Deciding Between Remodeling Your Home and Buying a New One
Quite often when deciding on renovating or purchasing something new, it comes down to issues in the existing home that need correction. The decision process starts with checking expenses which may not be cost effective when remodeling a current house.
Apart from the property having some kind of issue, you may want to construct a new home or renovate what you have if the costs are manageable. Decisions, decisions right?
Nonetheless, you need to consider a number of factors that will enable you to decide whether you will renovate your existing home or pursue a new one.
Here are some of the factors that you need to take into account:
What is the State of Your Foundation?
Ideally, an important point to start is gauging how old your home is, and how you would want it to look for the years to come. A property built many years ago was likely designed and constructed using techniques that are much different than today’s modern construction.
Maybe you’ve decided some of these drawbacks do not fit your standards anymore? Lots of owners grow weary of things like a lack of natural light, not so level floors, or a lack of enough electrical outlets.
Renovation may mean that you should start at the very basics such as the basement, redoing the wiring, heating, and ventilation, or eliminating walls. In such a case, it will be more expensive to renovate than construct a new home.
Considering the basics of your foundation, as well as the structural framing of your home may involve significant costs. Are you prepared for these expenses?
This would mean costly renovations. On the flip side, if you decide to build a new structure, the foundation will be based on contemporary designs to provide you with a lasting solution.
What Are the Cost Estimates of Renovating or Constructing a New Building?
You are likely to perceive building from scratch or renovating the whole building as too expensive without making a proper approximation of the costs. Of course, the expenses of the two choices are likely to differ.
On the one hand, choosing to build it fresh will give you some cost advantages such as the flexibility to make an adjustment on what you pay and for what.
On the other hand, choosing to renovate will give cost advantages, as you can pay on what you believe is friendly to your budget. The advantage of purchasing a new “spec” home is the fact you already know the final cost. The builder has probably laid that out.
Even though nothing beats a personalized home, you can find ones that fit your desires by ensuring you do the proper research to buy the perfect house.
Maintenance to Think About
Whether renovated or newly constructed, your building needs to be maintained. The cost of maintenance should have some bearing on the option you are going to choose. You should weigh cost implications you will likely encounter after renovating your building or constructing a new one.
One upside to a new home is the fact you may get warranties from the builder. Typically builders warrant their work for a year in all the major facets of the house including plumbing, heating, roof, foundation, etc. With a renovation, you’ll only receive warranties on the work that was modified.
Your budget is, therefore, one of the most important factors to consider.
What is Your Budget?
Considering the ability to pay is ideally a core factor to take into account when weighing the two options. This may involve assessing your financial abilities and existing financial obligations. You should ask yourself whether you will be able to complete your project in case you face a financial crisis.
Thus, before committing yourself to start your project, make sure that you have alternatives that you will depend on. Have a well-planned budget that will enable you not to miscalculate the costs you will incur in renovating or constructing a new building.
Each of the two options should have detailed spreadsheets with cost estimates. Building from scratch often has cost overruns. You will also be tempted to add amenities that you did not initially consider.
Put Down all Your Ideas on Paper
You must have an idea of what you want as the end product. However, you may need to seek advice from experts to will help in generating new and better ideas for your project. They will help you choose the right requirements for the house you intend to have that will fit your budget too.
They will also help you get solutions to meet any specific needs and requirements.
Will Time Affect Your Options?
The time you will spend renovating a building or coming up with a new one matters a lot. Renovation and construction will cost you a considerable amount of money. When remodeling you’ll need to factor in the hassle you’ll experience with contractors working in the place you live. Will you be able to handle this for an extended period?
On the other hand, having a new custom home built probably would take longer compared to a renovation. Time is undoubtedly an issue to consider before moving forward with either option.
It is your role to decide whether you want to construct a new home or renovate. It all comes down to what you are willing to pay and the outcomes you desire. It is an exercise worth putting a lot of time and thought into before making a final decision.
Other Worthwhile Real Estate Articles to Read
- How to save money on moving expenses – see tips and advice at Realty Times on how you can reduce your moving costs.
- Pros and cons of buying a builders model home – what the the upsides and downsides of purchasing a model home? Find out at Before It’s News.
- What home inspection problems kill sales – do you know the problems that are likely to give home buyers a level of concern? Find out at the ASHI blog.
Have a look at these additional helpful articles to make better decisions when buying or selling a home.
About the author: Monica Gibson is a business savvy decoration expert. She is a young and ambitious, with a degree in architecture. She has eight plus years of experience in interior and exterior design. Her mission is to inspire others to live their dreams and create their perfect sweet home.