Preserving old memories or building a dream can be the hardest decision you are going to make, but good ideas can blend together both past and future to create a place called… “Home”
“Does is make sense to remodel my existing home or should I build a new one?”
This is one of the most common questions many of our clients ask. While there are no perfect answers to this question, there are some criteria that you can use to help you make your decision.
For most people, money will play a dominant role in this decision. Therefore, your decision as it relates to your budget should be based on the amount of work your current home needs to turn it into your dream home.
So how do you evaluate your situation? Do a little homework with regard to the trends in your neighborhoods. Take a look at the values of the housing around you. If your house is already priced at the top of the market you may not be able to recoup the cost of an extensive remodeling project. On the other hand, if your home is valued lower than those around you, you may experience a great increase in appreciation through a well planned remodeling project.
Building a new home also requires a lot of homework. Ask yourself what your family’s needs are with respect to space, location, lifestyle, hobbies and commutes. What kind of community appeals to you? What are the trends in the neighborhoods you would consider building in? And of course, how much will it cost to build and relocate to a new home? Don’t forget to figure in the costs not directly related to the construction of your new home such as closing costs, property taxes and moving expenses.
Remodeling and building are both viable options. There is no substitute for good research and thorough homework when it comes to assessing the trends and history of home values in your neighborhood. Consult with professionals such as Builders, Architects and Realtors. A phone call to a local realtor will usually help out with this question. They quite often offer free market analysis. Most importantly, one would need to decide how long one would plan to live in the house before selling it.
IN A NUTSHELL…
- You love your neighborhood
- You like your current home with few exceptions
- You have an emotional attachment to your home and have the money to make the changes
- You would rather invest money in your home than in closing costs and moving costs
- Property values in your neighborhood are rising
- Your home is not at the peak value for the neighborhood
- You desire to live in a home that is designed specifically for you
- You can’t find a home that meets your needs
- You want live in a home that has a special view or unique amenities
- Building is more cost effective than undertaking a major remodeling project
Designing Innovations offers a no cost, no obligation service to help with this type of decision. We can look at your existing home and help you develop a budget for the work you may be considering as well as helping you develop plans for a new home. Through our association with the surrounding lakes and the local realtors, we can help you get the information you need to make this very important decision. Call, email, or send us a Contact Form to get started on your project today.