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Buying a New Home or Renovating the Old One

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As time goes by, changes in lifestyle and that caused by the growing family will inevitably pose issues that can either be resolved by renovating or buying a new home. One great thing about these options is that, either way, you can be able to get the best deal if you do your research right. With the New York housing crunch and the down economic condition, both the real estate market and contractors are feeling the pinch and the tougher competition will help you get bargains for better quality.

But don't get too excited and rush the decision as there simply is too much at stake. There are considerations that you should carefully deliberate on to land with the option that would benefit the family and your bank account. This article lays out the pros and cons of renovating your old home versus buying a new one with information ideal whether you are in Brooklyn, Manhattan, Queens, Staten Island or Long Island.

Costs versus Profits

If you decide to buy a new house, you would have to sell the home you and the family is currently in. For most homeowners, the largest chunk from where they would have to get the money to buy a new house is from the resale of their homes. With the housing costs still down, chances that you'll get a good return on the seller's market is less likely. To get an idea if your profit would be enough to cover moving out and buying, have your home value assessed first. Your best bet to getting more is moving to a neighborhood with lower property area or value, but then you would have to make do with what the area offers.

However, if you stay and renovate, you will not only be improving the family's quality of living but the home value as well bringing it up notches from when you bought it.

Inconveniences

Though you and the family would have to bear with inconveniences whether you choose to buy a new home or renovate your current one, the trouble that one goes through are at different levels. With renovation, you and the contractor can make arrangements so as not to disrupt the daily routine of the household too much. Buying on the other hand would mean having to start all over again and even being homeless for sometime. Settling into the house and making things appealing and comfortable can take weeks to months.

When to Move or Stay

Before owning the home that you and your family are currently living, you have gone through all the hassles of finding one that offers what you need and is in a viable location. Why throw everything away and go through all the difficulties again?

If the problem is something that a renovation cannot answer to like the size and look of the lot, schools, location and neighborhood then go ahead and buy a new home and move. But if the problem is mainly the house not being able to accommodate the growing needs and wants of the family then renovate. Keep in mind that you are renovating not just to invest in the house but in the quality of life as well.

Eugene Makeev uses his skills and expertise to help home owners in Brooklyn, Long Island, Queens, Manhattan, and Staten Island avoid remodeling Manhattan pitfalls by matching their needs with prescreened renovation contractors NY.

Avail of our free remodeling calculators.

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Eugene R. Makeev

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