You love your house, but you need more room. You have a charming home, but it’s out of date. You want a new house, but you love the community you’re in. These are the dilemmas of many homeowners we meet that bring them to two choices: renovate or buy a new home.
At C. Brannon Construction, we encourage clients to first consider the option of renovating their home instead of purchasing a new one. But really, it’s up to the homeowner in the end! Here are some points to think about:
Finances – Whether you are renovating your home or buying a new one, both entail financial costs. If you are in a not-so-stable state in your finances—you recently changed jobs, you have incurred debt, etc.—then this is not the best time to apply for a new mortgage. If you have enough equity built up in your home, then you might be able to get a renovation loan. At the end of the day, it’s all up to you.
Neighbourhood – If you live in a community that you have grown to love, then renovation is the best option for you. Plus, there’s extra points for you if your home sits in a really good neighbourhood where real estate prices are holding their value in this economy. However, if you feel like you need a new place to call home, then perhaps purchasing a new home in a new neighbourhood will be good for you.
Space – Lacking space is usually the main reason homeowners start thinking about purchasing a new home. However, if there are areas in your home that you can renovate and turn into another room (like your basement), then a renovation will do the trick.
If you do decide to renovate your home, you can give us a call at 403-771-8080 so we can answer any questions you may have!