Remodeling vs. New Construction: Which is Right for You?
Your home is your castle, but even a castle needs an update eventually. In some cases, that might mean a full remodel to bring your current home up to par. Other times, you might consider a new construction to give you all the features you want and don’t have with your home now. How do you know which is right for you?
While there is no easy way to choose between a full remodel and new construction, there are factors to think about that will help you make the right decision. Consider these variables as you decide whether to update your current home or move to something newly constructed.
What are Your Priorities?
Before you decide to remodel or move, make sure you know what you are looking for from your next living arrangement. Here are some things to help you start the thought process:
● Location: Are you crazy about your current neighborhood or are you ready for a change of scenery? Are home values in your current location going up or down? If you love your location, a remodel might be the way to get the home you want without losing your familiar surroundings.
● Features: Some of the features of your current home may be acceptable, while others you would like to change. When the issues are mostly cosmetic or structural, remodeling may be enough to give you the changes you want. If the foundation is unstable or the ceilings are too low, these features cannot be changed easily.
● Availability: If you are leaning towards a new build, are there available lots in the area where you would like to live? If not, perhaps a remodel works better to give you the home you want now, until something opens in the area where you might want to relocate eventually.
● Lifestyle: The home of a growing family looks very different than the house where empty nesters reside. If your current home can’t accommodate your new season of life through renovations, a new home might be the better choice for you.
Cost vs. Long-Term Value
It’s easy to look at the surface cost of a remodel and decide it will be more economical than a new construction. However, variables come into play here that can reveal potential hidden costs and determine the long-term value of your decision:
Predicting Initial Costs
The first step in comparing the economics of the two choices is to look at the initial costs. Keep in mind these can change, however. You may run into unexpected issues during your remodel that nearly always run up the price tag. New builds can also become more expensive as they progress, due to changes in material costs or the homeowners desire to add more upgrades once the build is in process.
Estimating Long-Term Value
To determine the long-term value of renovations, you need to decide how extensive and expensive the renovations will be. If you are putting $100,000 into a kitchen upgrade for a house that values under $200,000, you may not get your money out of your remodel. If you are updating bathrooms that haven’t been renovated since the 1980s, the cost may pay for itself in the increased value in your home.
Considering the Cost of Maintenance
While a new build may start out more expensive, keep in mind that everything inside your new home will also be new. Appliances will likely come with warranties in case anything goes wrong in the first few years, reducing the amount you will spend on home maintenance. On the other hand, you may have additional expenses like landscaping or window coverings to consider.
Energy Efficient vs. Green Home
Remodeling an older home can create greater energy efficiency by replacing windows and doors, and putting in energy-efficient appliances. However, you may not be able to add solar panels to your current roof or utilize alternative energy sources with the HVAC system you have now. While simple renovations may cut your costs somewhat, a new build may give you the truly green home you dream about.
What is Your Time Frame?
If you choose to remodel your home, you may be living in the house at the same time the renovations are occurring. Another option is to find an alternative place to live while the remodeling takes place. Either one of these options can be disruptive and stressful.
New construction may also require you to find temporary housing until the home is completed. However, you won’t be living in the dirt and noise of the actual building process. It is a personal choice to determine which process will be most comfortable for you.
Whether you are looking for a new home or a full remodel, Scroggs Construction is ready to help you create the home of your dreams. Contact us today for more information about our services.