The decision between remodeling an existing home and building a custom home is unique to each family. Lifestyle, budget and the need for certain amenities can differ greatly but identifying these factors can help you make an informed decision.
We list 5 things to consider before taking the plunge.
How Old Is The Home?
When a house is on it’s last legs, it simply doesn’t make sense to renovate. A crumbling foundation, caved-in roof or water damage are all telltale signs that further investment into a property could be wasteful.
Consult with a structural engineer if your home shows any signs of wear and tear, as a remodeling project could uncover additional problems and cost.
What’s Your Budget?
Are you upgrading multiple rooms? Depending on the type of renovations, a remodeling project could end up being more costly than a custom property build. If you dislike the majority of your home’s features, starting fresh seems to make the most sense.
On the other hand, do you have the budget for a new construction project? If you want everything new and to your exact specifications, costs add up.
In any case, sudden problems can arise during a remodel or custom build. Keep in mind your budget may be exceeded to meet building codes and current safety standards.
Do you need to see the changes made sooner rather than later? Maybe you have a vacation or long-term business trip planned and don’t want construction going on in your absence.
Typically, renovations take less time than a complete home design and build – if someone is dedicated to the project and can finish in a timely manner. There is a big difference between a 6-day and 6-month disruption of your life, so take your desired timeline into consideration.
Scope of Work
Many homeowners choose to remodel their kitchens, bathrooms and basements, in the hopes of getting the best return on investment when it’s time to resell. If you lack the space to transform these areas into beautiful rooms, new additions can become expensive. These rooms will need to be insulated and wired for electricity, not simply built and furnished. In this case, it may be more budget-friendly to start from the ground up.
Yet when you have very unique specifications or desire more high-end amenities, the costs of a new build can outweigh the expenses of a multi-stage remodeling project. Again, the choice comes down to how much you can comfortably spend, the potential return on investment and what best fits your current lifestyle.
Length of Stay
Not everyone can pick up their lives and move to a new location that’s suitable for building a custom home. If it’s an inconvenience to move and you don’t mind some of the features of your home being older, small improvements to your existing home can help increase it’s resale value.
Not looking to stay in the home very long? A residency of less than 7 years typically warrants a remodel over new construction. On the other hand, if you are searching for a forever home, why not design and build the property the exact way you want?
By Carrier Inc. is Connecticut’s premier custom home builder. Our family has the experience and knowledge necessary to make renovations and build energy smart, award-winning homes. Contact us to learn more about our services!