Home Restoration vs. Buying a New Home. Would you buy a new home, or renovate your current home to meet your needs? Determining whether to renovate a home or buy a new one comes with many factors for consideration. We, at some point reach a difficult real estate crossroads. Making a decision to either remodel or buy a new house requires thorough planning and research. Renovation can be very stressful, but so can moving.
The most important thing to consider is the location. Is staying in your current neighborhood important to you or is it better to move to a new area? Think of budget as well. Is it more inexpensive to renovate your current house or buy another one? They both require money and financing. Sometimes remodeling can be more time consuming or complicated than just starting from scratch.
Make a list of everything you want in a home and note the things that renovation can fulfill. If you’ve got most of the items circled by the end, move on to the financial considerations. If you don’t, you probably need a different house.