Is your space at home feeling small or out-of-date? Once you decide it's time to upgrade, there's still one more big decision: Buy or Renovate? Here's a look at some of the many variables and how your choice might impact your life and your home.
Whether upgrading your existing home or moving on to something bigger and better, there are many financial implications. Buying a new home may seem like a bargain, but remember the sales price on that new home you're considering isn't everything you'll be on the hook for if you decide to move. Don't forget there's also a sales commission, real estate fees, appraisal expenses, taxes, legal costs, interest on loans, rent for storage, moving costs, interior decoration, insurance, etc to include in your budget.
If remodeling seems out of reach, talk to a local bank about options for financing. Funds will be needed for construction, materials, permits, and also for possible relocation during renovation if it’s an extensive project. Beyond your personal savings, options to fund your remodel include mortgage refinance or a home equity line of credit. Experts warn against using funds from retirement accounts or credit cards. Likewise, if your have more than 20% equity in your home, those funds might also be used towards moving costs if you decide to sell.
Buying may be the best choice if you are ready for a new adventure, but if you love your location, renovating offers more options than relocating. If you're hopeful to stay put, a good design-build firm can research the local building codes and find out if any may impact your plans. It’s important to find out in advance what is and isn't allowed in your area as building code may restrict adding square footage or dictate changes to your planned setback or new second story. Renovating within your home's existing footprint avoids most code restrictions that can impact remodels going up or out while costing as much as 50% less than adding square footage. And don't overlook a primary concern: is your home in good enough shape for renovation? Are there drainage issues on your property? If your foundation isn't up to par, adding a second story won't stand up to scrutiny.
Finally, how important to you is customization? Buying that new home may still not accommodate your personal preferences. Remodeling offers the ultimate in control when it comes to style and materials and the opportunity to make informed compromises as your design comes to life.
Having a conscientious and skilled design-build firm will offer you financial peace of mind while still helping you achieve home design goals. Let Blackline Renovations experience make your next project a success.
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