There is neither a specific answer nor one size fits all! There are plenty of considerations to review. First of all, your financial ability and market demands are some of the factors to survey before deciding if it’s wiser to find a new dream home or fix your current home.
Before considering renovating your existing home, take an inventory of your home’s physical current condition, and deal with contractors for renovation costs. Major home renovations bring stress, unexpected complications and budget overruns. Depending on the age of your current home, you may also have to jump through additional hoops to meet newer building code requirements.
Purchasing a new home could actually cost you less monthly than renovating your home depending on its age, and types of renovations you’re considering. If you intend on financing renovation costs, find out how much you will be adding to your existing mortgage, home equity loan or line of credit versus obtaining a new home mortgage.
Keep in mind that even if you renovate your older home, in a future buyer’s eyes, it’s still an older home. It is a good idea to have a sense of the market activity in your neighborhood to consider trading up or renovating your current home. The main purpose of home renovations is primarily to increase your home’s enjoyment. While you may be able to recoup some or most of the costs during the home’s sale, there are no guarantees.
Published by SandyFloresRealEstate
I moved to Orange County from Lima, Peru in 1986. I am happily married, have 3 kids and 8 grand kids that I love with all my heart. My goal was to become successful in this country. I knew that the United States is the land of opportunity for those willing to do their best to make their dreams come true. My parents, Luis Mora a Dental Surgeon, and Doris Olaechea a dedicated housewife and best mom for me tough me that in order to achieve my goals I had to work hard, envision a bright future, and last but not least keep always my family values above all. Ever since I could remember they have been right beside me supporting all my dreams, one by one.
As a former a teacher, my role has been a person who inspires and encourages other people to strive for greatness, live to their fullest potential and see the best in themselves. I am not stranger to working long hours and helping people reach their goals and make their lives changed. I decided to get into Real Estate as another way to help families to achieve the Dream of Home-Ownership. My sense of motivation and commitment toward this goal, kept me going non-stopping.
I am very proud of being part of so many success stories from hard working people accomplishing not only the Dream of Ownership but also learn how to invest in properties. I have always put my client's best interest as my top priority. My marketing and negotiating skills are uniquely coupled with my ability to understand my clients’ tastes and needs. It’s one of the most humbling and fantastic feelings to be able to share such a major life event.
I firmly believes the successful listing or purchasing of a home takes the knowledge of not only an industry but also expertise. Knowledge combined with years of established relationships in the real estate business and the community have helped me maximize my ability to make things happen for my clients.
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Sandy Flores, Broker CPRES 