Home Improvement: Should You Renovate Your House or Buy New?

Do you need a change in your life? Are you getting bored of your current home? If so, there are probably two things you’re considering: renovating your house or buying new. How can you know which is the right option for you? Today, we’ll help you discover the pros and cons of each option and everything you should consider before you come to a decision. 

Renovate Your House or Buy New? Things to Consider

Before you start weighing the pros and cons of renovating or moving, you first want to consider four key factors: the current housing market, your emotional attachment to your current home, exactly what you’re looking for, and your budget. These factors can help you determine the direction you want to take or if you may even want to wait before coming to a final decision. 

The Housing Market

The housing market is ever-changing, and it can play a major role in whether you want to renovate or buy new. If you’re considering buying a new home, you’ll want to housing market to be in your favor—with low mortgage rates but you can still get a high value on your home. 

If mortgage rates are high or home value is low, you may want to wait to move so that you can find a better deal. However, renovating can also help you improve your house’s value, so there may be an option to renovate before you move to a new home. 

As of late 2024, the housing market has lower mortgage rates, but house costs themselves remain high. This may mean late 2024 and 2025 is a good time to sell your home if that’s what you’re looking to do. However, it’s important to keep a pulse on the market and talk to a realtor about your goals for a new home.  

Emotional Attachment

A big factor not many people may think to consider is the emotional attachment they have to their home. While a new home may sound exciting and fun, are you ready to leave the memories of your current home behind? If you’ve been in your current home for years or even decades, you’ll want to take a second to decide if you actually want to move or if you just want something new. 

A renovation may be able to give you that change you want without you having to leave what you’ve already built in your current home. This is also something that you’ll want to discuss with your family. See what their emotional attachment to the house is as well. It may make the move or renovation process easier if it’s a decision everyone in your family was involved in making. 

What Change You Want

Often, the thought of moving to a new home comes from wanting a change. Perhaps, you’re bored with your current home, or perhaps, there are just some features or areas you want to change. If you’re hoping for a new location and a new neighborhood, a move may be the best option. 

If all the changes you want are for the interior or exterior of your home, a renovation may be the better option for you. Even something as simple as a kitchen remodel can make your home feel brand new and give you that change you’re looking for. Before coming to a final decision, take a moment to consider what exactly you’re looking for and if it requires a full move or just a renovation or two. 

The Cost & Your Budget

Before deciding whether to renovate or move, you’ll want to know exactly what your budget is. Do you have enough to cover moving costs and closing costs? Would your budget stretch further if you used it for renovations? Are you looking for a more extensive renovation? Could a new house be more cost-effective with all the changes you want? 

Another thing to consider is where you are in your mortgage payments. If you’re almost done with them or if your current house is paid off, do you want to start again with a new mortgage? Answering these questions will help you determine which path will be the best for your financial future. 

Moving

Knowing the pros and cons can make your decision easier. We’ll first cover the pros and cons of moving and finding a new home altogether. 

The Pros

Finding a new home allows you opportunities that other options won’t. Some of the pros include: 

• A New Location: While a renovation can get you all the changes you for your home’s appearance, you won’t be able to change your physical location. A new home allows you to find a new environment to be in. Perhaps, you want a different view for your yard, a better commute to work, or a new school zone. If that’s the case, moving is going to be the best option to get these location-based wants. 
• A Financial Investment: Whether you’re looking to grow your personal portfolio or want to find a home that better suits your lifestyle financially, moving and buying a new home is a great way to do so. 
• Don’t Have to Deal with Renovation Waiting Period: While there are financial details to work through and paperwork to complete, buying a new home doesn’t have the same waiting period a renovation might. Once everything is in order, you can move from one house to another without much hassle. A renovation may require you to deal with some noise or find temporary accommodations until they’re completed. 
• Potentially Less Maintenance: If you decide to move into a recently built house, you get to enjoy all the benefits of brand-new HVAC systems, freshly laid roofing, and an up-to-code structure. These things are especially important in Florida where weather can cause damage to older homes. By buying a new home, you may not have to worry about maintenance and extensive storm prep for several years to come. 

The Cons

A new house is exciting, but it does come with some cons to consider.

