Living in Denver gives you the chance to watch the Broncos and the Nuggets play. You can take a trip to the Denver Botanical Gardens on your next day off work or check out the cute shops and historic buildings in Larimer Square. As much as you feel at home in the city, you might find yourself dreaming of a bigger house in a different part of town. Before you rush out to secure a mortgage and spend a lot of money on a new house, check out the top seven reasons to renovate your current home instead of buying a new one.

Get Updates You Love

When the real estate market is hot, you need to make some sacrifices. Instead of buying a home with a huge fenced-in backyard, you might wind up with one that has a smaller yard. You may even pick a home that doesn’t have as many bathrooms as your family needs or one that doesn’t have a garage. When you decide to sell, your agent will recommend some changes you need to make to your home. Why spend a lot of money on upgrades to attract prospective buyers when you can make changes that help you fall in love with your home all over again? Choose custom closets with enough space for all of your things or renovate your kitchen to include new cabinets with more storage and modern lighting.

Save Money

Many people only think about the costs of buying a home and not the costs of moving. You usually lose around 15% of your home’s value when you sell it. Even if you make some upgrades to get bigger offers, you likely won’t get back as much as you spend. Depending on how much your home sells for, you may need to pay the capital gains tax when you file, too. A new home may also cost more to insure and come with higher property taxes. You also need to pay for a moving truck or van and packing supplies along with movers. The cost of renovating your home is usually much less. You can choose renovations that fit your budget and keep the costs under control. Renovating your bathroom and kitchen is often cheaper than buying a new house and moving.

Avoid the Market Crash

It wasn’t that long ago that experts kept talking about the housing market and how high prices rose. Many sellers sold their homes to buyers who waived the inspection and paid more than the asking price. Some homes even found buyers before they hit the market. Now isn’t the best time to buy unless you don’t have a choice. You’ll likely pay more for a house than it is worth, which can lead to your loan going under water in the coming years. This occurs when a home is worth less than the mortgage on it. Renovating your home will help you avoid a future market crash. While you can add new features and upgrades that attract buyers later, you don’t need to worry about paying too much for a home today that drops in value later.

Protect Your Equity

When you take out a mortgage, you get the money you use towards buying a new home. As you pay down that loan, you build equity. Equity refers to the amount of the home you own vs what the bank owns. For example, if you have a $400,000 loan and only owe $100,000 on your mortgage, you own 25% of your home’s equity. Many buyers do not think about the equity they lose when they sell their homes. You are essentially starting over again. Even if you sell your home, there’s no guarantee that you will get back as much as you paid for it. Sellers often spend a lot on updates that don’t add value and wind up making less money than they expected. When you sell, you need to take out a new loan and start from scratch. Renovating your home allows you to preserve your home’s equity and even use that equity to secure a loan for the changes you want to make.

Maintain Your Community Connections

Denver has tons of neighborhoods that are perfect for singles, married couples, people with children, and everyone in between. You might love all the sights in downtown Denver or prefer the atmosphere in East Colfax. One reason to renovate your existing home instead of buying a new one is that you can maintain your community connections. Whether you move to the opposite side of the city or one of the suburbs, you need to find new restaurants and stores as well as new friends and neighbors. If you decide to renovate your home, you don’t need to worry about losing your friends or living so far away from your favorite restaurant that you only get there a few times a year. You might have even deeper connections, to such as volunteering in a hospital or coaching a kids’ baseball team.

Add a Personal Touch

While you might think that moving and buying a new home is the best option because you don’t want to deal with the hassles of construction crews and building supplies, keep in mind that you’ll still need to make some changes to that property. You probably won’t tear down walls and put down new floors, but you will want to spend a lot of time putting personal touches on your new home. It’s just as easy to do the same thing in your current home. You might find that you like the idea of making small changes such as adding a deck to the backyard or opting for a mudroom addition. There are so many ways you can renovate your home that you’ll never run out of ways to add the personal touches you love.

You Make Your Home Safer

Another reason to renovate your home is that you can make it safer. Whether you lived in the home for a few years or a few decades, the chances are good that you have a few areas in need of updates. You might have mold growing in your basement or an electrical system that isn’t up to code. Some Denver homes still have old cast iron or galvanized water pipes, too. The right crew can help you make your home safer and still come in under budget. You might even spring for a new HVAC system. If you decide to buy a house, your inspector might miss a few things that you need to repair later, which can add quite a bit to your total costs. The national average for home renovations is around $47,000 but ranges from 18K to 76K based on what you want and need.

Make Your Home the Home of Your Dreams

Many people spend a lot of time looking at homes for sale and putting in offers on multiple properties before they take the plunge. Renovating your home allows you to turn it into the home of your dreams and enjoy all of the amazing benefits. Denver Urban Builders can make your dream a reality. They can suggest upgrades for your home and make any renovations you need. Call Denver Urban Builders today at (720) 902-5773 or contact the team today.