How to Determine If You Should Remodel or Move
When deciding whether you should remodel or move, there are many financial factors to consider, such as the value of renovations, the cost of new homes and more. Emotions also play a prominent role. Most people develop an emotional attachment to their home. If it’s the house you grew up in or raised your children in, you may have fond memories within those walls, which makes it harder to leave.
Is It Cheaper to Remodel or Build a New House?
The cost will be a major factor when choosing whether you should remodel your home or build a new one. In most cases, remodeling a home will ultimately prove to be a more economical investment than buying a new property.
REMODELING IS A ONE-TIME COST
Buying a new home is a significant financial commitment. On top of the cost of the home down payment, you’ll likely pay for interest on your mortgage, real-estate fees and possibly even Homeowners Association fees.
Also, the cost of moving can be high — and it involves more than just the expense of transporting your things to a new home. When you take into account the cost of making updates to your home before selling and putting it on the market through a real-estate company, the expense increases significantly.
Renovations, by comparison, are typically more straightforward in pricing. When you choose to stay in your own home, you have the freedom to renovate on your own timeline and at your preferred price point. If you work directly with a reliable construction company, the process becomes even more streamlined. You can achieve the house of your dreams without all of the hidden fees that often factor into buying a new home.
Renovations Add Value to Your Home
Renovations can improve your home’s equity. If you remodel your bathroom or kitchen, you can drastically improve the resale value of your home, making it more likely to sell easily when the time comes to relocate. These improvements will also net you a greater profit on your home.
You could wait until you decide to put your home on the market to make upgrades that will increase its market value. On the other hand, renovating your home now provides present and future benefits. You’ll improve your quality of life as you continue to live in the house — and boost its resale value.
Montana Caliber Remodel and Construction Will Make Your Old Home New Again
MCR is the contractor you can trust when you choose to renovate your Montana home. We can perform repair or installation of roofing, siding, remodeling, or addition and we even provide custom home construction.
