Hi, I am residing in Chennai from last 20 yrs , I have my old style individual house in Chennai at alwerpet. I am little bit confuse Should I buy a new home or renovate existing one?
Hi Victor, I think due to lack of space often leads people to buy a bigger home or new home for your family but personally I think renovating the existing home might be a better and, more importantly, economically wiser alternative.
There is various parameter which one should be considered while choosing option. 1. Know thy requirements 2. Calculate your finances 3. Analyse the market 4. Study the location 5. Understand the time required
@ Victor, Buying a new home can be advantageous at a time when the property prices are coming down. In slow market conditions, buyers also stand a chance of negotiating prices with sellers. The reduction in home loan interest rates is also beneficial for buyers. In such case, buying a new home can be considered.
Hi, I think staying in the current location would be better if the area,s civic and social infrastructure is in place. If the present location has good connectivity or infrastructure projects are in the pipeline, remodelling the house might be a better idea.
Hi I think both buying a new house and renovation is different aspect. An extensive renovation can cost about Rs 5-7 lakh. This can include things like remodelling the kitchen, buying a new sofa and doing new flooring.
On the other hand, if you have a higher budget of about Rs 40-60 lakh, buying a new, bigger home could well be on your mind.
Ensure that you have funding for your renovation and you have permission from your property manager or apartment owners association for renovating your home. For small makeover such as furniture re-arrangement, changing carpert or curtains etc need no permission but if you are opting for some construction such as changing flooring or changing wall color etc need permission from association or RWA.
Now-a-days apartments have limited space, for such space the orientation can be taken into consideration. More emphasis may be given to windows and materials that can be actually recyclable. While designing you should keep in mind that the materials you are buying have longevity and a good sustainable design for long term use.