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Should I stay or should I go? This is a question that many homeowners ask themselves at one point. Should you renovate your current home or build a new home?
This isn’t an easy decision to make. There are several factors to consider. Before you make a decision, you must read this guide.
You’ll read about 5 key considerations that’ll help you make the decision.
1. The Cost of Renovating a Home
You own a home, but it’s in disrepair. It needs a fresh coat of paint. It also needs new appliances.
If this is the case, you might consider renovating your home. Renovating a home might be cheaper than building a new home.
The cost of a home renovation depends on the number of rooms in the house. It can cost a few thousand dollars to more than $100,000 if the entire house is renovated.
You get flexibility when renovating your home. You can decide what to remodel. You can choose to leave certain aspects of the home as-is to save money.
2. The Cost of Building a New Home
If cost isn’t an issue, you can build a new home. It’s still important to know what your cost will be. Let’s break down the numbers.
You have to buy land to build a new home. If you choose to tear down your current house, you can save money as there’s no need to buy land.
There’s the cost that comes with drawing up plans for the new home. You must also apply for permits. Don’t forget about the cost of prepping and building the foundation.
You must also frame the house. You’ll need to install plumbing and electrical. Then, you must install external elements and add interior finishes.
There’s a list of things to do. This all comes at a cost. In 2019, the average cost of building a new, single-family home was $296,652, or about $114 per square foot.
3. Raising Your Home Value With a Renovation
You can think about a home renovation as an investment. It can help you raise the value of your home’s property value.
Let’s say you want to add more usable square footage in the home. It might not be wise to tear it down and rebuild.
You can renovate the basement that came with the house. This can add more living or storage space. At the same time, it’ll raise the home value.
4. The Duration of the Project
You need to think about the duration of the option you choose. Renovations can often be a quicker option than building a new home.
If you own an older building, the duration of the project can be longer. Where will you stay during the renovation? This is a factor to consider.
5. Benefits of Building a New Home
You might be asking. “What are the benefits of building a new house?” Well, the reasons to build a new home are plenty. It gives you the ability to build a custom home.
You and your team can work together to make your home dream come true. This option gives you a lot of control so you can put your needs first.
Before you make a decision, you should know what your home is worth. How can I know what’s my home worth, you ask? Click the link to find out.
Deciding to Build a New Home
Should you build a new home or renovate your current home? It might be in your best interest to build a new home. This option gives you the ability to own a custom home.
Make sure to explore the rest of our blog to read more articles about home and construction.