Remodeling vs. Building New Homes: Which Is Better for You?

People often debate whether to remodel their current homes or
simply sell their current property and build a new one. Some things
to consider before committing to such a process are the costs, if
it will add value down the road, and what might be best for you and
your loved ones. In my own experience, I think it’s easier to
remodel than to build new, but your case may not be the same as my
own. Will you be able to finance the home improvement yourself? Or
will you have to take out a loan? If you need to finance your
project, you will need to consider how much equity you have in the
home. If you have a solid amount of equity, you’ll be able to get a
line of credit or a home equity loan. What you’ll also need to
think about is whether it’s feasible to remodel your home. How much
will this new addition add to the value of your home when you
finally go to sell it? Most additions that include bedrooms and
bathrooms will be a solid investment into your home. This can make
your home more marketable when you go to sell, which is an
important aspect of remodeling. “In my own experience, I think it’s
easier to remodel than to build new, but your case may not be the
same as my own.” You’ll also need to consider your local zoning
codes, because these will dictate whether you can actually build
the way that you want to. If you are part of a Homeowner’s
Association, you will need to submit your plans to the HOA for
approval before you start to build. One of the last things you
might want to consider is whether or not there are any affordable
properties in your area that would fit your needs. Sometimes it
might be too cumbersome to move, but it’s worth checking the MLS to
see if you can simply move into a new home instead of living in a
construction zone for a while. Please contact me and I would be
happy to speak with you about whether or not an addition to your
home would be beneficial. Of course, it’s always your decision at
the end of the day, but I’d rather not have you pour money into
something that will not benefit you down the road. I’m always
available to speak with you!