When your renovation needs begin to pile up, you might be wondering whether you should abandon ship and simply build a brand-new home. Many homeowners ponder if they should remodel their existing house or build a new one. While this is always a personal choice, there are some things to consider when making these types of decisions that we’ll outline here. With some careful reflection, you can decide whether building new or renovating your existing home is the right move for you and your household.
It’s a considerable investment to renovate your home or to build a new one. Either project will require substantial outlay, and possibly financing depending on the nature of the renovations or to develop a new construction. On average, building a new home will cost at least 20% more than renovating one. Renovating a home tends to be cheaper than a complete new build because you have the option to choose your remodeling projects. You can also stagger your projects so that you’re not paying for them all at once as you would a new home.
On the other hand, if you’re in need of extensive renovations because of fire or flood damage, or you simply want to revamp multiple areas of the home at once, you may be in for more expense than you bargained for. Renovations frequently involve hidden expenses. For instance, it’s not uncommon to find mold in walls that requires additional expense to remediate.
When considering expenses, you’ll want to reflect on the cost of constructing a new home in your desired location versus the cost of your renovations–plus some cushioning for the inevitable surprise expenses that accompany these projects.
The Real Estate Marketplace
When considering the cost of either venture, remember that your home is an investment. How much are you willing to invest in a home that needs major renovations? Are you likely to recoup your investment should you decide to sell your home? Your answer to this question may impact your eventual decision.
Your home’s location is also likely to impact its value. Is it worthwhile to invest in transforming your current house into your dream home if it’s unlikely to recoup the cost at sale time because of location considerations? On the other hand, if the real estate market reflects a “seller’s market” and homes in your area are selling for top dollar, you might want to consider selling your current home and putting the proceeds down on a new custom-built home.
Do You Like the Location?
Many people choose to remodel instead of building because they love their current location. They may have kids in the local schools or have lots of property that meets their household’s needs. Homeowners who want to stay settled in their home often opt for remodeling it to suit their needs.
Conversely, many people are not particularly attached to their current address. They may have children who have completed their school and moved out of the house. Or, they may want to have a home with more land and distance from immediate neighbors. In this case, it may make sense to opt for a new construction.
Multiple Custom Features
One of the many benefits of a new home is the ability to customize its design. While renovations can lead to a tremendous transformation, they can’t compete with the level of customization associated with a newly built custom home. After all, when building a new house, the only real limitation is money.
When it comes to renovation, the property owner is still limited by many features of the structure as well as the surrounding area and aspects of the municipal code. If you don’t want multiple new features that include renovations in different areas of the home, you might focus on a remodeling project instead of building a new house at this time.
Building a new house takes time. It’s going to take time to plan and design and then implement. Plus, a new house construction can often hit delays, even with contractors who are most rigorous about sticking to their schedule. The weather, for instance, can cause delays. Suppliers can also be slow to deliver ordered supplies. In addition, the construction firm of your choice might be backed up with other projects, which means you’ll be forced to wait your turn, and that can tack on months to your plan.
Of course, some renovations like room additions can also be subject to delays caused by inclement weather or supply delivery delays. However, renovations are invariably quicker projects to manage. A complete kitchen renovation may take a week. The construction of a home can take months to complete. This difference in time may impact your decision about renovating your existing home versus building a new one.
Green Living Considerations
If you want to live greener, you’re likely to find it easier to incorporate eco-friendly materials and features into a brand-new construction as opposed to your existing space. With a new build, you can include sustainable materials in your plan from the start, even opting for a solar system to power your house. When you renovate part of your home, you can still add green materials, of course, at least to those areas of the home that you’re renovating.
Finally, it’s also a matter of personal preference when it comes to remodeling your existing home or building a new house. Some people love the historic character of their home; renovation allows them to update the house while preserving its character. A floor plan renovation or addition can also provide the homeowner with exactly the change they need.
On the other hand, many people love the idea of customizing each aspect of their new home, from the size of the closets to the layout of the kitchen. They can choose each material used to construct the home. Although a new home build may require more planning and cost, it may also reflect a person’s idea of a dream home and fulfill all their household’s needs.
Whether you want to build new or renovate your current home, Scroggs Construction Services can tackle the job from start to finish. We are a licensed and insured construction firm that specializes in both new home construction and remodeling residential structures. Contact us to learn more about how we can partner with you to meet your goals and help you achieve your ideal living space.