Should I remodel my existing home or build a new custom home? This is a question we get asked by homeowners quite often. The renovation vs. new home build question has many moving parts, and thus the answer is dependent on your unique situation. As such, the right choice for you depends on what's most important to you.
Remodeling Vs. Building New: What Are the Differences?
With a home remodel, you're simply making changes to the existing structure of your home to upgrade or repurpose it. On the other hand, building a custom luxury home means you'll need to design your new home and build it from the ground up. Here's a look at some of the things to expect:
Project Turnaround Time
Since you'll be starting from scratch, the timeline for completion when constructing a new home is likely to be longer than for remodeling a home.
The decision of whether to build new or renovate comes down to which option makes more sense financially. When investing in a home remodel or a new build, you want to be sure you're getting the most for the money you're spending. The cost of a custom home design is more than that of remodeling your home.
Control Over the Design of Your Home
Does your home feel a little dated? A home remodel will give it a fresh look but may come with a certain restraint that may inhibit your dreams. Constructing a new custom home allows you complete creative control over your home's design, layout, and floor plan.
Building a New Custom Home Explained
When building a custom home, you have a blank slate to design your ideal living space. From the floor plan layout to what type of finishes will be used, you get to make decisions about every element of your new home.
The Benefits of Building a New Custom Home
- A custom luxury home can be personalized to reflect your personality, tastes, and preferences.
- New construction homes have low to no maintenance since everything is new and under warranty.
- Building a new custom home affords you the chance to use sustainable materials to design an environmentally efficient home.
- You don't need to fit your ideas into an existing layout since you have more design options.
- When building a new custom home, you have a chance to build a smarter home with better functionality.
The Cons of Building Your Custom Home
- It costs more to build a new custom home than to renovate an existing one.
- Building a custom home may mean having to pay extra for new landscaping to be put in.
- The timeline for building a new customs home may be unpredictable.
- High construction property taxes in new construction communities.
Renovating Your Existing Home Explained
When there is a need to make some changes to your home to improve the utility of your space and satisfy your lifestyle needs, a home renovation can work out better for you. Much as a home renovation can cover any part of the house, your wishes must accommodate the space already created if you decide to remodel.
The Benefits of a Home Remodel
- It allows you to recreate a house and transform it into the home of your dreams by making a few modifications.
- Bringing in a few improvements not only enhances the curb appeal; it boosts the value of your existing home.
- If you live in a home for years, you're bound to get emotionally attached to it. Renovating your current home means you get to retain it.
- A home remodel gives you more space and makes your living area more contemporary.
- A remodeling project can "reset" the clock on the age of your home to a great extent.
The Cons of a Home Remodel
- A complete home remodel is not always a wise choice. Sometimes, unforeseen costs and extensive damage can make purchasing a new home more affordable than remodeling.
- Remodeling a home can be a time-consuming job.
The decision to renovate your existing home or build a new custom luxury home will depend on different individual factors for each person and situation. Your budget, needs, and situation should help you reach your final decision. While it's true that a host of other factors could come into play when you're deciding on whether to remodel or build a custom luxury home, your decision should be more straightforward now that we've separated fact from fiction.
Need help weighing your options? Feel free to contact us today!