Buy New or Renovate?

You may be in your kitchen lamenting the lack of space to create your perfect pastry. Or you might be penned up in your oh-so-small bathroom thinking about a new steam room. If you need more space for a new baby, adopted preteen, a grandparent, home office or income-producing apartment, you might be wishing for a second floor. It’s these moments of frustration that can lead people to making bold decisions about buying a new house. Maybe it could be that deciding to renovate will work out better in the long run.

Here are some points to consider before packing up your mixer and moving out:

1. Do you love your neighborhood? If you are close to your favorite amenities like stores, schools, parks, and restaurants, maybe a move is not the best option for you.
2. Are you a creative person with big ideas for customizing your perfect space? Your home can be a palette for your artful designs. If you are picky about what you want to have in your space, renovating your current home might be the solution.
3. What else do you love about your house? If your yard is too small and you need updates in several rooms, maybe looking for a new place is the way to go.
4. Can you stand to live your daily life in a construction zone? Remodeling takes time and can cause a big disruption. If the added stress of renovation seems too much to handle, perhaps a turnkey and move-in-ready home is a better option.
5. Will your budget allow for a higher monthly payment? You might be able to borrow equity from your current home with a HELOC or home equity line of credit that typically offers lower to no closing cost options.

According to the 2022 Remodeling Impact Report from the National Association of Realtors, 84% of owners have a greater desire to be in their home after remodeling and 35% of owners report the single-most important result from remodeling is better functionality and livability. Further, the report provides “Joy Scores” for interior and exterior improvements to help you consider moving forward with a renovation.

You can see that there are many factors that can affect your decision to renovate or buy new. From sentimental feelings to financial concerns, it’s good to take some time and write out a list of pros and cons and compare your choices to the current market.

Most importantly, understanding local market values for your dream home as well as the value of your current home is vital in making those decisions. Always know your numbers so that you will be happy with whatever you decide. Whether you are looking for some extra square footage or more convenient and modern amenities, we can help.

Cloud 9 Agents offer decades of banking, mortgage lending, and real estate investment experience, including knowledge of construction, land mitigation, and residential building. We can generate a list of comp properties in your Brevard County Florida neighborhood to see if renovations will add value, or we can help you search Space Coast homes for sale for that perfect upgrade across town.

If you need to make a big change, please CONTACT US so we can help you evaluate your options.