{"id":214,"date":"2015-03-18T19:42:52","date_gmt":"2015-03-18T19:42:52","guid":{"rendered":"https:\/\/clarksvilletnrealestateforsale.com\/?p=214"},"modified":"2015-03-18T19:42:52","modified_gmt":"2015-03-18T19:42:52","slug":"pros-cons-renovating-vs-buying-a-new-home","status":"publish","type":"post","link":"https:\/\/clarksvilletnrealestateforsale.com\/?p=214","title":{"rendered":"Pros &#038; Cons: Renovating vs Buying a New Home"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"featuredImage wp-post-image\" src=\"http:\/\/blog.coldwellbanker.com\/wp-content\/uploads\/2015\/03\/vs-1400x450.png\" alt=\"vs\" width=\"1400\" height=\"450\" \/><\/p>\n<div class=\"addthis_toolbox addthis_floating_style addthis_32x32_style addthis_sidetoolbar\">\n<div class=\"at-floatingbar-inner\">\n<div class=\"at-floatingbar-share\">\n<div class=\"addthis_internal_container\">\n<h4><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"contentWrapper\" class=\"content-wrapper\">\n<div id=\"content\" class=\"threeFourths clearfix\">\n<div class=\"post-28339 post type-post status-publish format-standard has-post-thumbnail hentry category-buyer-resources category-homeowner-resource tag-buying-a-home tag-diy tag-home-advisor tag-home-improvement tag-renovating\">\n<div class=\"inside clearfix\">\n<h1>Pros &amp; Cons: Renovating vs Buying a New Home<\/h1>\n<p>Is it better to renovate a home or buy a new one?<\/p>\n<div class=\"meta clearfix\"><span class=\"author-link\"><a title=\"Posts by Lindsay Listanski\" href=\"http:\/\/blog.coldwellbanker.com\/author\/lindsay_listanski\/\" rel=\"author\"><span style=\"text-decoration: underline;\"><span style=\"color: #0066cc;\">Lindsay Listanski<\/span><\/span><\/a> <\/span>March 18, 2015<\/div>\n<p>Guest Post by Andrea Davis<\/p>\n<p>After living in your home for a long time, you might decide it\u2019s time to make a move. But if you don\u2019t exactly have the budget for a new home, it might serve you better to remodel your existing home. How do you determine which is the better decision? Here are some considerations to help you make the big choice.<\/p>\n<p><strong>Questions to Ask Yourself<\/strong><\/p>\n<ul>\n<li><strong>Is staying in your location really important? <\/strong>If you like the neighborhood you\u2019re living in, you have the choice to renovate your home or buy a home in the same neighborhood.<\/li>\n<li><strong>Do you have the budget?<\/strong> In locations with affordable homes, you might lean towards buying new. In cities with expensive homes, it might be cheaper to renovate.<\/li>\n<li><strong>Can you renovate your home without changing the floor plan?<\/strong> It costs less to renovate your home \u2014 almost 50 percent less \u2014 when you don\u2019t change the structural elements.<\/li>\n<li><strong>Will renovations increase your home\u2019s value?<\/strong> Some remodels and changes increase a home\u2019s value, while others are just money down the drain depending on your local market. You should always <a href=\"http:\/\/www.homeadvisor.com\/emc.Additions-Remodeling-directory.-12001.html\"><span style=\"text-decoration: underline;\"><span style=\"color: #0066cc;\">consult with a remodeling expert<\/span><\/span><\/a> before you embark on big projects to see if they\u2019ll add value.<\/li>\n<li><strong>What\u2019s your long-term plan for the home?<\/strong> You shouldn\u2019t make renovations to a home if you don\u2019t have a long-term goal for it. For example, if you live in a two-bedroom house and plan to have a lot of kids, you\u2019ll likely need to move sooner than later. Sometimes it\u2019s just easier to move into a new home.<\/li>\n<li><strong>How does moving affect property taxes?<\/strong> Property taxes vary by county, and moving into a new home might mean an increase. Check with a real estate agent and the city itself before to make sure you wouldn\u2019t be paying more taxes as a result of moving.<\/li>\n<li><strong>How is your mortgage affected by a move? <\/strong>Buying a new home could mean a lower mortgage, depending on market conditions. You could also end up with the same mortgage \u2014 you\u2019ll need to see what real estate pros say and what your best deal could be.<\/li>\n<\/ul>\n<p class=\"Normal1\"><b>Weighing the Pros and Cons <\/b><\/p>\n<p class=\"Normal1\">Once you\u2019ve answered some of these questions, you might be leaning more towards one decision than the other. If you need more information on renovation versus buying a new home, here are some of the pros and cons of both decisions.<\/p>\n<h2><a name=\"h.4t834wb7cc89\"><\/a>Relocating<\/h2>\n<p class=\"Normal1\">Selling your old place before searching for a new place can be a long, extensive process with an exciting result. And it can be both stressful and arduous if you don\u2019t approach it correctly. Here are some of the advantages and disadvantages to weigh in the process:<\/p>\n<h3>Advantages<\/h3>\n<ol>\n<li><strong>New beginnings<\/strong>: You get to start over in a new place \u2014 whether it\u2019s down the street or in a new neighborhood, city or state \u2014 beginning again with your family and belongings. You get to meet new people, decorate your new home and settle into a new landscape.<\/li>\n<li><strong>Financing options<\/strong>: Once you\u2019ve bought a house the first time, it\u2019s easier the second or third time around to go through the paperwork and purchase process. Your agent will help with title, insurance, taxes and finding a quality lender to help you buy the house.