Is home renovation worth it?

September 12
Status: 5 tokens - Active

I have 50k to put down on my first house. I was prequalified for an FHA $350,000 loan. Should I buy a house and renovate or purchase a new home with all of the upgrades?

1 Answers:

Fortunes avatar

Yea! Home renovation is worth it but be aware that if you are purchasing a property that needs a good amount of repair you may be more limited on the financing options if you don’t have a large down payment or the property is in severe disrepair.

Moreover, the cost to remodel your home is less than buying a new home because it’s on a room-by-room basis. You don’t have to remodel everything in your home, which means your budget can flow with what you need to do. In addition, there are ways to save money on your renovations so that you get a great end product without spending a fortune.

So, what’s the best decision for you as an individual homeowner? Is it time to make the move into a new home, or is yours just in a need of a few fixes? Whichever you choose, get the finances, paperwork and appropriate professionals lined up before you proceed. However, you can check out the pros & cons of renovating or buying a new home.

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