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Make the Right Decision When Renovating or Buying A New Home

A lot of people feel that they need to renovate their home after they’ve been living in it for a few years. Some may feel that their current home is no longer meeting their living requirements and may want to move to a new place. This can be an expensive predicament, as moving often means buying a new home and renovating can be quite pricey as well. If you are in the same situation and are not sure about what to do, you are not alone. This is a common issue experienced by homeowners with changing needs and there is no answer that fits everyone. The best decision for you will be based on your specific situation and you can find out the answer for that by using our 4-step guide below.

Determine the Reason for the Change

You can better gauge if you need to move or renovate by asking yourself what changes you are in need of. Do you just want a different layout or are you looking for a bigger property and a different neighbourhood? If you are after a certain school, then moving might be the better option, but if you are wanting a different feel or interiors, then that is something that can be quickly addressed with some home upgrades.

List the Changes That You Want

Once you have decided on moving or renovating, create a list of what you specifically want. Both moving and renovating will use up a lot of time and effort, so it is better to get all the things you want to have in one go. List the absolute must-haves and add a list of nice to have. You can then plan a house remodel or look for a new home based on your list. Consider that if you are renovating and it turns out that you will have to do a complete overhaul, then moving might be a better idea.

Assess Cost

Even small home upgrades can cost a fortune.  It is better to have an estimated cost of what you want to be done from the beginning. This way, you can have a good idea if your savings are enough or if you will have to get a home equity loan to finance a home renovation. You might also be surprised to know that you can use your current home when purchasing a new one with the help of a home equity loan or perhaps by refinancing your mortgage.

Check if Things Will Be Worth Your Time and Effort

If you are renovating, you will want to choose home upgrades that have a good return on investment. Popular home renovation projects that can increase your home value are a kitchen makeover and a bathroom update. You can also spend some on your lawn for extra curb appeal or knock down a wall to have an open layout living space which is very popular these days. If you are considering moving, then a prime location is a must so that you won’t face difficulties when selling your home down the road.

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