Is it Best to Remodel or Buy a New House?

Remodeling can be messy.

Remodeling Your Existing House

Families grow and needs changes, and what was once the perfect home now falls short in several vital areas. Remodeling allows you to customize your home to your needs without the hassle of looking for a new house and packing up everything you own to move, according to Deseret News

A New House is a New Start

Remodels often develop hidden expenses, such as replacing wiring or plumbing, unexpected delays from weather or waiting for city zoning permits. The upkeep of an older home over the period of your mortgage may cost you four times its purchase price, according to MSN. Remodels can also be inconvenient and messy as parts of your home are under construction.

Bottom Line

Before you decide to remodel or relocate, check with a real estate agent to appraise the value of a remodel and with a contractors to get specifics on the length and cost of your remodel. Evaluate how much your current house fits your needs, your neighborhood, the local school and amenities of your area, according to Deseret News. Use this information to decide if moving or remodeling your home has the most value for you.

References

• MSN: Homebuying Guide. Is it Time to Remodel?
• Deseret News: Weigh Pros and Cons of Remodeling Vs. Buying a New House