Should You Renovate, Or Just Buy a New Home?

Which choice is right for you?

You love your home, but it’s become just a bit outdated, and maybe your family has grown beyond what you feel is comfortable as far as living space

Team Avalos Real Estate Santa Clarita
Rose and Carlos Avalos

goes. So what do you do? Your choices include renovating your current home, or you can buy another one that more suits your current and future needs.

So which one is right for you?

Renovate Your Current Home

One of the greatest assets to home ownership is the fact that your home increases in value over time. This difference in increase in Fair Market Value, compared to your current loan balance, is called equity. Now, you can refinance your home and cash out your equity to do whatever you want with it. One of the smartest things you can do is to update or renovate your home, based on your needs. Remodels, upgrades, new flooring, a pool, or even additional rooms are all things you might consider to maintain and improve the value of your property and truly make it a comfortable place for your family to live and grow.

Of course, with remodeling and renovation comes decisions that must be made. Are you a DIY-er who loves to do things on your own? How much time do you have to commit to a major renovation project, even if you have the skills to do so? If hiring a contractor, you’ll need to perform your due diligence to insure they will work within your budget…and timeline. You must also consider state and local regulations, and pull the proper permits.

That being said, if you love the home you’re in, and love the neighborhood and have no desire to move, this is a great option for you.

Purchase Another Home That Suits Your Needs

Some homeowners don’t have the time or ability to await home renovations or remodel. For them, the idea of simply purchasing another home that more suits their needs is an attractive one. Here are a few reasons why this may seem like an easier option:

  • You can pick the exact home you want in the neighborhood of your choice
  • No downtime or inconvenience while construction is being performed in your home
  • No permits to pull
  • No concerns about maxing out the equity in your current home
  • Leverage the equity in your current home through selling to offset the cost of your new home

We are here to help you with all of your real estate questions!

Whether buying a home, selling, or both, Team Avalos is here to help you reach all of your real estate goals. Contact us today for a no obligation consultation.

Team Avalos Real Estate
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355

Office: (661) 290-3743
Carlos direct: (818) 399-4093
Rose direct: (818) 590-2077

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