Renovating VS Buying A New Home (Pros & Cons)

By 12/07/2021October 15th, 2021Home Renovation, New Home Builders
renovation builders in sydney

You can choose between two scenarios: 1. emptying out a room temporarily to be renovated or 2. Emptying out the whole house and move to another place. The two scenarios are both a hassle. When you are renovating, with renovation builders in Sydney, you are just changing a different part of the house while buying a new one will give you a fresh start so basically you are starting all over in every aspect.

Another thing about buying and moving into a new home is that you will live in a new environment which means you and your family need to adjust to a whole new neighbourhood. You don’t know your way around, the stores are not the same and on top of that you need to give up your neighbours and friends and let your children start in a new school district.

But is it worse than renovating? When renovating, you will have a home that caters to your specific needs. One example would be, if you are unhappy with your out dated kitchen, all you need to do is to contact renovation builders in Sydney or nearest to you and have it remodelled or updated. You may find a new home with a brand new kitchen but may not have the colour or shape or the cabinets does not work for you. When you stay in your home and renovate, you call the shots with regard to improvements.

We are going to discuss further the Pros and Cons of renovating and buying a new home.

 

There are things you need to ask yourself first before coming to a decision.

 

  • Is staying still necessary? If you and your family fit with the current neighbourhood then the best option for you is to renovate. If moving to a new home is necessary and important then you should.
  • Does it fit with the budget? Both things need a specific amount of money. In locations with affordable homes, you might leans towards buying a new one. In places with expensive homes, it might be cheaper to renovate.
  • Does it involve changing floor plans? It costs 50 percent less to renovate your home when you don’t change the structural elements.
  • Will renovations increase your home’s value? You need to consider for the future if you want to sell your house, does your current renovation projects or plans increase your home’s value? Some renovation projects increases a home’s value. You should always consult with home renovation specialists in Sydney before you decide whether you should continue or not to see if they will add value.
  • What is your long-term plan for your home? The most common mistakes when people are renovating is pushing through with big renovation projects but does not have a long-term goal for it.
  • How does moving affect property taxes? Property taxes vary by country and moving into a new home might mean an increase. Check first with a real estate agent and the city itself before moving to make sure you would not be paying more taxes as a result of moving.
  • How is mortgage affected? Buying a new home could mean a lower mortgage, depending on market conditions. You could also end up with the same mortgage – you will need to see what real estate pros say and what your best deals could be.

 

WEIGHING THE PROS AND CONS

If you have answered all the questions then you are ready to weigh the pros and cons. You will need more details about the difference on renovating and buying a new home. Although these are your decisions it is best to consult experts, there are renovations builders in Sydney you can consult with if you are pushing with your renovation projects. You can consult a real estate agent if you decide to buy a new home.

 

BUYING A NEW HOUSE

Selling your old place can be a very long and extensive process. It can be stressful if you don’t know what you are doing. Here some advantages and disadvantages to consider before you come a conclusion.

 

ADVANTAGES

  1. New beginnings. It is very nice to start fresh in a new place no matter if it is down the street or in a new neighbourhood, city or state. You get to meet new people, decorate your new home and settle into a new landscape.
  2. Financing options. Once you bought a house for the first time, the second or after that will be very easy when it comes to paperwork and purchase process. Your agent will help you with the other important documents.
  3. Income taxes. Depending on your state laws, selling your old home could land you extra money without added taxes because of the capital gains exemption. There are also eco-related taxes credits available if your new home qualifies. You should always check with your real estate agent and tax filer.

 

DISADVANTAGES

  1. High costs. Selling your homes involve paying your real estate agent and the other fees throughout the process. It is long, complicated and expensive and you must be willing to go through it to acquire a new place.
  2. Moving. Moving can be very problematic because you will need to throw out, sort and pack the things you need and won’t need in a very short amount of time. It is added stress that can be overwhelming at times.

 

RENOVATING

It might feel that your house is somehow out dated or just a drab, renovating the space allows you to create new spaces or update its function depending on your needs and create an ideal home for you and your family depending on your budget. Here are some advantages and disadvantages to consider before pushing with your renovation project.

ADVANTAGES

  1. Costs less. Renovating costs less than buying a new house because it is a room-by-room basis. You don’t have to renovate everything which means your budget can flow with what you need to do.
  2. Personal touch. Renovating allows you to change your existing home to meet your personal expectations and desires, as compares to buying a new home that may have a few features you want but not at all.

 

DISADVANTAGES

  1. Not for major overhauls. It is not worth the money if you current home needs a complete do-over. It is better to buy a new house than spending too much for renovations alone.
  2. 2. Financing issues. Renovating requires a lot of loan and payments. You must have home equity which means if you have not lived long enough in your home you are more get likely to get denied.
  3. Construction. Renovating means your home will be in hectic state for days or weeks depending on how big the project is. You might need to stay in hotel which means spending a few more dollars. You can have the option to stay at home but you must deal with the dust and noise.

 

HOW DO I GET IN TOUCH WITH RENOVATION BUILDERS IN SYDNEY?

If you go on the internet and type ‘best home remodelers near me you are most likely to get renovations builders in Sydney or internal home builders near you. House renovation in Sydney is very popular because their target is to add value to their houses. Quantum Built is one of the best home builders in Sydney and are the most suggested company in Sydney home renovations. If you are sure and would like to push through with your renovation projects, Quantum Built can provide you with renovation builders in Sydney. They provide the best service when it comes to renovations or building.

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