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Home Renovation vs. New Purchase-When the Renovation Makes Sense

By Bryan Slowick | Jun 09, 2016

When faced with a major renovation, you may wonder whether it might be better to purchase a new home instead. A new purchase isn’t always the best option, as there are a number of occasions when going through with your remodeling project would be a wise decision.

 

When you want to Maintain your Current Location
Perhaps your current location provides you with a short commute time or is near a businesses you visit often. Maybe you have gotten to know your neighbors and just can’t imagine living anywhere else. In these instances, renovating your home can allow you to remain in a place where you feel comfortable. It can also help you avoid the hassle of finding another neighborhood that meets your needs, and can relieve a great deal of anxiety among children who may feel stressed over the idea of leaving their friends behind if you were to move.

 

When you Plan to Remain in your Home for an Extended Period
A major consideration when faced with a renovation is the amount of time you plan to remain in your home. If you are planning to sell within the next two or three years, chances are you would benefit very little from your investment. On the other hand, if the odds of you staying five years or longer are very high, you will likely benefit a great deal from undergoing a major renovation right now.

 

When the Renovation will Allow you to Age in Place
More and more people are wishing to age in place these days. For this reason, any renovation that would allow you to remain independent longer is worth considering. Even if you do not presently have any health issues, you should think about whether or not your current home might be difficult to live in as you grow older. The possibility of caring for an aging relative is also something to think about, as making particular modifications to your existing structure could prevent the need for you to place your loved one in an assisted living facility.

 

When your Renovation will Significantly Modernize your Residence
Historical homes have a certain charm; however, they often do not contain enough modern amenities to make them comfortable. If you live in such a home, you may not be able to enjoy certain luxuries such as a gourmet kitchen without making significant improvements. The good news is that the right design and build contractor can help you modify your home so that it meets your needs without compromising important architectural features. As such, the right renovation will provide you with added convenience now, while also increasing the resale value of your home in the future.

 
Renovating your home often makes more sense than buying a new one for a number of reasons. In order to make the right decision, you must carefully consider a variety of factors by first talking with an experienced contractor who can help you determine the advantages and disadvantages of each.

Tags: Design Ideas, Home Remodeling Chicago North Shore, Remodeling Investment, Kitchen Remodeling Chicago North Shore

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