularly more drawn to one side than the other, you might want to take a look at the market to make your decision. If interest rates are low and houses selling quickly in your area, it might make more sense to just sell rather than deal with the stress of a renovation.

There Are Problems Present You Can’t Fix
Lastly, it’s most definitely a sign that it’s high time for a move if your home has unsolvable issues. For example, if it’s situated rather close to an industrial zone or it experiences recurring problems with mold, it’s probably the better decision to say goodbye.

Buying a home doesn’t have to be a last resort option. If you are experiencing any of the above, a new home can be emotionally and financially beneficial. Informational credit to Princeton Classic Homes.

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