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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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
15:13 02 Aug 21
Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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