Buying a New Home Vs Renovating the Existing One

If you live in an old-fashioned home or aren’t happy with the present condition of your home, you might be feeling hesitant between whether you should purchase a new home or renovate the existing one. While it might feel the best option to sell your old house with the help of a sell my house fast NJ company or to a company that says “we buy houses in NJ” and move in to a new, shiny home, in reality, both options come with their fair shares of pros and cons.

In this post, we’ve outlined the pros and cons of both buying a new home and renovating your present one to help you make an informed decision.

Buying a New Home

Pros

  • New start: The biggest advantage of buying a new home is you get to start everything afresh. It’s a fact that regardless of the amount you spend for renovating your existing home, it’d never become new. Additionally, when you purchase a new home, you get the option of customizing it according to your preferences.
  • New technologies: Usually, older homes don’t have energy-efficient amenities, which often lead to higher utility bills. Purchasing a new home with modern amenities powered by the latest technologies could be the best option to address this issue.

Cons

  • Additional expense: Buying a new home is usually a more expensive affair than renovating your existing one. Some of the essential costs you need to consider include legal fees, closing costs, moving expenses, selling costs, stamp duty costs, etc.
  • Hassle of relocation: If you can manage the cost aspect by selling your old house to a reputable we buy houses in NJ company, you cannot avoid the hassle of moving out and settling in the new house. Moreover, if you’ve got a strict timeline to follow, buying a new house may not be the best idea.

Renovating Your Existing Home

Pros

  • Customizability: When you renovate your existing home, you get full control over how things will be done. For instance, if you want to upgrade your old kitchen, you can do that either fully or partially. Of course, you’ll get a brand new kitchen with the new home, but you may not love everything in there.
  • Increased home value: By doing some thoughtful renovations, you’d be able to increase the overall value of your home. Some of these include kitchen upgrades, additional bathrooms, new flooring, garage and loft conversions, etc.

Cons

  • Complicated process: Renovations may turn out to be disruptive and messy. Not only you’d need to live through construction, but a temporary relocation might also be required if the projects cover the entire house.
  • You may still have issues: In case you don’t like your present neighborhood or want to live in a better school district or want a bigger lawn, it’s simply not possible to address these with renovations.

Final Words

The question of whether to purchase a new home or renovate your present home actually comes down to your personal requirements and preferences. So, thoroughly assess the pros and cons of both the options we discussed above before finalizing anything.

 

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