Is buying a new home better than fixing up an older one?

The fixed deposit you started 2 decades back has matured. You’ve got a promotion at work and have a lot of money saved. Your kids are big enough to have separate rooms. You know you are at a good place in your life and want to make bigger living space. But you are on the fence about renovating the current place or buying a new one? Let’s weigh different factors to help you decide.

Major reasons to move include:

  • You want a different location; e.g., closer proximity to work or shopping.

  • You want better schools for children.

  • You don’t like your neighborhood

  • You want a bigger place

  • No space around to expand your home

  • You want to keep in mind a child’s marriage

  • The current house is deteriorating

Reasons to remodel include:

  • You like your neighborhood and location

  • It is closer to schools,workplace, etc.

  • You like the floor plan of your place

  • You think it will be easier to get your dream home by remodeling

  • Your neighbors have bigger and better houses

  • Current house is ancestral and looks very old

Consider these while making up your mind:

  • The price you could sell your home for and the cost of a home that you could buy that would meet your needs.
  • The cost to remodel and the payback. Payback is the amount your home will appreciate because of the remodel. You can ask an architect for an approximate cost of remodelling.

More often than not, most people decide to move to a new place.

Shivalik has a broad range of luxurious and exclusive apartments to suit your needs.The amenities offered provide a wholesome life with a healthy lifestyle. Visit https://goo.gl/hQNlt2 to know more about our projects.

Happy living!

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