Deciding whether to remodel or buy is a common dilemma for Florida homeowners. It can be a tough decision. There are many factors, both financial and otherwise, to consider. Here are a few that may help with your decision making.
Think About The Neighborhood
If you love the neighborhood that you live in and there are no homes for sale there that meet your needs, you will probably want to stay put. No one really wants to pack up and move anyway. Renovating your home can be a great way to stay in familiar territory but add on features that will truly make your home complete. On the other hand, if buying allows you to get a better home in a better neighborhood, then it may be best to sell your existing home and purchase a new one.
Consider Home Values
Compare the cost of renovating your home to its added value. What will the extra space and/or upgrades earn you? Is it a worthwhile investment short-term and/or long-term? Also, consider home values in the neighborhood. If your home is on the low end compared to others in the neighborhood, renovating can make a big difference. If you own an investment property, also think about the added rental value from renovating. How does the cost of renovating compare to what you might pay to purchase a home that already includes all of your desired features? That may help you decide whether to remodel or buy.
If you are looking for very specific and/or unique features, renovating may be the only way to truly get what you want. It may be unlikely that a home for sale already has everything on your list. If you bought a new home, would you still have to perform some renovations? By controlling the renovation design and process, you are sure to accomplish exactly what you envision.
Get Solid Figures
Some of these comparisons and considerations are difficult to make without knowing a little bit more about the potential renovation and the current real estate market. Consider contacting a builder/remodeler to discuss ideas and obtain a rough estimate of cost. You may be surprised at what you learn. Also, speak with a local real estate agent to obtain a market analysis on your home. Don’t forget to include the cost of selling and buying (broker fees, closing fees, etc.) in your comparison. By fully understanding both options, you can perform an accurate comparison and make an educated decision on whether it is better to remodel or buy.
Contact Brentwood Construction & Remodeling at 407-332-8900 to schedule a consultation. We also work with many local real estate agents and would be happy to refer you to one so that you can consider the buying option as well.