When looking for your next home, which is better, building new or remodeling an existing home?
Either option involves a fair amount of planning and communication… which can be daunting. It does not have to be that way though. In this article, we are going to highlight some helpful things to consider for each.
Remodeling an existing home
Begin your base home search with an end in mind. Do your work up front and have a clear picture of what the end product should be. Determine how much work will need to be done on the home to make it your perfect home.
Are the changes merely cosmetic or will it require a more invasive renovation to become your dream home? Find out how much these renovations will cost and add that to the amount you are willing to pay for the home and if this amount be acceptable to the current owner, if it still be within your budget
Something else to consider is what the value of the home will be once the renovations are complete. How will the value of the home after renovations compare to the purchase price of the home PLUS the costs of the renovations? Another factor is how much time the renovations will take. Will you be able to live in the house or a portion of it during the renovation process? Or will you need to spend some of that time in a temporary living space?
All in all, remodeling an existing home can a great option and be faster to move into especially if the home has good bones, is situated in an area that meets your criteria and allows for the renovations necessary to make it your dream home.
With new construction, there are many more options to build the perfect dream home to your exact specifications. This also means that you will need to spend some time defining exactly what is important to you and your lifestyle and how that will translate to the design of your dream home.
When taking the journey of constructing a new home, spend time building a “wish” file. Gather not only picture examples of the features, fixtures and finishes, but also include alternates. Options are key.
To help with your new home construction, unless you are an architect, you will need to hire one. And unless you are a builder, you will need to hire one of those also. But don’t be intimidated. They are here to help you and can even help you save money with their expertise in current codes and regulations, building materials and years of experience in the industry.
If you are considering the new construction option, you will also want to consider the land on which the home will be built. Is the topography of the land suitable for the home you want to build on it? Are there restrictions that would prevent that type of home from being built?
If you need to run utilities to the property and/or home, what will that entail and what costs will be associated with it? Would you be overbuilding for the area? If you plan on building a large home, how close will your neighbors be and how will this affect the appreciation and resale value of the home? If houses are close enough to be relevant to the property value of your home, you may want to consider whether or not this land is right for you.
Finally, but most importantly! Before you can even think of either option we discussed, it is best to begin with an experienced realty firm, such as Regency Properties. A good realtor will listen to you, find home and land options for you, provide the necessary legal forms, and make recommendations along the way. They advocate for your best interests.
If you would like to discuss all of these questions and options with a professional, just give us a call. We can help you understand your options and which ones will best suit your needs and budget.
Call our office today and learn what the PROS at Regency Properties can do for you.