Your home is your sanctuary and deciding to make a change it is never a simple choice. Home renovations don’t have to be stressful, and may, at times be more economic and beneficial when debating between purchasing a new home versus remodeling. Before taking the leap into new real estate, let’s discuss some reasons a home renovation may be the smarter (and more affordable) decision.
Reason # 1 You Want To Save Money!
While there is of course a cost to home renovation, the comparison to buying new real estate is often drastically less.
Home renovation is customized to your unique needs, so you are free to only change the things that need changing. You can renovate for safety reasons (electrical or plumbing updates) or beautifully upgrade those rooms in the way you have always dreamed of. The freedom to pick and choose is an economically beneficial one, and when combined with a renovation company that prioritizes transparency in quoting, your costs should stay exactly where you want them.
Before you start any renovation, make sure the quoting process and information included is very detailed from start to finish. Doing this from the beginning of any renovation will enable you to remain organized and stick to your budget successfully.
Reason #2 Return On Investment (ROI)
Depending on the market, if the potential sale of your home won’t deliver as much profit as you had hoped, holding onto your investment could lead to profit down the road. Updating and upgrading your home now (ie: with a structural redesign, or improving the layout) will boost your return on investment if or when you decide to sell in the future. Other renovations, such as a modern and sleek kitchen or bathroom upgrade will not only improve your quality of life in your home while you’re living there, but will create an investment in its future profitability.
Reason # 3 You Want To Customize Your Home
A brand new home (or new to you home) may offer the convenience of modern amenities, but could lack the charm of your current home. You may love your current countertops or flooring. Being able to decide exactly what you want is one of the many benefits of going with a renovation over a new purchase. Do you have young children or pets? With a renovation, you can choose easy-to-clean floors or kid-friendly, smudge-proof wall paint; very personal touches that are not always possible when buying brand new. The customizable nature of home renovation and design is personal, which means you can create your dream home-one that truly suits your life.
Reason # 4 You Love Your Neighborhood
Another important factor is the neighbourhood your home is in. If you have lived in the location long enough, the streets are familiar, your neighbours are your friends, and the community around you feels comfortable and safe. Many people, especially older folks, decide that purchasing a new home in a new location amounts to more trouble than it is worth. The benefit of knowing your surroundings is a factor that might not be discussed by real estate agents or considered from a financial viewpoint, but emotional attachment plays a significant role. With even a simple renovation, you can have the home you want now, and stay in the area you love.
Reason #5 You Have An Emotional Attachment To Your Home
As stated above, when choosing between renovating and purchasing a new home your emotional attachment to the house deserves special consideration. For example, you may have raised your children in your current home, and have their heights still marked on the wall. Sentimental value is important. The carpet might be getting threadbare and the cabinets may need a modern facelift, but the soul of the home is uniquely yours and that is something worth holding onto.
If after reading you are still set on purchasing, we can help with that too! Buy the house you can afford and Home Envy will be here to help you make it a home. Whether you choose to renovate your existing home or purchase, we’re here to help you decide what is best for you. With our team of experienced builders, designers, and tradespeople, we will work with you to create a space you can truly feel at home in. Now, that is priceless.
Your dream home may be closer than you think! Contact us today to get started.