To Build New or Remodel
The house is too small, too cramped, or maybe the layout isn’t working anymore. Time for the age old question in real estate: Should you build new or remodel?
Truth is there is no one-size-fits-all answer. It goes beyond construction costs; there are many things one needs to consider.
The most important issue is location. Is staying in your current neighborhood important to you, and, if so, does the kind of home you want exist in that neighborhood? If not, can you legally create that ideal home on your budget?
The second major question is budget: Is it more economical to renovate your current house or buy another one? The answer to this question will depend upon your home, your budget and your needs. In cities where homes are less expensive, it is often cheaper to buy than to build. In cities and neighborhoods that are in high demand, it may be cheaper to build an addition or renovate outdated spaces.
One way to help decide which route to pursue is to create a wish list. What exactly are you looking for in your ideal home? Which ones are doable with your budget and which ones are the most important? After you are done creating the list, circle the ones you already have in your current home. If you’ve got most of the items circled by the end, move on to the financial considerations. If you don’t, you probably need a different house.
With your list in hand, your next step should be to consult with an architect to get a rough idea of whether your current house can become what you want, and at what cost. “Is the house a good house? Are the bones good bones? Is it worth investing in the house?” are all questions an architect can help you answer, he says.
Here are some questions to ask yourself when deciding whether to renovate your existing house or find a new home.
- Can you renovate within the current footprint?
- Do you want to live through a renovation?
- Can you legally do the renovations you want?
- Does the renovation make sense for your home’s value?
- How does your home compare with others in your neighborhood?
- Is your home structurally up to the renovation you want?
- Will renovating one section of your home bring to light other sections that need work?
- How long do you plan to live in the house?
- Will changing houses raise your property taxes?
- What will your decision do to your mortgage?
For more information or to get a quotes on remodeling or building new, contact Irvine Construction. We have more than 35 years of experience specializing in historic home restorations, remodeling, and home additions.