Are you thinking it is time to remodel or time to buy new? This is the question I am asked by many clients. Since I am in the process of remodeling my own home, now is the time to look at some pros and some cons about both these options. There are many factors you may want to consider if you think it is time to remodel. First is do you have the money or are you having to borrow from a bank? If you have saved enough money for the remodel, it might be a good choice. If you think it’s time to buy new, financing is a major factor to take into account. Are you financially secure in your job, do you have at least 20% down payment or if you are buying via an FHA loan, do you have enough to cover closing costs and any other expenses that might come up? What does your credit score look like?
Let’s talk about when is it time to remodel and why you want to do it now. Well, if you have been in your home for a while, you might think it’s time for an update. In our case, we wanted a larger, more luxurious master bath but also wanted to update the secondary full bathroom. Updating and upgrading both bathrooms makes sense since we already have a powder room that is only about five years old and looks fantastic. In real estate, many people know that kitchens and bathrooms sell a home. Plus location and price are a big consideration. The home needs to be priced accordingly to what the market is selling-updated or as is. And when I say as is, it does not mean it’s falling apart, just maybe needing updating and you are not going to do any of it.
If you want to remodel you might consider the bones of the house. Is it structurally sound, was it built well, does it need anything other than cosmetic updates like a new roof, AC, water heater, windows? This is important because all you need to concentrate is the remodeling part. Do you like the location of the home, the neighborhood, your neighbors, the schools if this is important still? Then you are are ready to proceed. Another question might be to ask, are you staying in the home for a while? Many people update before they sell, but you need to make sure you will make your investment back in the sale without pricing yourself out of the market.
Is it just time to buy a new home? Ask yourself these important questions as well. Will I get what I want for the money if I buy a new home now? Will the square footage be around the same? Newer homes are a little more expensive than older homes and therefore you get a little less for your money. Not to mention it will probably be a newer subdivision. So what about trees, neighbors, close to conveniences such as schools, shopping and work?
A new house has everything new so you will not need to worry about anything for a while, but is the value there for you and your family?
These are important things to consider when deciding to remodel or buy a new home as well. Yes, new homes are great, but if you love your home and location and just need a “newer looking” home, remodeling will fill that void.
What would you do if faced with this decision now? Send us your thoughts about remodeling vs. buying new. Would love to hear your thoughts.
If you are ready to buy a newer home, here are a few homes built after 2015 for under $300,000 in San Antonio.
An error has occurred: Remote request resulted in a [403 Forbidden] response. More Info