Is it better to remodel your house or buy a new house?

Buying a new house is sometimes a more expensive proposition, as compared to a little remodeling. So, how would one decide whether it is better to remodel an old house or buy a new house? Do you love your house but just need some more space or do you hate the neighborhood and want to move into another but want to take your yard with you? This is the kind of dilemma you might be faced with.

Planning

First you need to sit down, discuss and plan what exactly you want done with the house. Then you need to find out what the execution of your plans is going to cost you.

Now ask yourself the following questions. Are you trying to move just because you want a home that is upgraded? Do you enjoy living in that neighborhood? If you enjoy living in that neighborhood, find out what it will cost you to remodel the house according to your plans but if it is a change of neighborhood that you actually desire, then you will have to contact a real estate agent and find out what it will cost you to sell and move and purchase a new home. If you only want to move because you want an upgraded home and you are not so particular about the neighborhood, then you will need to contact a professional again so that you get an estimate of the cost of remodeling and the cost of purchasing a new house and then compare the two and decide if it is worth the move. Also, you will need to visit the new house and check it out thoroughly to see if it lives up to your expectations. There is no point moving from one house that you are not satisfied with into another one that you are not satisfied with, either.

Executing the Plan

If you go through the newspapers, you will get an idea of what houses are available and where they are located. You will also know what they cost.

Remodeling involves finding an alternate living arrangement for some time. You need to decide if that is possible for you and your family.

Contact a professional. He will estimate the cost of remodeling your house after you have planned what you need done in it. After that, visit the houses you have read about or been told about. Check the locality in which they are. See if the house has everything you would want. After that, contact a professional to work out the estimates for you. You will need the estimate of selling your old house, moving, and purchasing that new house of your dreams. After that you can make an informed decision about whether it would be wiser to move or wiser to stay in the old house and just remodel it.

If you are planning to move in the same neighborhood, then it would be wiser to just remodel your old house. That will save you the hassle of packing and shifting and all the extra expense that goes with it.

Of course, if you love the neighborhood in which you live, and the cost of buying a new house somewhere else is not much more than remodeling your old house, you should stay where you are.