THE HOUSING DEBATE: BUY NEW OR RENOVATE?

For years, home owners have been met with the question, "Should I buy new or should I just fix up what I have?" It's an age old query: sometimes it's best to take what you have and make it five times better and sometimes it's best to take your act on the road and find something new.

No one can decide this for you: buying a new house is a big decision but fixing up an old house is a big commitment. Either decision can leave you elated of wallowing in regret. But, before you cast your verdict, help make the most of your choice by keeping the following in mind:

The Attachment You Have to Your Present Home: You may be one of those people who look at a house and see, well, a house or you may be one of those people who look at a house and sees a loving family member, a family member that has never argued with you or asked for money. Whether you live in your house or love your house may be a huge factor in deciding if saying goodbye is just too hard. If you are certain you'll never find a house that even compares to the one you have, renovation might be your logical choice. However, If you are living in a cramped city apartment and you have always wanted something a little more scenic and quiet, you may want to move on to something like a catskill farmhouse.

The State of the Market: Ah, the housing market. It's up, it's down, it's so bad that you couldn't sell shade to a snowman. There is nothing quite as fluctuant as the housing market. When you begin asking yourself whether you should buy new or renovate, the state of the market might just provide you with your answer. If the market is beneficial to the seller, your best option may simply be to get out: get every penny you can and move on. If the market is bleak, you may be better off staying put for the time being: there is no point in selling a house for 200,000 when you bought it for twice as much.

The Area: You don't have to be a member of the census bureau to notice how things drastically change over time. Some areas improve and some practically seem to implode. The condition of the area, and how secure you feel living there with your family, is a huge issue to consider when deciding to renovate or move. If you relocated thirty years ago into a nice neighborhood to find nowadays it's about as safe as the dark alley at the local bar, you might want to part ways with your street. If you are living in a condo in Manhattan, wether you want to be only a city dweller or whether you would want to own one of the beautiful catskill homes with land is another consideration.

What You and Your Family Need: Every family has needs: another bathroom, a bigger basement, a fourth bedroom, a large backyard. Evaluating how much you actually "need" your house is a good way to decide if you should stay or you should go. If you find yourself in a situation where you present house doesn't meet your needs, it might be easier to sell than to renovate.

The Amount of Work Involved: If someone was to take a survey asking how many people had started a project only to stop halfway through, chances are nearly everyone would raise their hands. Plainly put, people grow bored and tired or certain tasks. Renovating can be one of these tasks. Not only is it expensive, but it's time consuming and also mundane. Thus, before you decide to renovate your house, make sure it's a house worth renovating. You'd hate to put in all that work and regret it when it's over or -what's worse - simply cease all renovation when you're only fifty percent through.