Should You Renovate or Buy a Home in Raleigh?

At one point or another, many homeowners face a situation where they need to make some changes to their home- maybe it's due to the anticipation of a new baby, or perhaps your family has started a home-based business. Whatever the reason, the current home may, all of a sudden, feel stretched to the max, and is no longer a right fit for the owner. When you come to this point, you will probably need to either buy a home in Raleigh that can that can better meet your needs or you may decide to renovate your current property.

Consider the Benefits of Staying in Your Current Home

One of the first things you need to do is decide if you want to stay in your current home. For example, you may have close friends in the neighborhood, or you might be living within walking distance from your kids' schools. Consider the benefits of staying where you are before making a final decision. If you find that the location of your home is something that you do not want to let go, a renovation of your home might be the better choice for you.

Consider the Costs of Renovating

Renovating your current home may cost more than you might imagine, and it is highly likely that you will not be able to fully recoup the costs of your remodeling project when it comes time to sell your home - as the value that is added to the home from a remodeling project are usually less than the costs that are paid.

Consider, for example, a bathroom addition. The need for an additional bathroom is often what sends Raleigh homeowners in search of a new property. According to a Cost vs. Value report by remodeling.hw.net, adding a bathroom costs approximately $35,000 in Raleigh, and you will only recoup about 60 percent of that cost. If your need is another bedroom, you will spend $44,400 to put one in your attic or $56,400 to remodel your basement. Both of these bring over 75 percent of their value when Raleigh homes sell.

Yet the cost is not just monetary. You also need to consider the fact that you will have contractors in and out of your home for the entire time it is being remodeled. You may also have to relocate temporarily while the last-minute details are completed. You must decide if you are ready for a significant amount of disruption to your day-to-day life. Also, you will have the task of finding a contractor, which is crucial. After all, you will need to enter into a long-term contract, so it's not a detail to overlook.

Buying May Be Better

In light of all of the tasks associated with renovating your home, and the costs involved, you may be better off trying to buy a home in Raleigh that will meet your needs, rather than working so hard to make your current home work with the changes that are happening in your life.

Buying a home allows you to start fresh, finding a property that perfectly meets your existing needs can be an exciting way to start fresh in a new location. With the many Raleigh homes currently on the market, it will be easy to find one that will better suit your needs.

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