Author Topic: Renovate vs. Buy/Build  (Read 313 times)

MumRoars

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Renovate vs. Buy/Build
« on: June 30, 2018, 08:50:08 PM »
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

  • Stubble
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  • Posts: 237
Re: Renovate vs. Buy/Build
« Reply #1 on: July 01, 2018, 08:22:01 AM »
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

  • Bristles
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Re: Renovate vs. Buy/Build
« Reply #2 on: July 01, 2018, 08:52:23 AM »
Quote
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

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Re: Renovate vs. Buy/Build
« Reply #3 on: July 01, 2018, 11:17:44 AM »
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.