Wednesday, April 1, 2015

Purchasing a home: Renovate or Buy Brand New?

Purchasing a home, especially for first time homeowners, is a great investment that needs a great deal of discernment. Many considerations have to be made, for example, budget, location, mortgage and loans, capacity to pay, and future needs (if you’re planning to start a family.) Aside from these, you will need to decide from the many options available: apartments, condos, townhouses and houses and lots. 


From among these, the pricier investment is generally buying a house and lot because it provides more square foot space, and land is typically more expensive. 

However, when buying a house and lot, you also have the choice to renovate old homes or buy a newly built one. Both have their advantages, but which one better suits your needs and budget?

BUYING BRAND NEW

Purchasing a new home is pretty straight-forward. What you see is what you get, and you won’t have to worry about any hidden issues for example faulty plumbing, busted electrical and such. However, since the structure is pretty set, integrating and accommodating your personal niches and request will be an added cost.

RENOVATION

This particular option is great for those who are intent on personalizing the spaces and are imaginative enough to see the potential in a home. Depending on the state of the structure, you can probably find a home that fits your budget. However, you will also have to consider a separate budget for the renovation. This is where the tricky part comes in. You will need to have a bit or foresight and a basic understanding of construction. Ask a consultant/ contractor to come along with you to check out the state of the home – from the foundation to the electrical and water works – and to give you an estimate of how much you will need to spend to get things back in shape.  An estimate will differ from the actual expenses so a buffer margin for expenses will have to be considered. Another consideration that you will have to make is to look for a reputable contractor  who can not only keep within your budget and time frame, but will be able to execute all your ideas perfectly. 


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