If you have spent several decades in your house, then most probably, you have wondered, at least once about moving to another place.
As people get older, their priorities change. It means that you might be fed up with the noise of the city, and you might want to move to the countryside.
Unfortunately, it is easier said than done.
Obviously, there are many factors that influence the cost of building a new house, but you would need about $150,000 to build a 1000 square foot house.
If you have enough savings to cover all the necessary expenses, then sure – go for it.
However, if this sum might seem like a little too much given your current financial situation, then you could consider renovating your old house instead. Why?
- It would be far less costly. Sure, your home might need a lot of renovating, but even if the amount of required effort is significant, you would still spend less. If you aren’t entirely convinced, you could talk to a renovation expert, so that you would know how much money you should prepare to spend.
- If you have lived a long time in your house, then most probably you have grown emotionally attached to it. Sure, it might have its downsides, but if you have experienced many happy and sad moments in this place, then you might not feel just right abandoning it altogether.
- Home renovations require quite a lot of time and effort, but definitely far less than building an entirely new house. If you don’t have that much free time, then renovating your home would be a better idea.
If you want to learn about the costs of renovating your house, you can check out this infographic, provided by Lakeside Hire.