<\/li>\n<li><strong>Income taxes<\/strong>: Depending on your state laws, selling your old home could land you extra money in your pocket without added taxes because of the capital gains exemption (which is up to $250,000 and $500,000 for married taxpayers). There also are eco-related tax credits available if your new home qualifies. You should check with your real estate agent and tax filer.<\/li>\n<li><strong>High costs<\/strong>: Selling a home involves paying your real estate agent and other fees throughout the process. It\u2019s long, complicated and expensive, and you have to be willing to go through it to acquire your new place.<\/li>\n<li><strong>Moving<\/strong>: Moving can be a problematic process because you always find stuff in your old place that you never used. That leads to sorting, throwing away and trying to pack everything within a short timeframe. It\u2019s added stress that can be overwhelming at times.<\/li>\n<\/ol>\n<h3>Disadvantages<\/h3>\n<ol>\n<li><strong>High costs<\/strong>: Selling a home involves paying your real estate agent and other fees throughout the process. It\u2019s long, complicated and expensive, and you have to be willing to go through it to acquire your new place.<\/li>\n<li><strong>Moving<\/strong>: Moving can be a problematic process because you always find stuff in your old place that you never used. That leads to sorting, throwing away and trying to pack everything within a short timeframe. It\u2019s added stress that can be overwhelming at times.<\/li>\n<\/ol>\n<h2>Remodeling<\/h2>\n<p>While your current home may seem drab at times, remodeling the space allows you create new spaces, update its function to meet your needs and create an ideal home, depending on your budget. However, it comes with a lot of disadvantages that may or may not be <a href=\"http:\/\/www.homeadvisor.com\/cost\/additions-and-remodels\/\"><span style=\"text-decoration: underline;\"><span style=\"color: #0066cc;\">worth the investment<\/span><\/span><\/a>.<\/p>\n<h3>Advantages<\/h3>\n<ol>\n<li><strong>Costs less<\/strong>: The cost to remodel your home is less than buying a new home because it\u2019s on a room-by-room basis. You don\u2019t have to remodel everything in your home, which means your budget can flow with what you need to do. Moreover, there are ways to <a href=\"http:\/\/patch.com\/massachusetts\/tewksbury\/how-you-can-save-thousands-house-renovations-0\"><span style=\"text-decoration: underline;\"><span style=\"color: #0066cc;\">save money on your renovations<\/span><\/span><\/a> so that you get a great end product without spending a fortune.<\/li>\n<li><strong>Personal touch<\/strong>: Renovating allows you to change your existing home to meet your personal expectations and desires, as compared to buying a new home that may have a few features you want but not at all. Why spend hundreds of thousands on a new house and update it when you can keep your old home and update it a little at a time?<\/li>\n<\/ol>\n<h3>Disadvantages<\/h3>\n<ol>\n<li><strong>Not for major overhauls<\/strong>: If your home needs a complete do-over, then a remodel isn\u2019t for you. It\u2019s not worth the investment to spend thousands of dollars to change every single room in your home when you could buy a new house with all of the updates. It\u2019s better to renovate a few rooms in your house rather than all of them. It\u2019s also not worth it to remodel your house if you\u2019re trying to downsize.<\/li>\n<li><strong>Financing issues<\/strong>: Remodeling requires a homeowner loan, family loan, payments to contractor or vendor loans. You must have home equity, so if you haven\u2019t lived in your home for a long time, it could be hard to get approved.<\/li>\n<li><strong>Construction<\/strong>: Remodeling means your home will be in shambles for days to weeks as the room is updated. You can choose to stay in a hotel \u2014 which means spending a few extra dollars \u2014 or stay in your home. It\u2019s a bit stressful and loud \u2014 and it requires patience, which not every homeowner has.<\/li>\n<\/ol>\n<p><strong>Conclusion<\/strong><\/p>\n<p>What\u2019s the best decision for you as a homeowner? Is it time to make the move into a new home, or is yours just in a need of a few fixes? Whichever you choose, get the finances, paperwork and appropriate professionals lined up before your proceed.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pros &amp; Cons: Renovating vs Buying a New Home Is it better to renovate a home or buy a new one? Lindsay Listanski March 18, 2015 Guest Post by Andrea Davis After living in your home for a long time, you might decide it\u2019s time to make a move. But if you don\u2019t exactly have &hellip; <a href=\"https:\/\/clarksvilletnrealestateforsale.com\/?p=214\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Pros &#038; Cons: Renovating vs Buying a New Home<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-214","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=214"}],"version-history":[{"count":1,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/214\/revisions"}],"predecessor-version":[{"id":215,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=\/wp\/v2\/posts\/214\/revisions\/215"}],"wp:attachment":[{"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clarksvilletnrealestateforsale.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}