Should we renovate our aging home or buy a new construction house?
Renovating an aging home requires throwing $100,000 to $150,000 at major updates like damaged flooring, cabinets, and shower inserts without gaining extra space or a better layout. This leaves homeowners torn between sinking massive costs into a dated property or taking on the financial risk of buying a new build while trying to protect their retirement savings.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1Staying in the current home and paying cash to update floors, cabinets, counters, and bathrooms
- 2Making extra monthly principal payments to pay off the remaining mortgage quickly
- 3Using existing investment funds to pay cash for the new house instead of taking out a mortgage
- 4Use a rent vs buy calculator
- 5Rent for the first 6-12 months before deciding to buy
- 6Sell one of the existing income properties to finance a purchase later
- 7continuing to rent for an additional year while saving money
- 8Staying put and trying to find things to appreciate about the current house
- 9Doing major home renovations in stages
- 10Using money saved from staying to fund private school tuition instead of moving for school districts
- 11Taking out a HELOC or home equity loan to fund repairs
- 12taking an education course for first time buying
- 13continuing to save money for a down payment while renting
In their words
Unedited, most upvoted first, each linked to the thread it came from.
“My husband (55) and I (48) make about 160k per year ... plan to sell our completely paid off home to buy a new construction home ... Thoughts? Does this seem risky?”source ↗
“The alternative is to stay in our current home and throw $100k-$150k at updates ... and not have more space or improved layout BUT overall save some money...”source ↗
“I am trying to purchase my first home currently and I just wanna know if I have enough.”source ↗
“Should I do it or should I just rent for a year and keep saving?”source ↗
“What would be the best option for me in terms of putting money on rent or mortgage?”source ↗
“I ran through so many scenarios and I just don’t know what to do.”source ↗
“To get a new house w another bed/bath, my mortgage would increase $1000. It’s going to hurt”source ↗
“We have the money to spend for renovations but the question is if it’s worth spending it on current to make it slightly/med better.”source ↗
“We need to do one or another. Our current home is aging quickly and requires updates to the damaged flooring, cabinets and shower inserts...”source ↗
“Started looking at new houses and now getting tired of my house. I would want considerable renovations if I stay. My current rate is 4%. What would yall do?”source ↗
“As stated, getting tired/bored of my house as it’s so small. Did some renovations but would need a considerable amount more for it to be comfortable.”source ↗
“Here’s where we disagree: I would rather rent a place in NC for around $2,600/month and invest the $1,000/month difference compared with what we’re currently paying. He would rather buy a house for around $300K and take $60K from our savings/investments for the down payment.”source ↗
Where this came up
People with this problem also raised
- 3Should I finish an unfinished garage before selling my house?
- 4Should I buy a house with conflicting roof damage reports?
- 4How to stop renovating and just enjoy a new house
- 19Is it a smart idea to buy a new car right now?
- 6Should I buy property or keep my money invested?
- 5How to know if my home renovation budget is realistic