Does your family need a bigger home? Are you frustrated with the lack of functionality or space in your current house? If these scenarios sound familiar, you may be debating as to whether or not you should remodel your existing space or buy a new home. Find out what factors you should consider before you make this important decision.
Most people often use price as a determining factor when choosing between remodeling or buying new. If you are intending to renovate your home, you may need to refinance your mortgage in order to do so. This will lead to transactional and closing costs in addition to the added price associated with the remodel work. If your remodel is a big job, you might also need to stay at a hotel temporarily, and these costs can also add up quickly. There are also other costs associated with moving that you will want to factor into your decision, such as the price of movers and renting a moving truck.
While examining the costs associated with moving or remodeling, many people fail to consider the differences in taxes associated with these activities. If you are considering moving to a larger house, it is important to remember that the property taxes associated with a larger home are also likely to be higher. Property taxes generally do not increase if you are remodeling onto your existing property.
The economy is a good indicator as to when you should buy a new home or remodel your existing home. During a tough economy, you may be able to get bargain rates from contractors who are trying to maintain a successful business, and by getting estimates from a few different contractors, you can get an idea of the costs associated with your renovation project. However, home prices may also fall during this time period, so homeowners often see their home equity shrink, making it unwise to sell during these tough times. By remodeling instead of moving, you can guarantee that you’ll get what you want while having control over the final product.
The age of your current house can also make a difference in whether you should remodel or purchase a new home. An older house will likely have more work that needs to be done, leading to increased costs. Older homes often have outdated plumbing, ductwork, and construction issues that need to be corrected in addition to the aesthetic improvements that you would like to make.
If you are choosing between a remodel project and buying a new home, it is important to first consider exactly what you want out of the change. In some cases, homeowners are just after a change in the appearance of their home, and this can be achieved with some simple updates. Adding some inexpensive pieces of custom furniture to your living room can dramatically alter the décor, and furniture repair NYC professionals can help to turn your old and outdated pieces into a beautiful new focal point.