Can’t decide whether to purchase a new house or to renovate the old one? Which option is going to save you more money and give you the desired results? Well, here we discuss all the points you need to consider before making a decision.
How to Purchase a new house:
Before purchasing a new house, you need to make sure that you are prequalified for the mortgage credits and once you know how much money the mortgage bankers can lend you, you can calculate the estimated area of the house you can afford. Start looking for new houses. 1 year prior to your purchase, you must set your eyes on the housing trends. You should be well aware of the real estate listings, the market value of the house you wish to buy, and variations in their asking prices over time. Once you have decided how much of your savings, mortgage financing and household income you can invest, call a local realtor, and start visiting different houses.
Inspection of the new house:
Hire a home inspector who accompanies you to the potential property and brings a thermal camera with him. This will help you look through the walls and detect any internal damage, e.g. water accumulation on roofs or walls. Take pictures of all structural issues and ask your agent as many questions as you can. Know that it is better to ask all the related questions at this point than letting the maintenance cost empty your pocket in future. However, as enticing as the idea of a new house may sound, the government taxes, stamp duty, real estate agents pay, insurance, mortgage payments, interest and other anonymous expenses would leave you bankrupt.
Renovation of the old house:
While renovating your house you need to have a clear budget and avoid overcapitalizing otherwise your loss will be non-refundable. Renovating your old house is definitely going to require less investment than buying a new house for example if you spend $ 10 000 to $ 11 000 on your hardwood floor installation, $ 17 000 on your kitchen, $ 4500 on bathrooms, the real estate agents pay and stamp duty alone is going to cost you more compared to this. However, all your savings can go down the drain if your builders or construction workers are not committed to the work. Visit the building daily and keep the builders on their toes.
Crucial things to do before renovation:
One of the biggest mistakes people make during renovating their houses is that they forget to use the pest control products, e.g. cockroach pest control products when the cracks and holes on the walls or roofs are still open, unsealed and reachable. Do not go looking for professional help when you can easily save your money by doing it yourself. For example, instead of wasting money on professional extermination teams to stop cockroach propagation in your house, you can buy cockroach pest control products namely Advion gel from Easyshopping. A cockroach gel Advion comes with a thin tip and a plunger that can help you apply the gel at the exact areas. Don’t forget that you are on a strict budget and every penny counts. In this case, Advion Cockroach gel will help you not only keep your place hygienic but will also save you money. Before fitting your kitchen cabinets or oven or in-wall air conditioners, use Advion Cockroach pest control from Dubai and keep your place clean and not a breeding ground for bacteria.