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The Big Question: Is it Better to Reform or Move to a New Home?

The Big Question Is it Better to Reform or Move to a New Home - The Big Question: Is it Better to Reform or Move to a New Home?

Families grow, needs change, and housing preferences evolve, much more under current circumstances. When that time comes, we may wonder between renovating or move to a new home. The decision is complicated, and it will always depend on personal circumstances and the real estate market.

Renovate or move: main issues

One of the first aspects is whether our home will meet our new needs after a reform. Sometimes, it is possible to get extra space for the office or one more room with a different distribution. Though, it will not always be possible. Being realistic with the possibilities of the property is essential.

Secondly, we must consider the budget. Whether the decision is to reform or move, it will be necessary to do the numbers. A reform, especially if it is large, involves a significant outlay of money, not only for the work but for the licenses and taxes we must pay.

On the other side of the balance, we have to search for the possibility of applying for subsidies. The different administrations periodically launch aid plans for properties rehabilitation that can represent a relief when facing the reform.

When it comes to buying a new home, of course, it involves a higher expense. But in this case, we must not forget the sale of the previous home will already offer a financial cushion to face the new purchase. An added benefit is that prices have been restrained in recent months, even though the property market is recovering rapidly.

When it comes to renovating or moving, in addition, we must not forget that a new home will allow you to have everything you need to create the home you'd love: more meters, a terrace or garden, common areas, etc. And it will not always be necessary to seek financing. In areas with less demand (neighbourhoods in expansion or on the periphery), prices are more adjusted. We shall look into that alternative.

Analyzing the real estate market is crucial

The situation and evolution of the real estate market is the factor that can tip the balance between reforming or moving. Expectations for the coming months are very optimistic. We see it reflected in market prices.

With a reactivation in the market, the first impulse will be to reform. However, this upward evolution also benefits if you choose to move since you'll get a better profit from the sale of the current property.

The advice is to carefully analyze the market situation and the investment or financing possibilities. With, you won't have any problem. In the statistics section, you can check the evolution of property prices by areas, cities and even neighbourhoods. You can thus calculate how much your home is worth and what areas are more profitable to invest in a new one.

If you finally decide to move, remember that we have already proposed tips to sell and buy a house at the same time. Besides, with our property browser and the option of listing your home on our website, everything will be much easier and faster.

Find the home of your dreams.

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