Moving out of your comfort zone tends to be one of the most difficult choices that you may have to make in the long run. Due to the dilapidated state of your current house or certain aspects of it, you may be faced by the dilemma of either buying your new house, investing in a new property or fixing up your old, worn down property to hopefully sell your home for profit. This decision tends to be affected by several challenges such as the emotional attachment you or your family may have developed for the home, experiences and the memories you have made of the house. Memories and experiences can also make you want to leave everything behind and have a fresh start at a new place. Regardless of the reasoning you want to stay at or leave a home, this list will give you all of the best and relevant information needed.
As of this time and age, people may shun selling their homes to buy new ones owing to the fact that they may receive a price range estimate that the feel their house is not really worth, thus opt to stay and remodel. Here, we shall discuss the pros and cons of both remodelling a house and buying a new one.
Pros of repairing your old home
As you are repairing your old home, you are at liberty to be as creative as possible and make the house twice as fabulous and better than it ever was, in your mind at least. You may have figured out that a particular part of your home was not designed well, or you just want to complete an upgrade. Since you know the place much better, it is easier to know where to put much of your focus on and where you can really emphasise change. Because it is your old home, you have the opportunity to include those things that it never included when you initially purchased it. Install a feature wall, build a fire place, pick those polished concrete tiles that you always wanted, go nuts! Repairing your old place is even more cost-efficient than buying a new home. A research conducted this year indicates that many people are currently opting for repairing their old home since it is cheaper than buying a similar house. Repairing your old home also has a sense of stability to it. Your family is able to maintain their usual traditions and norms such as schooling and shopping with no real hassle or change to everyday life as you know it.
Cons of repairing your old home
Repairing a house can be subjected to a number of problematic experiences such as incompetent contractors, inflation, newly found damages and poorly done work. The contractors hired need to be supervised at all times thus wasting a lot of your time. Even with the help of a contractor, at times, the cost that you had planned for tends to be surpassed owing to factors such as transportation of materials and hours needed for manual labour. If you are hiring contractors, be prepared to have your daily routine hindered by work-vans blocking in your car or driveway, dealing with frustrated kids who have woken up to the sound of hammers banging or a noisy drill and of course the amount of people in your house potentially doubling. These are some of the main issues you will end up having to face if you are attempting to put up your property for sale, make sure you take these factors into account.
Pros of buying a new house
You may be considering moving your family to a new neighbourhood for a fresh start. Buying a new home has been made easier in the current market owing to the third parties in play such as real estate agents and attorneys as opposed to remodelling where you are entirely on your own. These parties offer professional guidance on how to approach the market and make it work for you.
Cons of buying a new house
The main challenge faced by moving to a new house are the costs associated with it. Buying a new house is very expensive, owing to the cost of the house, and other commissions to the third-party agents associated to it. Moving to a new house is also very stressful. Packing up and sorting and arranging them in the new house can disorient you. Moving is also very time-consuming. You will need a lot of time to pack up your items and arrange them in the new house. Some items may also be damaged in the process. Familiarizing with the new neighbourhood is also another challenge.
Gauging from the advantages and disadvantages, you can now discern which is better between the two options and which would work for you and your family. Whether it is a DIY renovation or you are in need of a completely new home, there are lot’s of things to consider when going into property management.