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House Renovation vs. Buying a New One: Why is the former more sustainable?

16 December 2021 | Investment, Project Marketing

It’s a common unavoidable question whenever you plan to have a house upgraded, either by entirely changing its surroundings or buying a new one.

Regardless of identifying whether to build your own, renovate your existing home or just purchase a brand new house, each has its tedious process that you have to undergo. The bottom line is that it all depends on your current situation but remember, this doesn’t mean you can avoid certain procedures or features before finalizing your decision.

Things You Need to Account for Before Renovating a House

There are no easy ways to go about the full renovation of your house. Whatever type of renovation you intend to accomplish on your home, there will always be a lot of things to consider. The capability to be quick in decision-making, multitasking, deciding alternatives, and most importantly, being patient and calm is essential in attaining expected results.

Presented below are necessary questions to ask yourself just to be sure that you choose the right decisions before getting into that renovation project:

● Is the amount needed for building a new house cheaper compared to renovating?
● Do I have ample time to oversee the entire renovation?
● Does my home have any restrictions?
● Will my renovation proposal be able to satisfy the government’s building qualifications and regulations?
● Will my proposed renovation cost exceed the actual cost of my property when I first bought it?

Asking the questions above will help you obtain accurate information according to your current situation. This will also assist you in making the best decisions about your renovation plans in order to achieve the desired outcomes.

Things You Need to Account for Before Buying a House

If you have thought enough that the renovation itself is not suitable for your circumstances, or you have enough money to just buy a new one, then simply purchasing a house could be the smartest choice. Selecting a brand new house allows you to choose the appropriate location that’s convenient for you.

Of course, there would be multiple things related to buying a house that you need to get yourself acquainted with before leaping into such a huge financial commitment. This will certainly be a memorable milestone in your life, so it is only right that you’ve peered into all the housing aspects that you’re going to deal with.

● Have I understood enough the costs that I’m going to deal with?
● Will I be satisfied with the place where I’ll be residing?
● If I intend to have a family, will the space be enough for them?
● Will I be able to shoulder the maintenance costs that come with the possession of the new house?

Although it all depends on what fits your situation best, renovation allows you to save more and not consider the additional burdens that purchasing a new house will bring. These are seven benefits that you can enjoy when you choose to renovate your house:

1. You get to access real-time information or changes quickly.

If you decide to buy a new home, you will have to put up your old home for sale. After, you’ll be looking for a reliable real estate agent to handle the marketing and other matters. Of course, the agent will be suggesting which parts of the house would be needing major or minor repairs and those will automatically be financial burdens you will be carrying to ensure that your house is convincing to potential buyers. Instead of accumulating additional spending, why not utilize it for the improvement of your existing home? There is also no absolute guarantee that your house will be sold for days or even months.

2. The house itself already has a sentimental value.

You’ve already built a lot of memories while residing in your current home. The kids have become accustomed to the entire house as well as the neighborhood where your property belongs. You will just find it difficult to leave the place.

Although many people say it’s easy to move forward, it’s not always applicable to everyone. You don’t have to listen always, as long as the place is still beneficial for you and your family, then there is no need to make the big transfer and consider renovation instead.

3. Your money is sufficient for renovation alone.

If your savings is only catered to accomplish your renovation plans even without depending on loans, then take it as a sign to push through with it. This is because you won’t have to stress about recurring pending payments that you have to settle monthly. For those homeowners who are nearing retirement, a house improvement plan accompanied without any loans is much better.

4. Your presence enables the safety of the property.

Since people are occupying the space, there’s an opportunity to upgrade all the outdated systems or machines that were installed and won’t be left ignored, unlike empty properties which are only neglected.

With this, you have to contact trusted handymen to conduct regular inspections of the necessary components such as wirings, installation systems, ventilation, and other crucial aspects of the home.

5. You don’t have to spend a lot when moving.

Truth to be told, moving is costly especially when you decide to buy a new house. This is another aspect that you need to consider as well aside from selling your old home.

Plus, it’s not that easy to search for a moving company that offers excellent moving services at reasonable prices. Cheaper prices are enticing, however, the quality of services may be questionable. That is why most families use apps or websites like Upmove when hiring interstate removalists in Melbourne. With this, they gain access to a huge network of removalists all in one place. Customers can get quotes straight from the removalists with just one inquiry, making their experience hassle-free.

6. Renovations enable a lot more equity.

If you’ve recently just resided in your house and availed of a mortgage, expect that its equity is low. This means that it won’t generate much profit from your house sale.

A better opportunity would be pushing through with the house improvement projects that allow growth in their value. Possibly a new roof, additional room, or kitchen extension can serve as major changes that will transform your house into a better-looking one. Remember, you don’t have to include all possible changes, for example, swimming pools or large green spaces.

7. The authority to make customizations to your living conditions is all yours.

Building or buying a new house may not fit within your prepared budget compared to renovation as most changes in the house are necessary.

You will have to make visible and huge changes to your house to cater to your growing family or home business. These changes will entirely depend on your needs, especially to ease living conditions as you grow older. What matters most is the comfort and convenience of the place.

Conclusion

Renovation is much more sustainable as it imposes lesser expenses and maintenance costs. However, choosing between a renovation or purchasing a new one still depends on your need and preference.