Many homeowners find themselves at a crossroads – should they buy a new house, build a new house or remodel their current home? Today, we explore the hidden costs of buying another home, building a new home or should you remodel your existing home. Listen to this short video clip below to why renovating and keeping your current property could be the best choice and be the most cost-effective approach in today’s market.
Why Some Homeowners Choose to Buy Another Home or Build a New Home
The majority of homeowners who want to build a new home look forward to several perks. Brand-new homes require less maintenance than the plumbing and electricity setups in an old house. New and advanced amenities can be incorporated and the whole house can be custom designed to reflect the owner’s needs and preferences.
Selling your home to finance the purchase of a new property can act as a decent down payment and potentially lower the monthly mortgage payments, especially if the old house has risen in value since you first bought it. Buying a new house is also preferred by families who want to upgrade or downgrade, while others buy due to desire or need to live in a different location and are looking for a complete change.
The Benefits of Renovating Your Home vs. Building a New Home or Buying
- You’ll Avoid The Mortgage Trap
Mortgage rates are high, and many homeowners are unwilling to take on a more expensive mortgage. At the same time, the high rates are forcing many people to sell their properties at lower prices, meaning that you might have to sell your house for a lot less than you want.
- You Skip the Costs and Stress of Moving
Moving house can cost you thousands, even if you’re moving a short distance away. Many people also agree that moving is one of the most stressful things they have ever experienced.
- Avoid & Reduce Increased Property Taxes and Transfer Fees
There are many hidden costs with building a new home or buying a new home.
- Transfer Fees or Taxes
- New Assessed Property Taxes
- Broker Fees and Closing Costs
- Remediation and Environmental Costs (if applicable)
- Additional Legal and Professional Fees in Most Cases
- You Get to Keep Precious Memories
Maybe your children grew up in your current home. There have been birthday celebrations and years of sharing your space with loved ones, pets, and other life events. Your home can keep you close to those wonderful times.
- Build Value In Your Current Property
Remodeling allows you to make your home more comfortable and add features you’ve always wanted. From luxury tilling to adding a new room, the options are truly limitless and exciting.
- You’ll Increase the Value of Your Home
Renovations can not only bring all the changes you desire, but they also boost the value of your property. Should you decide to sell when the market is better or for other reasons, a remodeled home can go at a premium price.
Are you ready to bring luxury features and changes to your home? Reliable Home Improvement consists of a passionate team of consultants and architects, and you can ask our experienced designers to remodel your house to personal requests of any just about any kind. Get in touch with our team or visit our home remodeling showroom for ideas to get inspired for your home remodeling project.