Age Old Question: Buy New or Remodel Existing Home?

Home
>
Home Improvement
>
Age Old Question: Buy New or Remodel Existing Home?

Age Old Question: Buy New or Remodel Existing Home?

Your house doesn't have enough storage space, bathrooms, or counter space! Not too mention your kitchen is old, small and poorly ventilated. Now you are trying to decide between remodeling your current home to address some of these needs and buying a new bigger home. This is a question many homeowners find themselves trying to answer. There are a few key factors to consider as you try to decide what will be best for you and your family.

First think about the location of your current home. Do you like this area? Do you have kids in local schools? Is there a low crime rate? If you like your current location, then you need to determine if you are able to buy a new bigger home in this same neighborhood or would you be forced to buy in a different less desirable area? If you can't afford a bigger home in your current area and you want to stay local, then you should consider remodeling/adding more square footage on to your current home.

Another factor to consider when deciding between remodeling and buying a new home is the disruption caused by remodeling. If you are remodeling your kitchen this means you will be without a fully functioning kitchen for a couple of weeks. Even if you are not working in a key area like the kitchen you can still expect disruption from any remodeling project. Construction materials, dust, noise, and additional trash will be sure to accompany any remodeling project. If this doesn't sound like your cup of tea then maybe you should buy a new house and leave the messy, inconvenient remodeling to someone else.

Finances obviously need to be taken into account when making such a large decision. If you don't have the cash on hand then you might want to tap into your home's equity. When remodeling you can leverage the equity you have in your home to pay for the upgrades. If don't have a strong equity position in your current home you might be better off selling you home and buying a bigger home for a similar price in a less desirable neighborhood.

When thinking about adding more square footage to your existing home you need to consult your local zoning laws. In some areas you might not be able to add-on due to zoning laws so be sure to do your research before starting construction.

All of these factors need to be considered before making a decision on whether it makes more sense to remodel your current home or buy a new home. The home is often our largest investment so when making decision about remodeling or buying a different house it is important to consider all factors.

This article was written by Gregg Hicks of http://www.reliableremodeler.com which provides Internet-based home improvement information and services. Offering homeowners a simple, quick, and free way to access, qualified home improvement remodeling contractors.

In The News:

Yahoo! News: Top Stories

Gaza fighting rages despite cease-fire proposal (AP)

AP - Israel resumed its Gaza offensive Wednesday, bombing heavily around suspected smuggling tunnels near the border with Egypt after a three-hour lull to allow in humanitarian aid. Hamas responded with a rocket barrage. Despite the heavy fighting, strides were made on the diplomatic front with the U.S. throwing its weight behind a deal being brokered by France and Egypt.

Obama taps spending watchdog, eyes Social Security (AP)

AP - Pointing with concern to "red ink as far as the eye can see," President-elect Barack Obama pledged Wednesday to tackle out-of-control Social Security and Medicare spending and named a special watchdog to clamp down on other federal programs Â— even as he campaigned anew to spend the largest pile of taxpayer money in history to revive the sinking economy.

Senate Democrats yield to Obama, retreat on Burris (AP)

AP - Senate Democrats beat a hasty retreat Wednesday from their rejection of Roland Burris as President-elect Barack Obama's successor, yielding to pressure from Obama himself and from senators irked that the standoff was draining attention and putting them in a bad light. Burris said with a smile he expected to join them "very shortly."

Feds say inauguration attractive terrorist target (AP)

AP - The upcoming inauguration of Barack Obama is an attractive target for international and domestic terrorists, but U.S. intelligence officials have no information about specific threats to the Jan. 20 event.

Obama hails `extraordinary' moment with presidents (AP)

AP - Confronting a grim economy and a Middle East on fire, Barack Obama turned Wednesday to perhaps the only people on the planet who understand what he's in for: the four living members of the U.S. presidents' club.

Melting snow causes heavy flooding in Wash. state (AP)

AP - Rain and high winds lashed Washington state Wednesday, causing widespread avalanches, mudslides, flooding and road closures as the heavy snowfall that has buried parts of the state began to rapidly melt.

