Remodeling vs. Buying a New Home In Yorktown, VA
If you’ve found yourself knee-deep in the remodeling vs. buying a new home debate, there are a few things you’ll want to consider before making your decision.
Here are the most important:
#1 Your responsibilities
Moving is stressful. Not only is there the packing, the loading and the eventual unpacking/organizing, but you also have to find the new home in the first place. If you’re balancing a full-time job, have five business trips coming up and also have three little ones in tow, the idea of moving — even just a few miles away — can be pretty daunting. Renovating is often much more manageable for those with a lot on their plates.
#2 Your market
Before you truly entertain buying a new property, do some market research. Are there even other homes to consider? Could you get what you’re looking for at a price you can afford? You might want to tap a local real estate agent to get some insights here. If inventory is tight or demand is super high, you might be best served by a whole house remodel instead.
#3 Your budget
Start with what you want to spend and work backward. Get a quote from a home remodeling contractor for the projects you’d like done, and compare that with what a new property would cost in your area. Make sure you consider the long-term returns, too. With whole house remodels, you can make back a lot of what you put into them — as long as you choose your projects and materials carefully.
#4 Your mortgage
How much would your mortgage change if you moved? Mortgage rates are currently on the rise, so if you’ve been in your home quite a while, there’s a good chance a new mortgage loan would mean paying more in monthly costs. Before you consider buying a new home over remodeling, talk to a loan officer about what rates and loan products you might be eligible for. Make sure it’s in your financial benefit before opting to buy.
#5 Your long-term plans
You can’t foresee the future, but try your best to plan out your next 5, 10 even 20 years. Do you plan to stay in the area? Will you need to move once you have kids or retire? Will you be in the market for a new job in the coming years?
If you think change might be possible, moving now — and then again a few years down the line — might not be the best use of your resources and time. Consider investing your budget in smart renovations now, and use that ROI toward your new home when those life changes do crop up.
#6 Your time frame
In many cases, buying a new home is quicker, so if you’re on a tight timeline, that could be your best option. Remember though, whole house remodels can be done in stages. You can do your kitchen remodel, then your bathroom remodel and then your bedroom addition, making it easier on your schedule and more convenient for your household on the whole.
Criner Remodeling specializes in whole home remodeling in Yorktown, Virginia. If you’ve found yourself in the remodeling vs. buying a new home struggle, let us help you make an informed decision. Schedule a complimentary consultation with our designer to see what a whole house remodel would mean for your family. We’ll break down costs, timeframes and project potential, so you can make the best choice possible for your household.