Pros and Cons of Buying vs. Renovating Your House: Which is Better?

Buying a new house is one of the most stressful decisions in life. There are many things to consider when making such an important decision, and it’s not always easy to know what direction to go in. Should you buy or should you renovate? 

Location

If you’re happy with where you live, renovation may be a better option than moving. On the other hand, if you’re not happy with your current location, buying a new house may be the best choice. 

Cost

Renovating can be expensive, depending on what needs to be done. Buying a new home may be more costly in the short run, but it will likely appreciate in value over time. 

Size

Buying a new home is the obvious choice if you need more space. However, renovating may be a more cost-effective option if your family is shrinking (or growing). 

Condition

If the existing home is in poor condition, buying a new one may make more sense. On the other hand, if the house only needs minor repairs, renovating may be a better option. 

Maintenance

New homes require less maintenance than older ones. If you don’t want to worry about painting, repairing roofing, and mowing lawns, buying a new home is the way to go. 

Style

If you’re not happy with your home’s current style or layout, renovation is a good option. You can change everything, from the walls to the flooring, to create the perfect space for you and your family. 

School Districts

If you have children who are attending or will be attending school, research the school district boundaries before making a decision. New homes may be located in better school districts than older homes. 

Neighborhood

If you love your neighborhood and don’t want to move, renovating is a good option. However, if you’re not happy with your neighborhood, buying a new home may be the best choice. 

Storage

Buying a new home is the obvious solution if you don’t have enough storage space. Renovating can create more storage space, but it will likely cost more money and take longer to complete. 

Pets

If you have pets, buying a new home is the best option. It’s much easier to keep them safe and sound in a brand-new house than in an old one. 

Landscape

If you want to redesign your front or backyard, renovating is a good option if the existing home has room for landscaping changes. However, buying a new house can give you more flexibility with what kind of landscape design you choose. 

Neighborhood Amenities

The neighborhood amenities are important when deciding between renovation and buying a new house. For example, if there’s no park nearby or access to public transit isn’t great, it may be better to buy instead of renovating so that these issues don’t impact your quality of life.

Time

Renovating can take a long time to complete, especially if you plan on doing the work yourself. On the other hand, buying a new home takes less time since it’s already built and ready for immediate occupancy.

Deciding whether to renovate or buy a new home can be difficult. However, by considering the thirteen factors listed above, you’ll be able to make an informed decision that’s right for your family and lifestyle. If you decide to buy your house, get started by sourcing a real estate agency like Rockford Homes to show you the different dream options. On the other hand, if you decide to go the renovation route, start getting quotes from contractors and set timelines to plan ahead.