Many of today’s homeowners are considering whether it’s better to fix up their house and add more enhancements or to sell and buy a new one. In our post COVID-19 world, the economy and the housing market are still slow, which makes adding on to your home even more efficient than ever and the clear choice over selling.
With that being said, here are some reasons that it makes better financial sense to add on to your current home:
It’s Cheaper- a mortgage is a long-term commitment, which may last 15 years or longer. If you choose a mortgage with a variable rate, rising interest rate can be a real concern. Even if you have ample savings, it is more efficient to renovate your home instead of buying a new one. Instead of making a down payment for the second home, you can get immediate results by using the money for a renovation instead.
Makes The Property More Appealing- whether you have lived in the house for decades or you decide to flip it, renovating is a great way to make the home more appealing. Some dated or damaged systems can be overhauled. It is always a good thing to focus on constant repair, maintenance, and improvements.
No Moving Costs- by choosing to improve your home, you can skip the moving costs. These days, moving is quite expensive, especially if you have plenty of items to move. The moving costs even for a relatively short distance may climb to £5,000 or more. If you expect to get a modest profit from selling your home, the cost of moving can be too high.
Accumulate More Equity- adding enhancements to your home can accumulate equity. If you are still paying a mortgage, it is a good idea to make your home more valuable. You need to have a strategic long-term plan to grow the value of your home. You could do a kitchen renovation this year, replace the roof in a couple of years and then add a master suite a few years after that. These add-ons will make your property more desirable and valuable down the line.
Contact Precision Construction Group
To learn more reasons why adding on to your home is more cost efficient than buying a new one, contact Precision Construction Group today and speak with a home renovation expert who can answer any questions you might have.
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