Buying a new home is usually an exciting thought. The idea of swapping the things that you don’t like about your home for a new one that has everything you want is a very attractive thought. However, buying a new home is a big decision. It isn’t always the best idea either.
Instead of thinking of buying a new house, it is likely a better idea to renovate the one that you have so you can make it exactly how you like it. There are a lot of ways to go about renovating a house and staying on a reasonable budget. In this article, we will go over the reasons that it’s better to do that than it is to look into buying a new house.
1 – You build more equity
Whether it’s house extensions or simply updating the tired features of your existing home, you are adding more equity into the house if you do change your mind and decide to sell after all.
Very often, people will make changes to their house through renovations, additions and upgrades when they are getting the house ready to sell if they don’t have much equity to use for a new one. They often end up loving the changes and decide to stay. Instead of trying to make the house worth more so you can sell for more, make the changes that you want in the house and enjoy them while also adding equity in case you want to sell at a later date.
2 – You can customize
Lots of people often dream of building a home from scratch with all of their wish list getting done. The problem with this dream is that the cost of doing that is more like a nightmare. It puts this idea out of reach of most people.
When you have a list of things that you would want in a house, you can do many of them in your existing home at a fraction of the cost. You also have the benefit of doing things a little bit at a time so you don’t blow your budget all at once.
3 – You save money
When you buy a house, you have to factor in many other costs beside just what the price of the house is. The closing costs are well into the thousands which add to the cost. Then you have what you pay to move all of your belongings. You may even need to buy more furniture if you are moving from an apartment.
When you renovate your home instead of moving, you are saving loads of money. In the long term as well as the short term. This is also ignoring that it is likely that you would be doing some renovations or upgrades to the house you would be moving into if it isn’t newly built. These costs would wipe out a good portion of the profits from selling your house.
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