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One of the most frequently encountered dilemmas in the minds of people wanting more space in their houses is whether they should buy a new house or renovate their existing house?
The answer is not simple: there is simply too much at stake - money, time and convenience. Here we provide a ROI and inconvenience comparison between the two options.
The return on investment comparison
If the reason you want to buy a new house is the need for more space; then it is to be noted that the addition-in-space to cost ratio of renovation is much less as compared to buying a bigger house.
Another thing to consider is that if you plan to buy a new home then you would be paying commission on both sides - while selling your old house as well as purchasing the new one. This further widens the gap between buying a new house and renovation - in favor of renovation.
Furthermore, in the longer run, interior decoration will add to the overall value of your house.
The inconvenience comparison
Admittedly, inconvenience is a part of both processes. The degree is however varying. In the case of buying a new house, it would mean packing and every household item - in certain cases this could be two times over as one may have to live in a rented home (if there is a substantial time period between moving out of the old house and moving into a new house).
If we consider renovation, no doubt there is cluttering involved, but this inconvenience is nothing as compared to the packing and unpacking of all your household things.
Settling in a new home can take weeks and in some cases months, in case of renovation, one returns to his normal life in a matter of days.
Meet an interior designer
Clearly, renovation scores more when it comes to return on investment and convenience. Therefore it is always wise to consult an interior designer before meeting a real estate agent.
We at ImpactDesignFirm.com are one of the most trusted firms in the area of interior design in Chicago, IL. We have transformed the "busy" looks of many houses to "spacious" looks.
Call us today at 773-427-0797, 847-414-6169 or email us at georgia@impactdesignfirm.com
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