A lot of people I’ve met want to buy a new home, rather than remodel parts of their home. For example, I met with this couple the other week. The husband was more than happy to stay at the home and remodel, but his wife was pretty adamant about buying a new construction.
They were going to buy a new home that cost nearly double what they currently own on their mortgage. To keep their monthly costs low, they would have needed to put down about $400K. Yes, their new house would be bigger and up to date; however, they could have gotten away with investing about $150K in their current home to get a pool and update some things within their home. Oh yeah, I forgot to mention that the new home would not have landscaping. That would be extra.
To me, the math makes perfect sense. Doing a remodel job is so much better for your wallet. One of the reasons a remodel with our company is so affordable is because we use vendors for online discounts that can save nearly 20 off of the normal price of a remodel.