The basic answer is: it depends. In many cases, the money spent on a home remodeling project would be much better spent on a new car.
And that’s before you consider whether or not you already have a mortgage or savings that could make it possible to make such a move. It’s much better to live in a condo than rent for a month until you can afford the home of your dreams with the money saved by remodeling.
Is stripping an affordable asset worth it?
The only real way to know whether it’s worthwhile to strip a home is to know the amount of money that it would take to buy a house, remodel the home, and resell it.
For this particular example, let’s calculate the cost of remodeling the home. By comparison, the median house in the United States costs $195,800, according to the realtor.com database.
The average price for new homes is about $280,000 to $349,000, while the average price for old homes is about $205,000 to $325,000, according to the National Association of Realtors.
In many cases the amount of money you spend on remodeling a home is small, so it’s not a big factor when compared with the amount of money you would spend on a car or other expensive asset.
Here’s where it gets tricky. While a lot of remodeling is relatively low-tech (like removing old mould on the hardwood floor and replacing floor-to-ceiling windows), the cost of the home also can be quite high—in the neighborhood of $400,000 to $600,000, not including the cost of remodeling or buying a used vehicle. (That’s compared to the average sales price of new homes.)
This is a problem because many people feel like they’re buying a dream house. And the house is very beautiful, but the price is expensive. The new owners are tempted to keep the home, but are then priced out of buying a new home.
There could certainly be a buyer who doesn’t care if there are major renovations on the home but just wants to sell it. For them, a new home could be worth thousands more than buying the same house. But for most people, they’re happy with staying in the same house and are waiting for renovations to become cheaper.
Is stripping an affordable asset worth the money?
In the short term, it’s worth
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