Renovating Vs. Buying a New Home in Forth Worth, Texas
Should I buy a new house or should I renovate my home? This is a question we get asked far too often. And, the answer is never as straightforward as one might think.
The process of buying a new house is a big step with a lot of added costs. But, beginning a home renovation or remodeling project can be just as costly.
#1) Selling Your House is a Costly Process.
Should you renovate or move out – one of the first things to consider when answering this question is the cost associated with each action.
It’s a seller’s market; as of 2022, houses are in great demand. But, selling is a costly process. And the cost can be broken down into four categories:
- Real-estate fees. We estimate that Texas’s average real estate commission ranges between 5% to 8%. If you sell your house for $500,000, the real estate agent will receive $40,000 (8% commission).
- Finding a new home. A buyer can attend up to 15 open houses before finding the right home. The time taken to attend open houses and find a new home is what we refer to as the cost of time.
- Cost of moving. And when you’ve found your dream home, you’ll need to consider the cost of down payments, monthly mortgage payments, moving, and closing costs.
- And, yes, renovations too! Buyers want a house they can imagine themselves living in. As a result, real estate agents often recommend mid-range improvements to kitchens and bathrooms to increase house value.
And, there’s no guarantee that the new house will be your dream home.
#2) Home Renovations Create Dream Homes.
Searching for the perfect home can be great, but it takes time and money. And, there’s no guarantee that the new house will be your dream house. Moreover, even a new home might require minor renovations to cater to your liking.
So you’re probably wondering why people choose to renovate homes in Texas?
- Create something you call perfect: Homeowners can choose to redefine their style by undertaking kitchen or bathroom renovations. If you can’t find the home of your dreams, renovate it to make your house a dream.
- Renovations are an investment: If its not a seller’s market, then consider renovation projects that can increase the value of your home overtime. Check out our article to learn more about renovation ideas that add value to a home.
When it comes to choosing to renovate or buy a home, then there are a lot of factors to consider. But, home renovations including kitchen and bathroom renovations can not only attract potential buyers to your home but also increase it’s value.
