Renovate or buy a house, what is the best strategy?
I will not tell you what the answer is to this question, because it is not easy.
First of all, what is the point of having a new house built? We can cite several:
- Choose the number of rooms you want, rooms, bathroom, kitchen
- Choose the surface of the pieces you want
- Choose the orientation in relation to the sun and the wind
- Choose the number of windows, the size, and all those kinds of things
- Have insurance in case of poor workmanship
But there are several disadvantages:
- Seeking land to build
- Check that this land is well located
- Choosing a good home builder
- Well check all connections, water, electricity, phone
We see, build your house is not necessarily very simple. And we can make many mistakes that we will see once the construction done.
And there is a saying that says it’s the third house build that gets the perfect home.
So, why not buy a house already built? This is indeed a solution for people who have already built a house and do not want it anymore.
The benefits are many:
- No work to do (beware, there are sometimes bad surprises …)
- Faster availability
But there are also disadvantages:
- Work to do in case of unpleasant surprises
- A profitability not necessarily good: the cost of buying the house plus renovation costs may cost more than a new house
- Standards not updated: if the house is relatively old, you may have to redo the electricity or plumbing.
So what is the solution ?
It’s hard to make the right choice. In my opinion, the first step is to get help from professionals, either home builders, real estate agents, or architects, to help you with your problem. And to interview people who have already bought or had a house built before you. And, importantly, if you have spotted a land to buy or a house, do a neighborhood survey: the neighbors will help you.
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