Renovation Or Family Expenses: Which Comes First?

Once you get married, there is always an intention for you and your loved one to have kids. You discuss about the number of kids that you have and you work diligently to give them a better future. However, the residence that you have purchased when you were newlyweds may not be spacious enough for your family. Yes, you can transfer to a bigger residence but this would mean adjustments to a new place. Better yet, your house can undergo renovation to create more space.

Renovating a house is easier if the perimeter lot is wide. Renovation is easier if there is a huge lot around the house. Carpenters can just tear through a wall and widen the house without minding the neighbour’s lot. The new space can be utilized to create an additional bed room or recreation area. On the other hand, renovating a house without a surrounding lot is a lot tougher because you cannot expand the available floor space.

For this renovation job, they might destroy the entire house and build from nothing. An architect would have to draft a new blue print for your house before the project starts. In this light, you must calculate the renovation expenses and compare it to buying a new house within the area. The renovation might be so extensive that you are better off purchasing a new one after you sell your current house. If you are still dealing with the mortgage, figure out the additional expenses that renovating would bring to check whether it fits your budget.

Take note of the long term effects of renovation to your finances. In a couple of years, your children might start going to school and you cannot disregard it. Renovating a house might become too expensive that the finances for your child’s education might be used. Of course, it would be more fulfilling to see your child attend school than to have an improved residence.

If renovating can’t wait, maybe you can slash your miscellaneous spending. You can also seek for a job with a higher income but it is not easy to realize. There’s no greater feeling than to have your family taken care off by your savings.

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