Drug made from genetically engineered goats may become scientific first (AP)

AP - You've heard of making cheese from goats' milk, but prescription drugs? In what would be a scientific first, an anti-clotting drug made from the milk of genetically engineered goats moved closer to government approval Wednesday after experts at the Food and Drug Administration reported that the medication works and its safety is acceptable.

People's Choice Awards have heroic odds (AP)

AP - "The Dark Knight" could soar away with several trophies Wednesday night at the 35th annual People's Choice Awards. The Batman film will vie for awards in such categories as favorite cast, action movie, on-screen matchup and superhero.

Pa. man opens neighbor's door with chain saw (AP)

AP - An eastern Pennsylvania man may face up to 37 years in prison for tearing open a neighbor's door with a chain saw. Police say 34-year-old Robert Kane began sawing through the front door of Jamie Zaleski's apartment in Scranton while Zaleski and several friends ran out the back.

AP source: Browns to hire Eric Mangini as coach (AP)

AP - Eric Mangini is the new head coach of the Cleveland Browns, a week after being fired by the New York Jets. A person with knowledge of the negotiations told The Associated Press that Mangini will be introduced Thursday at a news conference at the team's headquarters in Berea.

Israel pounds Gaza again (Reuters)

Reuters - Israeli aircraft and tanks pounded the Gaza Strip on Wednesday and troops battled Palestinian guerrillas on the ground as U.S. backing for a proposed truce raised expectations of an end to the 12-day-old offensive.

Budget deficit to hit $1.2 trillion in fiscal 2009 (Reuters)

Reuters - The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009, congressional forecasters said on Wednesday, the result of an economic recession that has cut tax receipts and caused massive government bailouts of banks and automakers.

Senate Democrats move to seat Burris (Reuters)

Reuters - In an abrupt switch, Democratic leaders began talks on Wednesday to swear in Roland Burris, appointed by embattled Illinois Gov. Rod Blagojevich to replace President-elect Barack Obama in the U.S. Senate.

Union gears up for negotiations with GM and Chrysler (Reuters)

Reuters - United Auto Workers bargaining teams are arriving this week in Detroit as the union gears up for negotiations with General Motors Corp and Chrysler LLC, which are mandated to cut labor costs under a $17.4 billion federal bailout.

Mumbai-like attack could happen in U.S.: Bush aide (Reuters)

Reuters - U.S. cities are vulnerable to an attack like the gun-and-grenade assault that terrorized Mumbai for three days and killed 179 people, the White House homeland security adviser said on Wednesday.

"Enemy combatant" will be early test for Obama (Reuters)

Reuters - The case of Ali al-Marri, accused of being an al Qaeda "sleeper" agent and held for 5-1/2 years at a U.S. military prison in South Carolina, will be an early test for President-elect Barack Obama.

Salmonella outbreak sickens 388 across U.S.: health officials (Reuters)

Reuters - An outbreak of salmonella food poisoning has made 388 people sick across 42 states, sending 18 percent of them to the hospital, U.S. health officials said on Wednesday.

U.S. presses to jail Madoff on diamonds, watches mail (Reuters)

Reuters - Accused swindler Bernard Madoff should be jailed for violating a court order by mailing $1 million worth of diamonds, watches and other jewelry to friends and family, U.S. prosecutors told a court on Wednesday.

Israel approves tougher war on Hamas (AFP)

AFP - Israel on Wednesday approved an even tougher war on Hamas, warning residents to flee southern Gaza ahead of planned bombing of cross-border tunnels, as the Palestinian death toll passed 700.

Kremlin lays down terms as gas crisis engulfs Europe (AFP)

AFP - Russian President Dmitry Medvedev on Wednesday laid down terms for a resumption of Russian gas shipments via Ukraine to Europe as tens of thousands of Europeans suffered heating cuts amid freezing weather.

Age Old Question: Buy New or Remodel Existing Home?

Home Improvement Home Improvement