According to statistics, 90% of Americans want to remodel their home at some stage.
Are you ready to upgrade your home but aren't sure whether to remodel or build? There are pros and cons to both these options. Choosing between building a new home and remodeling is a big decision with a lot of implications.
Keep reading for a quick guide on what to consider around building vs remodeling.
The Cost of Building a New Home vs Remodeling
Remodeling a home is almost always cheaper than building a new home. If you build a new home, your labor and materials costs will usually be far higher, as you'll be starting from scratch.
With a remodel, you won't have to replace the actual structure of your home.
If you build a new home, this might trigger temporary accommodation and moving costs. If you're planning on tearing down your home and rebuilding it, you'll also have to factor in demolition costs.
Just because remodeling costs less than building a new home doesn't mean it's always the smarter financial option. Light remodeling can attract a decent ROI, for instance, refinishing your floors can yield an ROI of 147%.
But, not all remodeling projects have a positive ROI. Adding a bathroom might only net you an ROI of 50% or less when it's time to sell your home, and it's hard to know for certain what improvements will pay off.
However, building a new home is almost certain to net you a higher selling price down the line. It's estimated that 80% of homes in the US are at least 20 years old. A newer home is sure to attract buyers' eyes.
However, whether you'll recoup 100% (or more) of the costs of building a new home depends on various factors, including market conditions at the time of sale.
One of the biggest benefits of building a new home vs remodeling is increased design flexibility. Remodeling can allow you to change certain aspects, such as interior layouts. But, you still have to work with the original footprint of the home, unless you extend.
Certain changes might be tricky, such as raising ceilings.
Building a new home gives you ultimate flexibility, especially if you're working with a vacant plot.
If you're tearing down an old house to rebuild, you might face certain restrictions. For instance, building regulations in your area may require you to stick to the original footprint of the home.
You might also be restricted around things like roof height and whether or not you can add an additional story.
Our team of design experts can help with all these issues and more.
History and Character
History and character are another area to think about. If you wish to preserve original features and want your home to have some history behind it, then remodeling an existing home might be the way to go.
Finally, if you're trying to decide between remodeling your current home vs building a new home, it's always a good idea to think about the structural state of your existing home. If the structure is in good repair, remodeling can be a cost-effective, money-wise option.
On the other hand, if there are things like foundation issues, it might not make sense to invest money into a remodel, and you could be far better off biting the bullet and building a new home.
Are You Ready to Start Remodeling or Designing a New Home? We Can HelP!
Remodeling is usually far cheaper than building a new home, but building allows for more design flexibility. Are you ready to start the design process for a remodel or a new build?
We are a custom home design firm specializing in new constructions, remodels, and add-ons. We offer full design services to make your dream home a reality.
Contact us today to discuss your design vision for your home.