Renovate or Relocate: Six Questions to Ask Yourself

A house is made of bricks and beams while a home is made of hopes and dreams

While this well-known maxim about homes and houses is true, the same could not be said about a home or a house that has been deteriorating over the years. And this may prompt you to look for an affordable house and lot Laguna, Philippines.

While our homes could withstand ordinary wear and tear, it would not stand erected perpetually as certain factors may contribute to its steady decline, some of these factors include how many years the house has stood and what sort of wear and tear the house has withstood over the years.

As you grow older and spend more years billeted at the same residence, you’ll notice the wear and tear. You would probably see more and more broken tiles, doors detached from their hinges, kitchen cabinets that no longer close properly, floorboards that creak. These are just some of the things you would routinely notice around your homes as it gradually ages with you.

And as the things you have slated for repair start to pile up, you are presented with a rather common dilemma of whether to renovate the old and trusty home you have known for years or buy an entirely new one and save yourself the time and effort of doing it all on your own.

Both options have their own respective advantages and disadvantages. One of them is the financial consideration when it comes to purchasing a new home while fixing up an old home does not always guarantee that you would get the best bang out of your buck.

However, the list of pros and cons are more extensive than the one given above, but before weighing your options, you should first consider asking yourself some critical questions that may potentially affect your decision making. To have a clear picture of what sort of questions you should be asking yourself, take a look at the listed items below.

Location:

Is the location you are staying in really that important to you? The neighborhood you are living in is a crucial factor in deciding whether you would renovate your home or just relocate to a brand new neighborhood. Because whether you are residing in a high-rise condo or billeted in residence in the suburb, it is all about location.

Budget:

Do you have the budget to renovate your home? Consider the type of neighborhood you are moving into, if it in the high-end price range, it might be friendlier to your pockets if you renovate your existing home.

Floor plan:

Deliberate on the renovations you are about to make, would it affect or change the existing structural elements of your home? Do take note that it would cost you, at least, fifty percent less if you left the structural elements as it is. If you are considering a renovation that would involve a significant change in the home’s structural elements, then it may be wiser to just invest in a new home.

Increase in value:

Remodeling your home may cost your exorbitantly depending on the type of accents and overhauls you introduce to your home. Consider the type of remodeling you would want to introduce and assess if it would potentially augment your home’s existing price in the market. A wise advice would be to consult a remodeling expert before you embark on aesthetic or altering projects as you may just be flushing money down the drain.

Long-term plan:

Reflect on your long-term plans before making any costly renovations on your home. Are you planning to expand your family? If you are, then maybe making improvements on your existing two-bedroom flat may not be the most practical route you can take and consider buying a new home instead.

Mortgage:

Depending on the current market conditions at the time of your purchase, buying a new home might mean a lower mortgage for you. There are also some instances where you would end up with approximately the same mortgage as you had before. To weigh your options properly, consider seeking the aid of a real estate pundit and hear their counsel so that you may be able to have the best deal you can have.

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