At certain conditions, many families encounter challenging real estate crossroads. This is confusing to decide whether to renovate the existing home to fit current needs or will it be better to purchase another house? This is a question with no clear-cut answer, but yes finding a solution won’t be impossible since you have visited this blog. Let’s dig deeper into this debate.
The location is the most important issue and so the budget. This raises many questions, such as – Is the current location important to you? Is the existing house suitable for you? Can you legally create an ideal home on the current location on the budget? Relax, the following passages will help you finger-snap all these queries buzzing around.
Questions you need to consider
Whether it will be more economical to renovate your current house or whether buy another one – this will depend upon your home, the targeted location, the budget, and your needs. If you are all right with the current architectural style, renovation is better that reconstruction. Here are questions to ask yourself when deciding whether to renovate your existing house or find a new home.
Can you renovate by following the current frame?
Renovating within the home’s existing design will cost 50 percent less, according to the renovation experts. Be careful about garage conversions because these are improvement sometimes, but a drawback in others. And, there are certain times an addition is cheaper than changing existing space since existing space contains old problems that you can fix.
Are you ready to go through a renovation?
Renovations cause dust, noise, and disruption for weeks or even months, and they always take longer than the initial contractor’s estimate. If you’re redoing your bathroom, for example, you may have to go for an outdoor mobile bathroom for several months. Consider all these points and then decide.
Can you legally renovate?
Every municipality has building regulations, comprising ones regulating how much of the lot you can encompass, whether you can include a second story and how close structures can be to the ownership order. It requires sanctions to go for major upgrades, and renovations can also need existing factors such as out-dated electrical panels, bring up to the present construction norms.
Does the renovation make sense?
Putting a $150,000 kitchen into a $200,000 home never makes sense. However, restoring an old kitchen with 1970 vibes with new cabinets and countertops probably will make sense. Never make renovations disproportionate to the rate of your home. We can help you budget your project. Visit Contact Us page to get in touch with us.
Will your home structurally allow the renovation?
Not all houses can reinforce a second story. Or, if you wish to remove walls, you may notice that the project needs new support pillars or concrete footers. Be careful of performing major upgrades in a dwelling with foundation or drainage issues.
How long will you live in the house?
If you’re in a two-bedroom home and plan to have three or more children, consider whether even the expanded house will fit in the long run especially when you are going for major renovations.
Will changing houses increase property taxes?
In some states, it sets the tax rate when you buy the house and its limits increase as long as you live in it. This means changing homes can equal a considerably longer property tax bill. An addition may also raise your property taxes. Keep that in mind before taking any decision.
Consult general contractors if you have any query as the above questions. They will help you take the right decision and will also help you schedule and budget the project as per your requirements.
