Is Renovation Better Than Relocation?

On the other hand, you also need to bear in mind the cost of shifting from one place to another. Cost including, loan to make payment for your new house or the bridge the amount between your old house and the new one, increase in property taxes, registration and stamp duty charges and real estate agent’s fee, if you are planning to hire one.

Is it the right time to shift?

Owning a house is a dream for most of the people. Many people usually buy their first home keeping in mind their level of affordability. But gradually, when the family expands, the house becomes overcrowded and messy due to limited space. In this condition, people actually plan to shift to a bigger house or go for a renovation.

But when planning for renovation there are certain things to consider. Renovation can be a good choice if you do not want to take any loan from bank. But, in house renovation process, there are limitations as well. Limitations are like, the foundation and the location of wet areas of the house will remain the same which you cannot change and you cannot take out the walls which bears the maximum load.

Most importantly, for a modern residential building, the average lifespan is almost 60-75 years, whereas, a house need renovation after 8-10 years.

Also Read: Wealthy Indians Prefer to Buy Home Overseas