If you own a home in Albuquerque, there will come a time when you have to decide if it’s better to renovate your home or buy a new one. Most of the time, people choose to renovate. But it may be that buying a new home is a better option for you.
If you’ve reached the point where you need to make this decision, you should look at the pros and cons of each choice and weigh it against your personal needs.
Should You Remodel?
Are you currently comfortable in your home? Maybe you have more kids now than when you first moved in. Is your once stylish home looking outdated? Maybe you need to make major upgrades to the electrical system to make it safe.
Whatever the reason for remodeling, if you are fine with the basic layout of your home and would be comfortable living in it after a remodel, then it definitely makes sense to renovate it.
Remodeling a home is certainly less expensive than buying a home. That point is a given. On average, a 1000 sq ft home will cost $18,000 to renovate. That figure is obviously less than buying a new home.
If you chose to stay in your current home, you also won’t need to readjust your family to a new neighborhood, schools, and other amenities. Remember that location plays a huge role in the value of any home.
When Is it Better to Buy a New Home in Albuquerque?
As already noted, location is important. Has the livability of your neighborhood improved or declined since you first moved in? Maybe you have a neighbor that’s driving you crazy. If you’ve lived in your home for more than a few years, your neighborhood has no doubt changed, for better or worse. That alone may be a deciding factor to move.
A change in your family structure can also be a good reason to buy a new home in Albuquerque. If you’re expecting or planning to have children, you may need a larger home. Or your kids have all moved out, and it’s time to simplify your life and downsize.
Buying a new home is also a great way to add new spark to your life. It’s a chance for a new start, to make new friends, and to change your routine.
Here are a few things to consider when making your decision to renovate or buy a home:
Are you downsizing? Upgrading? Changing jobs? Do you just want to have a stylish and more comfortable space? If so, a renovation might be enough. But if you’re looking to have a “fresh new start” in life, then home buying is the way to go.
What is your budget to back your decision? Renovating may initially cost more than financing a home. But you can finance your remodel project with a homeowner’s loan. You will need to have good credit for this type of loan.
Remodeling a home takes a good deal of time and can be a stressful and messy endeavor. Moving is also stressful and finding the right home can also take time. Sandi Pressley has the experience in the Albuquerque real estate market to help you find the right home for your needs.
Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.
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