Hello, my Friend. Can you believe it’s another year already? Time seems to zoom by faster than ever. at lunch the other day, I had an interesting conversation with one of my BFFs, she began talking about her New Year’s resolutions and the New Year 2024. She begins by saying; “You know, the start of a new year always gets me thinking about changes. There’s something about the fresh slate of January that whispers opportunity, don’t you think”? Naturally I agreed. I said, for me, “Whether it’s jotting down resolutions or dreaming up new plans, change feels like a natural companion to this time of year”.
Speaking of changes, she went on to say, “one of the big dilemmas that keeps popping up is about our home”. What she was referring to is … you know, that age-old question of whether to spruce up the current space or take the plunge into a brand-new home adventure. It’s a topic that gets us all contemplating possibilities and weighing options. With that being said I came home and wrote this Blog Post for her. So, let’s dive in together and explore this fascinating tug-of-war between updating our nests or scouting for a new one. Because, hey, change can be thrilling, right?
There may come a time when you want to make a change to your home. This is a great way to customize your home, make it more modern, or simply adapt to any goals that you have. However, you may need to weigh up the time and costs involved, as on occasion, it might be a better option to buy a new home. This decision can be a tricky one to navigate. To help you on your journey, here are some top things you should consider when deciding whether you update your home or buy a new one.
Like in anything we do that is new we have to set a plan in place.
What are Your Goals?
It is important that you think for a while about your goals. If you are happy where you are and your goals are to stay put and settle, or even jet off and travel the world, then perhaps a simple upgrade will do you good. However, if you plan to have a family, then you may need to think about what your life will look like in the next 5, 10, and 20 years. Does your current property have enough space for you to create a family? Does it give you everything you need? Are you able to extend the property if needed? These are important things to think about. Sit down and write out your goals, and make a plan. If you have a partner, then include them in this too.
What About Upgrading?
Deciding whether to upgrade your current home or buy a new one depends on several factors, including your financial situation, your long-term goals, the extent of renovations needed, and your personal preferences. The following information is a lot to absorb so as to help you in your preparation, process of pros and cons. It will be brief and we will come back and talk about it in the following months at length. Here are some considerations for each option:
Cost Effectiveness
Depending on the scale of renovations or upgrades needed, it might be more cost-effective to renovate your current home rather than purchasing a new one. Evaluate the costs of renovations against the potential increase in the home’s value.
Emotional Attachment
If you have a strong emotional attachment to your current home (you grew up in it, or your children were born there or it was your Grandma’s house) or you’re fond of its location, upgrading might allow you to maintain your connection to the neighborhood or sentimental value.
Customization
Renovating your current home allows for customization according to your preferences, ensuring that the upgrades suit your needs and style. There are many really good Blog Posts on Frugally doing a Home Renovations. Do your due diligence and spend some time reading and analyzing.
Inconvenience
This is what I have a lot of experience with whether the renovation is man-made, or because of unforeseen tragedies within the home; i.e. floods, roofing, and/or outside accidents. Renovations can be disruptive, depending on the scale of the project. Consider if you’re willing to cope with the inconvenience of living in a construction zone for a certain period.
Buying a house will also include a variety of other costs, such as legal fees, taxes, and more. You will also need to hire a moving company, such as SMARTBOX Solutions, Inc. to help you with the process.
What are your goals?
It is important that you think for a while about your goals. If you are happy where you are and your goals are to stay put and settle, or even jet off and travel the world, then perhaps a simple upgrade will do you good. However, if you plan to have a family, then you may need to think about what your life will look like in the next 5, 10, and 20 years. Does your current property have enough space for you to create a family? Does it give you everything you need? Are you able to extend the property if needed? These are important things to think about. Sit down and write out your goals, and make a plan. If you have a partner, then include them in this too.
What is your budget?
