Renovate vs. Buy/Build

[MumRoars]

What factors count towards your decision between renovating and buying or building from a financial standpoint. Follow-up, what factors outweigh the financial factors?

What we would renovate/add if we stay - we live in a 1,100 sq ft home not counting the finished basement.

• Build a garage.
• Put up a privacy fence
• Remodel kitchen
• Update flooring

[sammybiker]

Almost always going to be financially better to renovate vs buying new/building new - this financial factor is the most important to me.

Better yet, all of your renovation bullet points can be straight forward DYI except for the garage - which means you can save money/add a bit of equity.

[pecunia]

Follow-up, what factors outweigh the financial factors?

Location, location, location - New home - new location.  Taxes higher?  Convenience to grocery stores? Schools, Parks, neighbors?

Financing?  How much do you have paid off now?  Would you be giving many new payments to a finance company? 

Which is more mustachian?  MMM has his latest post talking about an office shed he built.  Seems like minimalism has some advantages.

[Fishindude]

If you like your home and location, and if the changes will make you and your family happy the numbers don't always need to make sense.