by Taylor Oliver

Many people in today’s market are looking at whether I should buy a new home or just remodel my existing home.  In looking at both sides of the issue in today’s market you have to consider many factors.  Obviously, you are not moving in the remodel situation and you already know your neighbors and community.  Sometimes that may be good and sometimes that may not be so good.  Anyway, it is not an unknown.  You’re also familiar with your home if you’ve been there a while and know what improvements, maintenance, etc you have done.  You then have to look at the cost involved in the home improvement and the benefit to you.  Are you looking at remodeling the kitchen or are you looking to add more square footage.  Then you need to ask am I going to have a home that is more than the value of the neighboring homes.  If it is more than 20% more than the average value of homes in your neighborhood you will probably not recoup the value of the improvement. 

In looking at the new home you ask some of the same questions concerning location but can be more secure from a maintenance standpoint knowing you have a new product.  Usually the values in a new home neighborhood are similiar and probably are not of concern that you would be overbuilding for the neighborhood. Financing is another option in your new home as you can, depending upon your downpayment, include other items such as debt consolidation, college loans, auto loans and the like.  The biggest thing in the purchase of a new home is that you get to pick what you want at the time of life you are in at that point.  If you are a young family you may need more bedrooms and yet later in life you may be looking for a one story floor plan.  Your life needs change which require your housing needs to change. 

Best of wishes in your adventure of buying or remodeling your home!!

Tags: New Home, new home building, Remodeling

This entry was posted on Friday, December 12th, 2008 at 3:22 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.