Relocate or Renovate? How To Decide Which One’s Best?

Most of the times, people consider the options of renovation and relocation when their existing home fails to meet their present requirements. But anyone can become dumbfounded quite easily when confronted by the idea of remodelling their house or shifting to a new one. If you’re faced with that kind of dilemma right now, here are some useful tips that you can follow:
Take Both Your Present & Future Needs Into Account : 
Where do you wish to see yourself within the next 10 years, and where exactly are you right now? Do you have kids, and if yes, then how many and how old? Will they be leaving home after a few years? Answering these questions is a very important part of the whole relocate/renovate equation. Doing so would help you to differentiate your needs from your wants in the first place.
What’s The Status Of Your Existing Property? : 
In case you reside in a relatively old house, remodelling it can lead to discovery of issues that you might not have known about all this time. As such, it is better to consult with experts before finalising a renovation project. Also, make sure you inspect everything, right from the floor plan and wiring to stumps and plaster. Piece your plan together according to that, and determine which one would be more expensive – relocation or renovation.
Survey Your Neighbourhood : 
Will remodelling help to fulfill the needs of any typical home buyer in your neighbourhood, in case you wish to sell your house in future? You can do some exploration of the property market and see for yourself what’s on offer in your area. That would help a lot in clarifying whether buying a new house would be a worthwhile investment for you, or upgrading your old one.
Consider Your Budget : 
Be true to yourself regarding how much you can actually spend. Avoid dishing out too much for a renovation project, in case that’s what you are finally opting for. Focus on the prices of homes in your region and plan your renovation according to that. Your house should have a reasonable resale value compared to surrounding properties if you wish to sell it in the near future.
Thus, use these tips for making the right choice and keeping your investment significantly profitable in the long run.
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2018-08-29T04:31:02+00:00April 22nd, 2017|