Should You Buy a New House or Renovate?
To build a new home or to renovate the existing one?, that is the question we usually get asked by homeowners. Whether we think you should go for the renovation or build a new one, the answer, of course, depends on your particular situation. Before deciding, we look into how you feel about your home location, how far your existing home is from your dream home, and what your financial goals and plans are.
We have curated a list of a few things for you to consider before making the decision.
How old is the current home?
When a house is passing through its last age, renovating it doesn’t make any sense. A crumbling foundation, caved-in ceiling, or water damage all signals that further investment is a waste of money.
If you still want to opt for renovation, consult with a structural engineer, as a remodeling project can uncover additional issues and costs.
What is your budget?
If you’re thinking of renovating multiple rooms, then keep in mind that a renovation project can cost a lot more than building a new custom home. If you’re not satisfied with the majority of your home’s existing features, then it makes more sense to take a fresh start.
But you’ll also need to consider if you have the budget for the construction of a new custom home. If you want everything brand new and to your exact specification, costs can add up.
Whatever the option you choose, problems can come up during a renovation or custom build. Remember that your budget can exceed to meet current safety standards and building codes.
Amount of work required
Many homeowners choose to renovate their basements, kitchens, and bathrooms in the hopes of getting the best ROI when it’s time to resell. If you don’t have enough space to change these areas into beautiful rooms, then the new additions can become costly. The rooms will require to be wired for electricity and insulated, not only built and furnished. In such a scenario, it’s more convenient and budget-friendly to start from the ground up.
But if you desire more high-end amenities or have unique specifications, the budget of a new home can surpass a remodeling project’s expenses. It all depends on how much you can spend comfortably, the potential ROI, and what best suits your current lifestyle.
Taking the decision
We believe that picking up their lives and moving to a new location for building a custom home is not everyone’s cup of tea. If moving to a new place is difficult for you and you don’t mind living with some old features of your home, you can make small improvements in the existing structure to help increase the resale value.
But if you’re someone searching for a new home to take a fresh start, why not build a new custom home for yourself the exact way you want?
We at Bristol Springs are custom home builders with the knowledge and experience necessary to build new energy smart, award-winning homes in Martinsburg and the surrounding area. Contact us today to learn more about our services!