There are incredible properties available if you're aiming to buy a home in sunny North Tustin, California. You can choose from homes with various floor plans, impressive architectural styles, gorgeous finishes, and other customizations. But what if you already own a home in North Tustin and you're looking for something new? Do you need to purchase a new property for something better? Alternatively, maybe you’re considering renovating your beloved North Tustin home but wondering if this is the right path. If you're on the fence, here are a few key factors to consider.
Costs: Moving vs. renovating
Photo courtesy of Summer Perry Group
Whether you choose to buy or renovate, both projects come with expenses. While some believe renovating is the more cost-conscious choice, the total costs involved will depend on many factors, including the desired renovations versus the cost of the future home transaction.
The North Tustin real estate scene is replete with some of the most sought-after luxury properties on the west coast, with gorgeous architecture, modern amenities, spacious yards, and stunning vistas of the foothills out the windows. That said, these properties command high prices of well over $1 million. Upsizing to a newer or more spacious property will also come with higher living costs, mortgage payments, property taxes, and utility usage. Homebuyers must also consider the costs associated with the actual move when determining their budget.
Likewise, average renovation costs can climb upwards of $80,000. However, more extensive renovations in luxury properties can land the price of a revamping project in the six-figure range. Whether you choose to move or renovate, factor in all the costs of your desired space to determine which option is best for you financially.
Sentimental attachment: Do you have any memories associated with your house that you will miss?
Like most homeowners, you've probably made fond memories in your current home. Your children might have grown up there, or perhaps this was the first property you and your special someone purchased together. For many, their home is a significant part of their identity as individuals and community members. If this sounds like you, then it's essential to consider whether or not you are willing to give up those memories before deciding to renovate your North Tustin home or move.
In some cases, it makes sense for homeowners to stay put when they have sentimental attachments to their homes to preserve those memories. However, if your affection isn't as strong, it may be time for you to explore what lifestyle change would be best for your family's future happiness and well-being.
Market conditions: Does a move make sense in the current market?
Market conditions can be just as important as your personal situation. We've all heard the saying, "the only constant is change," and that couldn't be more true when it comes to the volatility of real estate.
If you're planning on selling your home and buying a new one, it's essential to evaluate the current local market conditions. Are local home prices rising or falling? How many homes are for sale in North Tustin, and what is the competition? How long are listings staying active?
The best way to determine the health and direction of your local market is to research comparable sales and other relevant real estate indicators in your area. Your agent is an essential and valuable resource in evaluating the state of the market and assessing its recent fluctuations. Once you know what similar homes are selling for, you'll get a better sense of whether or not it's best to sell now or do some upgrades to your current property.
Timing: Is now a good time for you and your family to move or renovate?
Timing is everything. When you buy a new home, you're not just buying the physical structure that will house your family for years to come. You're also buying into a community with its unique personality, culture, and history. But before making the great migration, you want to make sure the timing is right. Moving in the middle of major life events, such as weddings, birth, or graduation, can unnecessarily complicate the journey. The same can be said about renovations. The timing can also affect how much you can pay for the new home or renovations and how long it will take to complete the process. If you're experiencing any emotional or financial stressors, it might be better to wait until things settle down before making any decisions.
Investment opportunities: Will buying or renovating yield higher returns?
Photo courtesy of Summer Perry Group
If you're considering investing in a new home, it's essential to consider the current and future value of the property. There's no doubt that well-planned renovations can add value to an existing property. Still, many financial and practical considerations might make it a better option to buy a new home instead. If you're looking for a quick return on your investment, renovating may be more profitable than buying a new home. Depending on how much work is needed, renovating can add value to your home in a short amount of time. On the flip side, if you want to make sure your investment will pay off in the long run, buying a new home may be the better option.
If you're looking for a stunning home that will make you feel like royalty, North Tustin is the place to be. With exquisite luxury properties at every turn, it's easy to see why this area has become so popular among real estate seekers. If you're interested in buying a North Tustin home, contact Carolyn Betpera of The Summer Perry Group today to get started! Carolyn specializes in North Tustin real estate, and she would love to help you find your dream property.
*Header photo courtesy of Summer Perry Group
