Should We Renovate or Buy New?

Some people need to buy a new home, while others are better off fixing up what they already have. Here’s how they differ.

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If you’re debating whether you should buy a home that needs renovations or just buy brand-new, the answer may or may not come to you quickly.

If you want to renovate, you don’t need that much more of a house, just a little more space. Cost-wise, it makes real sense because you don’t need to spend a whole lot of money and it can make a significant difference. On a 1,000 square foot home, the average renovation costs between $18,000 and $50,000. 

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The reasons for buying new are obvious.

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If you were to purchase a new 1,000 square foot home, that purchase would cost you easily $260,000, including the costs of moving and selling.

The reasons for buying new are obvious. You simply want a change, or a job or family situation necessitates it.

So, should you buy a new home or renovate the one you have? There isn’t an easy answer to this question unless you do this: Take out a piece of paper, split it in two, and write down the advantages on one side and the disadvantages on the other. Whichever has the most advantages and least disadvantages is the winner.

If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.