Are You Better Off Fixing Your Current Home or Buying a New Home?
If you are unsure whether to renovate your home or buy a new home – The Caton Team is more than happy to prepare a custom Comparable Market Analysis of your home to determine it’s market value, how much you could sell it for and the cost of selling your home. We would also show you options on where you could buy your next home and the cost of doing so. Because in Real Estate- knowledge is power. And with over 27 years of combined local San Francisco Bay Area real estate experience – let us share our knowledge with you – so you can make the best decision for you and your family. Enjoy this article – Sabrina
By Sandy Flores, Broker
Santa Ana College, Community Services Program
There is neither a specific answer nor one size fits all! There are plenty of considerations to review. First of all, your financial ability and market demands are some of the factors to survey before deciding if it’s wiser to find a new dream home or fix your current home.
Before considering renovating your existing home, take an inventory of your home’s physical current condition, and deal with contractors for renovation costs. Major home renovations bring stress, unexpected complications and budget overruns. Depending on the age of your current home, you may also have to jump through additional hoops to meet newer building code requirements.
Purchasing a new home could actually cost you less monthly than renovating your home depending on its age, and types of renovations you’re considering. If you intend on financing renovation costs, find out how much you will be adding to your existing mortgage, home equity loan or line of credit versus obtaining a new home mortgage.
Keep in mind that even if you renovate your older home, in a future buyer’s eyes, it’s still an older home.
It is a good idea to have a sense of the market activity in your neighborhood to consider trading up or renovating your current home. The main purpose of home renovations is primarily to increase your home’s enjoyment. While you may be able to recoup some or most of the costs during the home’s sale, there are no guarantees.
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Thanks for reading – Sabrina
The Caton Team – Susan & Sabrina – A Family of Realtors
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