The decision to renovate or buy a new house depends on several factors, including your financial situation, personal preferences, and the condition of your current home. Here are some things to consider:
Renovating your house can be more cost-effective than buying a new one. However, the cost of renovation depends on the extent of the work you need to do.
If you’re attached to your current home and neighborhood, renovating may be a better option. On the other hand, if you’re looking for a change of scenery, buying a new home may be the way to go.
Condition of your current home
If your home requires major repairs or is in a state of disrepair, buying a new home may be the better option. Renovating a home that’s in poor condition can be expensive and time-consuming.
If you’re renovating your home with the intention of selling it in the future, consider how the renovations will impact the resale value of the property.
17 home renovations that add value to your house
- Kitchen remodel: Updating your kitchen with new cabinets, countertops, and appliances can significantly increase the value of your
- Bathroom remodel: Renovating your bathroom with new fixtures, tile, and lighting can also add value to your
- Adding square footage: Increasing the size of your home, either by adding a room or expanding an existing one, can add significant
- Updating flooring: Replacing outdated flooring with new hardwood, tile, or carpeting can make a big difference in the value of your
- Replacing windows: Upgrading old windows to energy-eﬃcient ones can add value to your home while also saving on utility
- Adding a deck: Outdoor living spaces are highly desirable and can add value to your
- Finishing the basement: Turning an unfinished basement into a functional living space can add value to your
- Updating siding: Replacing old, worn siding with new materials can improve the curb appeal of your home and increase its
- Landscaping: Improving the landscaping around your home can add curb appeal and increase the value of your
- Adding a garage: Adding a garage or expanding an existing one can increase the value of your
- Upgrading the HVAC system: Replacing an old, ineﬃcient HVAC system with a new, energy-eﬃcient one can add value to your home while also saving on utility
- Installing a new roof: Replacing an old, worn roof with a new one can improve the curb appeal of your home and add
- Upgrading the electrical system: Upgrading an old electrical system can improve the safety of your home and add
- Installing a new front door: A new front door can improve the curb appeal of your home and add
- Installing a new water heater: Upgrading an old water heater to a new, energy- eﬃcient one can add value to your home while also saving on utility
- Adding smart home features: Adding smart home features like a programmable thermostat or security system can increase the value of your
- Adding a swimming pool: Adding a swimming pool can add value to your home, but it’s important to consider the cost and upkeep associated with this
Ultimately, the decision to renovate or buy a new home depends on your individual circumstances. It’s important to weigh the pros and cons of each option and consider your long-term goals before making a decision.
Thinking about fixing up your home? Talk to Stracoa to find out more (832) 521-3215. While it might improve its overall look and even make living there a bit more enjoyable, don’t expect the renovations to necessarily add lots of extra value when considering re-sale. In some cases you might find that investing in upgrades doesn’t always pay off – but it can still be worth doing for quality of life!