Before deciding to renovate or buy a newer home, look at both investment options and figure out which path pays out. Ideally, you want the eventual sale price of an updated home to at least cover the cost of those structural changes. Some renovations can recover their costs while others barely hit the halfway mark. Make sure your design ideas equal dollars.
If you buy a newer home, calculate whether you’ll stay at the property long enough to make the moving costs (and stresses) worthwhile. On average, it takes about five to seven years to earn back the upfront costs of moving and setting up a new home