In our previous blog post we had discussed about remodeling and its pros and cons. We had also briefly explained about the term renovation and how people often interchangeably use this term for remodeling. Both renovation and remodeling are separate entities and they serve different purposes. You have to be accurate about what you actually need while discussing about renovation or remodeling with a professional realtor.
Renovation: It is the process of restoring or reviving a property to a newer version. It basically means making some changes to the existing designs and creating an updated structure of it. It does not involve any complex structural or any other changes. The existing design will be updated to a better new design.
Remodeling: It is the process of completely creating a new design by adding new features to the property. You are creating something brand new through remodeling. It involves more work as the entire structure is being rebuilt to create a new form.
Hence the ideal question is, which one should I opt for? Whether it is remodeling or renovation? Which will save my money, time and energy? Most of you will be thinking about these questions right now.
You should consider the current design of the property before making a decision. You should try to analyse which will be a better option to go forward with. Asking a professional realtor for suggestions will always be a good choice, as they will be familiar with these kinds of situations. They can help you professionally with the latest trends and guide you in this.
Therefore, what are some of the things that you should keep in mind before making a decision?
What is it that I really want?
Always remember this key point before starting: what is the motive and what is the need for a new change? You must have a clear idea of the things that you wish to change. For example, if you like the interior of a room and wishes to keep the design as it is, renovation will be the best option for you. Because there is no structural changes that need to be implemented and it involves only restoring. On the other hand, if you wish for a total change of the room with some brand new structural changes, the better option is remodeling. You can substitute the old designs with new one by installing new interior designs in it. If you do not want a complete change to the property always opt for renovation or else remodeling will be the best option.
Will I be able to increase the resale value of the property?
Check whether the new upgrade will help you to increase the resale value of the property before starting. You must always look for long term goals before investing on properties. Discuss with your realtor the ways in which you can increase the resale value of your property through new changes. Check whether its renovation or remodeling that can bring in more resale value to the property. Do not waste too much money in the process if you cannot increase the value of the property.
Do I have the budget to do so?
Now, this is an important topic which needs double checking. Be careful with the money that you are going to spend in the process. Remodeling will be way more costly than renovation. Check whether you have the budget to remodel the entire property without borrowing extra money from anywhere. Decide the changes depending on the initial budgets and the resale value of the property.
Considering these questions are important because both renovation and remodeling needs extra time and effort. Contemplate these points before jumping into a conclusion.