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Home Renovation Or Buying A New House

Aug 18, 2007
Home renovation becomes essential when youve stayed in your first home for a number of years. Apart from the normal maintenance needs, you might have moved up in your career and even the size of your family might have increased. Its natural for most of us to start off in life with a small home due to financial restrictions but gradually your finances improve and there comes a time when you start feeling that you need to renovate your home in keeping with your improved social status.

This is also the time when you might be pondering whether to buy a bigger home. Its not an easy decision to take and you would do well to consider various aspects before deciding on what to do.

Will The Investment Yield Any Returns?

Before deciding in favor of home renovation, you should consider whether the investment that youll make in home renovation will bring suitable financial returns. You should try to find out the status of your home in relation to the other homes in your neighborhood.

Your investment will not add much market value to your home if it is already of the same size as others but if it is smaller than others, any addition to your home will immediately increase the market value and your investment will bring good returns. This factor should be taken into consideration when you choose between buying a new home or renovation of your present home.

Budgetary Considerations

When you are in the mood for upgrading your home either by going in for a new one or for home renovation of your existing one, you do have a budget in your mind that you can conveniently set aside for this purpose. This would be needed to bridge the gap between the sale proceeds of your home and the cost of the new home if you decide on shifting to a new home. In case you choose home renovation, this amount of money will be used for upgrading your home in several ways.

Architectural Considerations
You can consult an architect for the home renovation estimates and then decide the extent of work that would be feasible with the financial resources at hand. Moreover, if you are inclined towards home renovation rather than buying a new home, you should be prepared for losing the outdoor space if you are adding additional floor space and you would have to bolster the footings if you are planning to add an extra floor to your home.

These architectural considerations should be discussed with an architect before you take any action.

Inconvenience Factor

If you plan to go in for home renovation, you should be prepared for a lot of inconvenience when the actual work of renovation takes place in your home. All the furniture and other belongings might have to be stacked in a room or a corner to make way for the workmen who will be swarming all over the place. You should have the patience to withstand all these inconveniences which will bother you more in the kitchen and the washroom areas.

You are the best judge of your needs but you should weigh the pros and cons before making a decision.
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