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Home » The Home » Buying and Selling Homes » Renovation Or Buying A New Home – Which Is Best?

Buying and Selling Homes · December 5, 2019

Renovation Or Buying A New Home – Which Is Best?

Renovations are often viewed as the only method of getting everything you require in a house, from having the perfect kitchen setup or installing spacious closets in your bedroom, not to mention the monetary value that a remodel can add to your home, says Mike of East Bay PM. Even if you buy a new house there’s a big possibility that you’ll still have to do some renovations.

Here are six reasons why you should consider a remodel as opposed to buying a new home.

Emotional Attachment

For many people, it is emotionally challenging to sell a home where they’ve raised their kids and built countless memories. Sometimes these memories are just too good to be left behind. In such an instance, remodeling a few rooms may be a better option instead of selling.

You Have The Funds For A Renovation

If you have cashed saved up in the bank to fund the considered improvements without the need for a loan, then you won’t have the additional stress of paying higher monthly payment and interest fees. For older homeowners who have savings, an updated home with no added debt, the idea is all the more inviting.

You Are Safeguarding Your Property

Whether you’ve bought a fixer-upper recently or you’ve been living in the house for a few decades, updating dated systems can ensure your home is a safe and healthy place to live. Consider having professionals check for dated heating systems or old electrical wiring when planning for your Watara Homes renovation process. Also, have them check for areas that may be a probable place for mold.

You Don’t Have to Worry about Paying for a Move

The overall cost of moving can add up, especially when you think about the cost of updating the home, placing the home on the market, paying the closing costs, and then the cost of moving.

A Renovation Assembles More Equity

If you’ve only stayed in the home for a few years and you’re paying off a mortgage, the investment in the home may be minimal. Subsequently, you would not be able to net much profit from selling your house. Instead, you have the chance to update your home with projects that can boost its value. Renovations such as adding a master suite, replacing the roof, or doing a kitchen renovation are all valuable additions that can enhance the value of your property.

You Can Customize Our Home To Match Your Living Situation

Building a custom home is not always within your means; however, renovating a present home can better meet your requirements and living situation and a doable solution. Maybe you’ve been considering an open floor plan to open up more space between the family room and kitchen, for instance. Or, if you are a retiree, you may be thinking about adding updates that can accommodate your age to allow you to stay longer in your home. You can try to save on costs for labor by doing some of the projects yourself. However, keep in mind your skillset before attempting to remodel a bathroom. A failed DIY job can lead to a more substantial and pricier project that must be done by a pro.

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The American housing market is ideal for sellers as buyers outnumber available properties in most states. If you plan to sell your home, now is the time to find a great deal. But not every seller makes the most of such properties because they fall prey to some mistakes. The unfortunate part is that most of these mistakes are avoidable. You can follow some tried-and-true practices to avoid these errors, but the first step is awareness. Let us share a few common home-selling blunders every seller must be aware of. Mistake #1- Not researching the market Home sellers often want to cut the research and move directly to looking for deals. But not doing your homework regarding the local housing market is the worst way to start. You must check the current demand and supply dynamics, pricing trends, and profitable spots. It is best to wait if the market does not look favorable, though you may have to sell if you need cash fast. Also, check the prices of properties in the same area and in similar conditions, specifically if your place is outdated. Mistake #2- Pricing too high You will surely want to sell your place for top dollar because it is precious to you. But pricing it too high means you may never get reliable offers. Be realistic regarding the price tag to get buyers coming. Also, quote an optimal value from the start because it gives you a better chance of wrapping up the sale. Steer clear of quoting high and lowering the price later, as buyers will definitely notice it. Mistake #3- Not considering the cash sale model Nothing gets better than selling your home for cash if you want to sell fast and get an optimal offer. The model is ideal for outdated properties that aren’t in great shape. Fortunately, you can find such buyers anywhere in the US. If you want to sell in Miami, you can collaborate with a top rated local home buyer in Miami to crack a deal at the earliest. A reliable one shares free and fair offers and closes the process within days. Mistake #4- Waiting to sell Waiting to sell can land you in big trouble because you may never find the right time for the transaction. If you have a fair offer from a local cash buyer now, seal the deal sooner than later. The housing market is unpredictable, so things may become unfavorable in the future. Moreover, you may face bigger maintenance issues that require expensive repairs down the line. Mistake #5- Letting your emotions guide you Another blunder home sellers must avoid is letting their emotions guide them. Although you will likely have an emotional attachment to your house, you must be practical and reasonable while selling it. Consider the transaction a business deal and handle it smartly. In fact, accepting a cash offer is a great decision as it cuts the emotional stress of showings and negotiations in the long run. Home Selling Mistakes Every Seller Must Be Aware OfHome Selling Mistakes Every Seller Must Be Aware Of
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Welcome to Prim Mart! I'm Katharine, a mom, wife, and blogger with a passion for all things related to homemaking and enjoying life. Prim Mart was founded in 2001 and has grown from just a craft blog to an online lifestyle magazine filled with helpful and creative articles for you!

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