Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Before You Renovate or Buy a New Home, Read This Post
Dated: December 13 2018
Most people at some point reach a real estate crossroad whether to renovate your existing home or buy a new one that will fit your current and future needs.
To answer the question, you'll have to think of many factors. This is not a one-size fit all answer but considering the following may help you make the decision.
1. What can you afford?
Extensive and realistic budget planning is an essential factor to make your decision. You need to know the renovating vs. buying costs. Is it cheaper to buy than to renovate your home? Whether one is cheaper or not, will it fit your budget? And if you do have the budget, will it be worth it?
2. Will there be enough space?
One of the common reason people need to move or renovate is the need for expansion. Will there be enough space for you to expand if you are going to renovate? How about adding a 2nd story? You need to know if the home's foundation can support additional weight or it will require reinforcement. Also, is your local zoning code allows you to build up?
If you can't find a spot for a new room maybe it is time to buy a new home.
3. Do you really need to move or renovate?
What are your reasons that you thought of moving or renovating? Are they all temporary and tolerable? Can you do something about it? Is it a need or a want?
4. How much do you love your home?
Your feelings have a lot to say whether you go or stay. How do you feel about your home? Do you love your neighborhood?
If you have strong emotional ties with your home and neighborhood, renovating might be better.
Also, keep in mind that renovation can be stressful, arduous and a long process that demands patience but so is moving and leaving your comfort zone.
Or if you really need some change, starting up with your new home won’t be a bad idea right?
So you really have to weigh things out and carefully choose which one will be worth it. If you’ve decided to move and looking to buy a new house around Alaska. Call 907-720-4663 or (907) 570-6757, we can help.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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