Renovating Your Home vs. Buying a New Home

The Jones family has lived in their 1980s home for 10 years, a wonderful investment and starter home. Their home has gone from spacious to cramped with their growing family of four. Now their once roomy three bedroom, one and a half bath home seems ultra small. The Jones’ situation is much like other young couples who bought a home while they were childless and quickly outgrew the space. Now they have to decide whether to renovate and add-on or buy a new home.

 

Time and Convenience

With renovations, time plays a crucial role – the amount of time spent finding a reliable contractor, comparing quotes, reviewing expansion choices, monitoring the job and making sure it stays on task, and allowing for delays – all equal time away from work and family, as well as difficulty for the inexperienced homeowner.

 

Renovations may disrupt your family for a long period of time. If moving walls, adding a room, or just updating a kitchen or bathroom, you will have to deal with disruption, mess, noise and the inconvenience of unusable rooms.

 

Since new home plans are pre-designed, choosing the best layout for your family might be simpler than drafting a blueprint for a renovation. New construction also has the advantage of being turnkey. Set your furniture down and you have immediate enjoyment of your home.

 

Value and Cost

Interest rates, tax credits and incentives are important variables that factor into the bottom line when purchasing a new home. With renovations, a good rule of thumb is to add 10 – 20% to the cost of renovation since cost of supplies and unexpected expense can result when renovating, as opposed to a firm contract price on a new home.

 

When deciding to make your first or next home purchase, consider Morra Homes, the home builder for Barrie, Angus, Elmvale, and Midland.