Your home is the largest purchase you're likely to make in your lifetime. As such, it only makes sense to get it as close to perfect as possible. However, this is often easier said than done. In many instances, homeowners and homebuyers are faced with the monumental decision of purchasing a new home or remodeling a home. While each individual's situation may be different, there are certain attributes that should always be considered. Let's take a closer look at a few of the top considerations when deciding whether to remodel or buy a new home.
One of the most important considerations in the remodel vs new home conversation is whether the changes are even possible. For example, if you need a larger yard, dislike your neighbors, live near a busy street, or want better schools, a remodel may not satisfy the underlying problem. While most people assume a remodel is a quick fix for spatial constraints, this may not always be the case. Specifically, your ability to add square footage will depend on the type of home, how much external space you have to add square footage, and if your HOA allows it — among other factors.
However, if your only complaint with your home is the layout of your kitchen or other aesthetic problems, a remodel may be your best option. In either case, it's important to get down to the root cause of your issue. Once you're there, ask yourself whether a remodel or new home would be the most cost-efficient method. And this leads us into our second point — the cost.
Whether you choose to remodel your home or purchase a new one, one thing is for certain — there will be costs. According to Rocket Mortgage, the average cost to completely renovate a home is anywhere from $15,000 up to $200,000. Of course, the actual cost will depend on the extent of the remodel and finishes you choose. Because of this, it makes dollars and sense to question whether spending the money to remodel a home is worth it. More so, you should ask yourself whether the remodeling investment will net you the desired return. And this should prompt you to consider the factors outside of the structure that could impact appreciation or depreciation, which often warrants research and real conversations with local real estate agents.
When you're looking to decide between purchasing a new home vs remodeling your home, it's imperative to do your research. Whether it's tracking the movement of home prices in your area or understanding what comparable homes are selling for, the more information the better. One excellent way to gauge the market is to speak to a trusted real estate agent. Your real estate agent can gather all of the necessary information to help you step back and see the bigger picture. In addition, a real estate agent can provide valuable insight and market intelligence on different neighborhoods and the movement of home prices in those neighborhoods. For example, if a neighborhood has experienced above average property value increases, it may make more sense to consider purchasing a new home instead of pouring an investment into a neighborhood on its way down.
If your current home or neighborhood leaves a bit to be desired, the best solution may be to purchase a new home. At Alta Vista, we offer a thoughtfully-designed, all-new manufactured home community nestled in a beautiful country setting. You'll be surrounded by serenity, nature, ponds, wooded areas, and carefree living at its finest. Situated near Lake Michigan and downtown Traverse City, this brand new neighborhood is equipped with a clubhouse, tennis courts, and pool. And when it comes to your new home, you'll be privy to the latest and most state-of-the-art features.
Ready to learn more? Contact Alta Vista today in Traverse City by calling 231-709-6066.