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Deciding between Buying a House and Remodeling

by Mike Dodd, Home Remodeling Expert
January 22, 2016

Question: My grandmother is deciding between buying a new house and remodeling her existing house. What factors come into play while making this decision?

Answer: The reality for most people is that they want to remain in their homes for as long as possible. There are a litany of reasons for that, but certainly the familiarity of one's surroundings is about as comfortable as it gets, especially if that someone has been in their home for any length of time.  The longer someone lives at home, the more comfortable they become in that environment. That's why so many older individuals have a tendency to trend downwards if they are forced to leave the familiarity of the place where memories were made.

Certain styles of homes lend themselves to the concept of renovation better than others. For example, a ranch style home is inherently easier to adapt than a multi-level one. When considering whether to adapt an existing residence verses purchasing a newer one, cost is of course going to play a significant role. Depending upon the robustness of the real estate market in a given geography, it may not be practical to replace an existing home with one that is more accommodating if the numbers don't support it. Ranch style homes are in greater demand these days because of their adaptability and access from one level, but their popularity has driven up the value as well.

Remodeling is an expensive proposition under the best of circumstances. Buying a new home, assuming it accommodates one's needs, is likely the most economically feasible choice. Building a home from scratch is much more economical as well verses remodeling. If it is determined that remodeling is the best choice, remaining within the footprint of the existing residence will maximize the value of the dollars spent.

Mike Dodd is the founder and President of Lifewise Renovations, that combines home remodeling project management with the expertise of health care professionals, to make it possible live safely and comfortably at home regardless of age or physical ability. As a member of the National Association of Home Builders (NAHB), Mike holds the Certified Aging In Place Specialist (CAPS) designation.

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Your Answers and Comments

Gene Lewis on Oct 12, 2018 12:43 AM
Great and useful tips. Thank you!!

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