Is It Better to Renovate Your Home or Buy a New One?

It seems to happen overnight: your house no longer fits you and your family’s needs. It may be that you are expanding a family and need more space. It could be that your kids are now teenagers and a shared room is no longer an option. Maybe you are now empty nesters and would rather have a media room than a bedroom. In that situation, you have two options – to either remodel your existing home or sell your home and buy a new one.   We work with a lot of Austin homeowners who have found themselves facing this exact dilemma.  If it sounds familiar, we found a great article on thenest.com that has some important factors to consider before making that important decision.

http://budgeting.thenest.com/wiser-renovate-buy-new-house-22545.html

Ultimately, according to this article, the key decision points for your family come down to Location (is the current house the right location for your needs and if so, would you be able to afford a larger house in the same area?), Personal Finances (are you in the right position to apply for a mortgage and/or pay for a renovation?), Space (given the current regulations on your lot, can you expand as you want to?), and Personality (will you enjoy the renovation process?). 

Now that you know that something needs to be done, if you’ve decided that a renovation makes the most sense for your family, give us a call!