At some point in your home ownership journey, you will probably have to decide if you want to renovate your current home (or a home you’re interested in buying) or build a new one to fit your needs. Here are the essentials to consider.
Cost and Financing
It’s a significant undertaking to pursue a remodel or a new
construction. There are some advantages to already having a built
structure to remodel. Firstly, renovating a home will, on average, be
about 20% cheaper than building brand new. Secondly, you can stagger your remodel projects so that you can spread the expense and stress related to the project out.
It’s not all sunshine and roses for remodeling, though. Making changes to existing buildings can have hidden expenses. What if you knock out a wall only to find mold growing above and below your new living space? Likewise, sometimes the problems you want to solve will just require too many hoops to jump through, and it will actually be easier to build new rather than fix something at the cost of an arm and a leg.
If you want to pursue new construction, you will always have to contend with the timeline. Time is an important resource for everyone, and when you’re building a house or completing a project, time means double to you since you will be investing that money and waiting as the project gets finished. You’ll need to consider additional living expenses while you are waiting for your new home to be move-in ready.
Some people end up loving where they live. They can’t imagine being anywhere else. If you’re one of those people, then remodeling will obviously offer incentives for you since there is such a high value on the location.
However, other people may be more open to living somewhere else. This is when the margins, the time, and all the other factors involved in deciding to remodel or build new really come into play. You’ll want to consider the advantages and disadvantages to your new location as compared to your current (or prospective).
Renovating what you’ve already got can provide an extreme makeover and even add great utility to old spaces. However, you’ll never get the same kind of flexibility if you are designing custom homes from the start. Do you want a spiral staircase in the middle of the floor plan? Well, that might just be exorbitant from a remodel perspective, but it might actually fit nicely into a custom design from the ground up.
That’s the sort of thing we specialize in at Brock Builders, custom home design for Asheville. We love bringing your visions to life! Don’t hesitate to reach out today for questions or quotes related to your remodel or home build ideas.