• At the Mercy of Housing Marketing: Unlike a renovation, you are at the mercy of the current housing marketing when you decide to sell your old home and buy a new one. You may be in fierce competition with other buyers, or you may not be able to sell your old home for several weeks if not months. If you try to wait until there’s a better market, prices and rates can be fickle, and you may never be able to find the “perfect time” to sell or buy. 
• Time and Effort Spent: The search for a new house is a long and often tedious process. You may find the perfect house just for it to be sold to another buyer the next day. Nothing is guaranteed, and you might have to compromise on exactly what you’re looking for. Not to mention, you’ll have to spend time touring different houses and searching online for available homes in your desired area. 
• Moving Costs: Even if you sell your old home for a high price, there are expenses associated with moving. From closing costs to hiring movers to new HOA fees, you’ll have to have a reserve of money to pay for all the costs of moving. 
• The Stress of Moving: No one likes moving. It’s a lot of work, requires juggling timelines and people, and puts your belongings at risk of damage. You’ll want to decide if the appeal of a new house is worth the mental toll of actually getting there. If other life events are happening, such as weddings or babies, are you able to add the additional stress of moving into your life? 

How Much Does It Cost to Get a New House?

As of 2024, the average cost for a home in Gainesville, Florida, is $298,729. This price doesn’t guarantee that the home will be new; however, the average cost for a new build in Florida is about the same. These figures don’t include any closing costs or moving costs. Keep in mind that the average cost for professional movers can range from $800–$2,500.  

Renovating

If you decide to renovate your home, you’ll want to know what you’re getting into. Like buying a new house, there are pros and cons to this decision, and knowing what these are can help you come to an ultimate decision. 

The Pros 

First, let’s go over the positives of renovating your current home instead of moving. 

• Complete Freedom in What You Want: The beauty of a home renovation is you get to choose exactly what you want for your home. Whether it’s just a fresh coat of paint, luxury kitchen features, or a completely new room or two, you can get whatever your heart desires within your budget. When you talk with a renovation team, they’ll be able to help you know what you can get with your budget and find ways to stretch it, so you can enjoy a brand-new home without the move!
• Start Fresh without Starting Over: If you need a change but don’t want to leave your current home, a renovation can provide the newness you desire without the stress of finding a new home and moving. You can stay right where you are and still enjoy the memories you share in your home, but now, it fits your needs and wants more than it did before. 
• Can Increase Home Value: As we mentioned earlier, renovating your home can actually increase its value if you ever decide you want to sell. Selling your home is a competitive game, so having a leg up with a modern kitchen or custom patio can help you sell your home quicker and for more money in the future. 
• Less Expenses: What you may not know is that renovating your home is generally cheaper than buying a new home, even if you renovate the entire thing. We’ll do a more in-depth breakdown of costs later on, but the important thing to know is that you can change your entire home and still spend less than you would have if you moved. 
• Future Proof: A renovation allows you to take an older home and bring it into the modern-day. Even if you want to keep a vintage, classic feel, a renovation can strengthen the structure of your home and its appliances, so you can enjoy them for years to come. 

The Cons

While there are many positives, there are also some disadvantages to renovating you should be aware of. 

• Unexpected Costs and Extended Timelines: A home renovation can take a while to complete. During this time, your team may find issues that need to be addressed, such as existing damage or even pest issues. These things can all extend the projected timeline and the cost of your renovation. Unfortunately, you often won’t know these things are an issue until you have someone start working on your home. 
• Dealing with Renovators in Your Home: Renovating can be a noisy, disruptive process to your day-to-day life. While your renovators will do everything in their power to keep this to a minimum, you’ll still have to adjust while the work is being done. Some people choose to find temporary housing during this time, which may help your timeline go faster.
• Permitting Red Tape: Some home renovation projects require permitting in Florida. While this should be handled by your contracted team, you may still feel the effects of delayed timelines and the red tape of ensuring everything is permitted correctly. If you try to remodel by yourself, you’ll have to navigate permitting alone, which can be a headache by itself. 

How Much Does It Cost to Get a Renovation?

As of 2024, the average cost of a home renovation is about $100 per square foot. This includes everything from start to finish, so the average takes into account the average unexpected costs that may arise during the process. On the other hand, to buy a new house, you’re looking at $120–$150 per square foot, not including moving and closing costs that come with it. So whether you just want to renovate one room or your entire house, you may end up spending significantly less with a remodel than you would by moving. 

Refresh Your Current Home with a Renovation from McFall

Whether you want to freshen up your current home or build a completely new one, McFall Builders is here to help your vision come to life. Our family-owned business has been serving the Gainesville community for over 35 years with custom builds big and small. Finally live in the home of your dreams, whether you renovate your house or buy new, when you work with McFall!

• Residential