The process of getting a new home is filled with decisions, large and small. But, before you pick out your cabinet color and the size of your master closet, you might want to decide if you should remodel or buy new.
Neither is good or bad, right or wrong. Both options are fine, depending on what works for you. And both options have different things to offer.
Here are some factors to consider:
- Budget – Think about your finances. It costs less to add onto your house than it does to build a new custom home. If you’re ready for something different, but can’t afford a new home construction, you may want to contemplate remodeling. This is a great way to customize your house, make some needed changes and have your house feel new without overspending.
- Neighborhood – What are your thoughts on your current location? Maybe your area has become stagnate or it’s losing value. If so, you may want to move and custom build in a part of town that is growing and has more to offer you in your season of life. Maybe you love your neighborhood and how close it is to your work. Or your parents live right down the street. Or your part of town is really growing and thriving. If this is the case, you could stay where you are and look into adding onto your house.
- Return on Investment – You can generally increase your property value by adding onto your living area. Therefore, remodeling can be beneficial in the long run. For example, if you add 100 sq. ft. to your living area and your neighborhood appraises $100 per sq. ft, you just added $1,000 to the value of your home.
- Time Frame – What length of time are you prepared for? It takes much more time to build a new construction. This involves working with an architect, perfecting floor plans, and making much more decisions. It really depends on where you are in your life currently and what will work best for you.
Remodeling and buying a new home are very different. Think about what your desires are. Whatever route you decide to take, make sure that it makes sense for your family. Think through the pros and cons. This way you can make an informed decision that you can be proud of.