Should you Build a New House or Remodel your Current One
If you’ve seen the HGTV show “Love It or List It,” you know that there can be some drama in the process of deciding on whether to remodel a home or get out of it and into something that better suits the homeowner’s needs. How can you take the drama out of the decisions you need to make?
Location, location, location
One of the biggest aspects of making the decision will be location. If you absolutely love your neighborhood and have no intention on leaving, you’re probably going to be reluctant to move anywhere else, and you’re going to quickly decide remodeling is the right choice for you. However, you have to make sure it’s in your budget and that you can legally do it to your existing structure, as some municipalities have restrictions.
The decision gets more difficult when you are not so in love with your neighborhood and have no qualms about going elsewhere. At this point you have to move on to another aspect in the process – cost.
What’s my budget?
In most cases, a remodel is far more affordable than building a new home. However, if you have structural issues and plan a major overhaul of your home, the costs could exceed that of building new.
Manhattan, Brooklyn, San Francisco, San Jose, Honolulu, Orange County – these are all expensive places to live, and building a new home in any of these cities is going to cost much more than the average American can afford. Though not as expensive as these six cities, Chicago also ranks among fairly expensive cities in which to live, making the remodeling path a more attractive option.
Also, if you’re living in a house valued at $200,000 and your renovation project is going to cost $100,000, it is not going to be financially responsible to renovate because you might never see a return on that investment. However, if the math does add up in your favor, be prepared to live in the newly remodeled home for seven to 10 years before selling.
What’s my stress tolerance?
Everyone knows that moving can be a huge strain on a family, but so can an extensive renovation project that disrupts the living situation. One option is to sit down with the family and talk about what you want in your home. Make a list of all the advantages of building new and of remodeling. It should become clearer as to which option is more suitable for the family as a whole. This will also help you determine the extent of a remodel and you can get a cost approximation.
At New Concept 180, we will help you design and build new additions, new levels, an in-law suite or assist you with designing and remodeling your home. We know that you want as little dust and clutter as possible in your home, so we’ve made it our policy to leave your home as clean as possible at the end of each workday. Whether it’s a whole house remodel or renovating a single room – we have expert designers and builders who will make sure the project is completed to your satisfaction.
