If you’re stuck between the two choices of buying a house or renovating your current one, then you may be waiting for a deciding factor that will pull you over to either side. In order to make this decision easier you can consider the following main determinants that must be deliberated in such circumstances.
The cost for both options will be the main deciding factor in this battle. Therefore you will need to make a thorough assessment of what each option will cost, to the best possible approximation. While this will be easy to do for the purchasing decision, since you will only need to figure in your purchase cost, and legal and other fees, this is never the case when it comes to renovating or remodelling. You will need to undergo various cots such as roofing repairs, and furniture replacement, which may not be as easy to estimate as you think
Once you manage to get an accurate cost assessment of both you will need to figure out whether each option is worth the cost you will be incurring for it. For example if roofing repairs, and other costs, seems just too high to justify a remodelling, then you might as well opt for purchasing a new house. Roof ridge capping provides extra stability to roof and more protection from rain by providing more coverage to your roof.
Value of Location
Once you have figured out what the approximate total cost of each option is, you will then need to consider what the value of each location is. This cannot be given a monetary figure and will completely depend on non-qualitative factors. If you sense that the prices of houses in the location of your current house may go up in the future, then you might as well go for the renovation. However if the house your looking to purchase is in close proximity to your workplace and your kids’ school, then you may be tempted to go for the purchasing decision.
Another factor to weigh in is the time that you will need to spend on each option. Renovating a house is not as easy as it sounds, and may end up taking quite a considerable amount of your precious time. However if you are an extremely picky person then it may take you quite the time and effort to look for a new house as well.
Unless you’re a bachelor looking for a place to live on your own, your family’s opinion needs to be given quite a bit of consideration. If they are unhappy with one of the options, and if there is a rational reason behind their dislike, then it may be best to not go for that option.