Budget is going to be a key factor in making your decision. If you plan to make a few upgrades to make your home more modern and comfortable, it is unlikely that you will need a large budget. However, your budget may be bigger if you need to complete major work and renovations in your home. This is where it is important to weigh up the costs and risks associated with the renovations, as that money may well be spent on a new home that has all the components you want to add. More money will be required to buy a house, but this option might be more pleasing to you if you don’t want to undertake major work. Buying a house will also include a variety of other costs, such as legal fees, taxes, and more. You will also need to hire a moving company, such as SMARTBOX Solutions, Inc. to help you with the process.
What timeframe do you want to work towards?
Small upgrades can take a short amount of time, whereas major works may take years to complete, especially if you are doing the work yourself or spreading out your budget. Moving house will also take some time, but the effort will be different, and the time may be quicker than long-term major work. If you don’t have much time, then staying in your property might be the best way to go. If you have no deadlines to meet, then you may consider the option of moving house.
Moving house is a big undertaking, but so is updating your home, especially if you require major work. It is important to think about your goals, as well as the time and costs involved in the process. This will help you make a more informed decision that is right for you.
What About Buying New?
So, you have been going back and forth about something pretty big lately – whether to take the plunge and go for a new home or stick it out with the one you’ve got. It’s a tough call, I know? On one hand, this place has its memories, its charm, but then again, there’s this nagging feeling that maybe a fresh start somewhere new could be just what you need. You have been on an “emotional roller coasters”.
The market’s buzzing, prices are climbing like crazy, and finding the right spot feels like finding a needle in a haystack! You ask, “What’s your take on this whole buying a new home thing?” Well here is my answer.
Buying A New Home
You have created your own TV series of house, hunters! Only there’s no news crew or TV shows none of that just you and all of this overwhelming information. For me, I always step away take a break get some fresh air and come back to what that current situation is. It seems to help me clear my head. Try it maybe it will help you as well.
Finding The Perfect Home
If your current home doesn’t meet your needs or desires and finding a property that fulfills those requirements is feasible within your budget, purchasing a new home might be the better choice.
Location And Amenities
If you desire a different neighborhood or specific amenities that your current area doesn’t offer, buying a new home could fulfill those desires. Keep in mind the whole families needs as well as your furry family member. Will he/she be welcomed or even permitted.
Market conditions
This is a HUGE decision factor. Consider the real estate market conditions. Sometimes, buying a new home might be financially advantageous due to favorable interest rates, housing market trends, or better deals on properties.
Avoiding Renovation Hassles
Buying a move-in ready home saves you the trouble of undergoing renovation projects, especially if your current home requires extensive upgrades. Be aware that you should have all of your requirements down to the last item before signing a contract for a new build. Every change you make will cost you money. Know what’s important and discard the rest until finances can allow it.
Ultimately, the decision between upgrading your current home and buying a new one depends on your unique circumstances, preferences, budget, and long-term goals. It may be helpful to consult with a real estate agent, financial advisor, or renovation expert to assess your options and make an informed decision.
The Final Decision
After carefully Reading this blog post, my friend Monica said the following: You know, after all the pondering and weighing the options, I think I’m leaning a bit more toward the idea of upgrading this place. The memories here, the comfort, and the potential to make it even better with some cool renovations—it’s starting to feel like the right move. Sure, the market’s wild, and finding a new dream spot seems daunting, but I reckon I’m up for the challenge of turning this house into the perfect home. Plus, there’s something about preserving these memories that just feels priceless. Anyway, thanks for being my sounding board through this whole process! I’ll keep you posted on the plans—I might need your help picking out paint colors!
Well. This has been some journey we’ve been on. I hope that this has been helpful in getting started on this very very important decision. But remember New Year’s resolutions sometimes are not feasible. I’m just saying…..
It is your decision and your decision alone. What works best for you. Good luck in your new endeavors. Whatever they may be.
I want to take this time to also say how much I appreciate your ongoing support and readership – you’re not just a reader, but a valued friend on my blogging journey! Your input means the world to me, so don’t hesitate to share your thoughts and ideas in the comment section below the post. Thank you for being a part of The City Cottage Family.
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