Sometimes it can be tough to decide if you should renovate an existing home or build a new one. This is a question many people face when they are looking to improve their living standards or make an investment.
Unfortunately there is no one size fits all answer for this question. The right answer depends on a multitude of different factors that you should consider based on your situation. In this article we are going to go through some of the key factors in deciding if you should remodel or build a new home.
1. What condition is your home in?
Is your current home structurally sound? Does it have any major issues or damage that needs to be repaired in the near future or right away? If your home does not need any major repairs and you are mostly happy with it than remodeling might be the best option.
On the other hand if your home has major issues that make it uncomfortable to live in than you may want to consider a rebuild. If the home seems very outdated and has issues with things like plumbing, heating, wiring.etc you may want to consider a rebuild.
2. What is your home worth?
How much would it cost to renovate your home and how will it affect the price? If it has a large impact it might be a great investment to renovate your home. Along with this you should consider other questions like if you qualify for a mortgage loan to finance a new home and how much you would profit if you were to sell your old home today?
3. What is your living situation?
When renovating your home or building a new home you have to make some sacrifices in the beginning before you get to enjoy it. Renovations can take a few months to complete and you will have to deal with noise and debris. If you decide to demolish your home and build a new one it will take even longer. In the meantime as your new home is being built you will need to find alternative accommodation.
4. How much space do you need?
When renovating your home you will be more limited in space. This may mean you will have to make sacrifices sometimes. If you are building a new home you can search for the perfect plot of land with as much room as you would like and are not limited. This is one of the great advantages of building a new home.
If you are looking for help with your renovation or building a new home give our team a call. We would love to assist you in making the right decision and helping you with your project!