Home ownership is a dream achieved by many. During the course of their lives, however, many people decide it’s time to move up. This could be for a myriad of reasons including social, economic, or because of practical reasons, such as a growing family that outgrows its current home. As families evolve over time, so do their needs in regards to shelter, privacy, and other thingsthat a home provides. Young families need more space as new children enter the family, and older couples need to downsize their empty nest once the kids grow up and move out.
Whatever the reason, when your current home no longer meets your needs you have two primary options: remodel or relocate. While remodeling might seem like the less expensive option, there are a lot of downsides that many homeowners fail to consider. At the same time, buying a new home might sound like a more expensive option, at least initially, but the many benefits it offers could save you money in the long run. In the end you are the only one who knows what is right for your family, but doing a little research now will give you a lot of peace of mind when it comes time to make the decision.
Relocation versus Remodeling
Selling your home and buying a newly built one is not something you should consider lightly, but then again, neither is remodeling. Although both offer different types and levels of stress, buying a newly built home often offers substantially more benefits overall than remodeling your existing one. Before you choose whether to remodel your family’s home or put it on the market to purchase a newly constructed one, here are some things to consider:
A Fresh Start – Moving into a newly built home allows you to start over from scratch in a new neighborhood. You can shrug off the things you didn’t like about your old home, from negative memories to awful neighbors; and if you select your home before it is built, then you can weigh in on design choices like flooring, wall color, and countertops. Although remodeling does allow you to weigh in on these choices, newly constructed homes allow you to take part in the layout with far less hassle because your family isn’t living amongst the construction.
The Right Size – Rarely does it make sense to remodel if you need to downsize, and adding an addition to your home can pose its own challenges. Building codes for your home, and easements for your property, may prohibit the additional construction.
Easier to Finance – Did you know that it is easier to finance a new home than to get a loan to remodel your existing home? That is because remodeling projects, unless you save up the bulk of the funds in advance, often requiresthe loan to originate from a commercial bank. Often these loans come in the form of a second mortgage that boast higher interest rates in return for shorter payoff terms. If you are buying the appliances and other materials outright then you also risk incurring high interest fees from credit card companies.
Fewer Construction Problems – Many homeowners equate a substantial remodeling project with getting a root canal that lasts several months. Your home is turned on end. Some parts, like the kitchen or a bathroom, may become inaccessible for several weeks, or perhaps longer. Can you stand having strangers stomp in and out of your home daily? Are you prepared to eat frozen pizza a few nights a week until everything is back in order? Meanwhile, buying a newly constructed home means turning the key and walking in.
Which of These Two Options Is Right for Your Family?
Only you know what is best for your family. Go into the decision of whether to buy a new home or remodel your existing one prepared. Part of this preparation is doing the research to know what you are in store for either way. Making the right choice can mean the difference between several months of hassle for a remodel that may or may not give you the results you want, and buying a new home that is your dream come true.