The Texas real estate market is very hot right now and many people are wondering if they should sell their houses to cash in. Others are sure that it isn’t worth it and are opting to renovate their home by cashing out the equity. There are no right or wrong answers in this situation. There are simply things you need to know about either option so you can decide what is best for yourself.
There is a very solid case to be made for buying new instead of renovating your current home. Once you are able to get some information then the decision gets easier. In this article, we will give you some of the most common things to think about when deciding between buying a new house or renovating your old one.
1. Downsizing
Most renovations involve adding space to a house so you can grow as a family. However, there are many people out there looking to downsize. It’s not likely that there is anybody considering tearing down parts of the home to make it more manageable for when the children move out on their own.
If you are in a house that is too big and is costing too much to maintain then the only option is to buy another house or apartment. Downsizing is very common these days since it makes little sense to heat, cool, and maintain a house that is bigger than it needs to be for the inhabitants.
Once your children are grown and have bought houses of their own then this is a time to look to buy something smaller. Since the market is so good right now, you are likely to get a great offer on your home.
2. The location no longer works
Renovating your home is also not a remedy for problems due to location, either. There are times when the area where you bought has changed and now is causing problems for you. On the flip side of that, your needs may have changed and the location is not suited to them.
For instance, if you got a new job that is taking you further away from home and creating a very long commute then you will want to look into moving closer to work.
Or, there could be massive developments being built around you and causing traffic problems which are impacting your quality of life.
3. Your family is growing
The house you bought when you were single or as a young married couple with no kids is no longer going to work when you start having a family. It’s not only because you need more space, but the area where you currently live may not be convenient for a family’s needs.
Think about how much space you need since an addition might not be enough. Then, think about what you need out of your location. Look for an area with a nearby school, supermarkets, parks and easy access to healthcare.