When To Buy A New Home Instead Of Renovating An Existing One

Posted on: 22 January 2020

If you have been living in the same house for a long time, there might come a time when it no longer meets your needs. Maybe some parts of the house are damaged or you need more room. Many people debate whether to move or renovate their homes when they reach that point. Below are some reasons for buying a new home when you reach that point.

Neighborhood Considerations

Moving is easy if you dislike your current neighborhood. Maybe the local economy is regressing, violent crimes are on the rise, and the school district is not as great as it used to be when you moved in. Maybe the neighborhood was promising when you moved in and you thought it was gentrifying, but the gentrification has failed to live up to its promise. In such a case, moving to a new neighborhood makes more sense than renovating your old home.


In many cases, moving is relatively more expensive than renovating an existing house. The difference is even greater if the house to be renovated is only moderately defective. However, this may not be an issue for you if you have the funds. Maybe you have been living in your current house for a long time and you have completed your mortgage payments. You can easily move if you have the financial resources for it.

No Attachment

You may get attached to a house if you received it from a loved one or if you have lived in it for a long time. Moving away from such a house is not easy. However, some people are not attached to their homes and can easily move given the right circumstances. If you are not attached to your house and it requires major work, then you can just look for a new one that is ready for occupation.

Instant Change

Renovation takes time. This is especially true if the necessary renovations are extensive and the house is big. You are probably looking at months of renovation in such a case; in the meantime, you will have to contend with dust, noise, and constant interruptions to your daily life. Many people asses such complications and decide to move and buy a new house.

Space Constraints

Lastly, you may also be forced to move if you want to increase your house's square footage, but you don't have the space to do it. Maybe your house is sitting on a tiny lot or you already have other structures on the compound.

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Saving Money On Real Estate

After I got promoted at work, I realized that there were a few things I wanted to do with all of the extra money. One of the biggest goals that I had was investing in local real estate, because I wanted to experience what it would be like to own multiple properties. It was really overwhelming at first to put in the offers, but after awhile I got really good at saving money on real estate and seeing the rewards. This blog is all about knowing which properties to invest in and focusing more carefully on the art of getting a great deal.