Maintaining a house is not an easy thing in the long run. Now and then, some fixes are necessary, especially if dealing with an older property. Still, when our house no longer satisfies our demands, we succumb to a dilemma regarding renovating vs. building a home. Both options require a significant amount of money. But, they beat the third option of buying a new house. You have chosen your current home for a reason. If there is potential to modernize your outdated home and make it even more practical than it is, then renovation is the right choice for you. However, sometimes renovation can be more expensive than building a new house. Make sure to get a correct budget estimate before embarking on your preferred project.
Decide on the size of your renovating project
If your home satisfies the basic needs of structural integrity, desired architecture, and neighborhood, investing money in renovation is wise. However, the size and cost of the engagement will depend on the number of changes you plan to make in your home. The necessary budget can be pretty substantial. From less expensive projects like replacing doors, windows, and flooring to more significant expenditures like removing or reinstalling walls, and replacing roofing. Still, there are ways to fund your home renovation. You can apply for Federal Housing Administration (FHA), a Home Equity Line of Credit (HELOC), or a personal loan.
The perks of remodeling
Remodeling is always great if you can afford it. This refers to properties with a great structure where selling the house in its current state would be a waste of money. Still, some other favorable reasons for renovation will make you think twice before deciding to build a new home. Your home deserves projects that will raise its value when:
- the house prices in your area are rising,
- upgrades on the house are vital,
- your job, costs of living and other sustainability factors suit you, and you don’t want to move,
- you don’t have to worry about money,
- you’re planning to remodel your home for sale.
And let’s not forget other critical pro-renovation factors, like emotional attachment and avoiding moving and all the hassle that comes with it. Even if you decide to sell your house and start fresh, you will still have to invest some time and effort. Especially when it comes to fixing what’s broken, staging, and all kinds of expenses required for closing the sale.
Make sure to consult professionals before deciding between renovation vs. building a home
Even if you think you have everything figured out, we’d advise you to consult professionals before making a decision. When talking about property investments, both building and remodeling require a significant amount of money. Hence, it’s always better to hear an expert opinion on the matter. Licensed companies like Top Rated General Contractors LA can help you with suggestions regarding the renovating vs. building a home dilemma. They offer remodeling and plenty of other services if your needs require additional rooms and reinvention of the interior and exterior design.
Building a house of your dreams
Building a home of your own is almost everyone’s dream come true. You get to pick the house of your dreams and watch it grow into the perfect place for your family. Such projects require a lot of time, money and can be pretty exhausting, but they are worth it. Creating something by your standards beats any other housing option. Everything can be made according to your wishes. From the desired architectural style to choosing the most popular interior designs for your property.
With that said, you must be wondering why everyone doesn’t do this? There is a simple answer to that – finances and fear of the unknown. The first and most important thing to know is – you can’t cut costs on construction materials. The quality of your property is of the utmost importance, whether it comes to safety or any future home improvements. We always start with an approximate idea of expenses, but they almost always go over that. No matter how well you plan your project, there will always be additional costs and changes.
Also, there is the fear of things going wrong. If you haven’t had the opportunity to take risks in your life, the idea of starting something new might be scary. Still, you should know that if you’re not willing to take significant steps, you will have to settle for less.
The perks of building a new home
When it comes to renovating vs. building a home in 2021, both options have their advantages. Renovation might sound like an easier thing to do since starting something from scratch can be scary. But, have in mind that both solutions require a lot of planning and decision-making. However, not many of us get a second chance, whether it comes to life or building the house of our dreams. Therefore, you are blessed with limitless options to create the perfect haven for yourself. You should consider this option if:
- you have a great piece of land that would be perfect for your new home,
- your needs require a bigger house (for example, a growing family)
- you’ve considered implementing new technology that requires upgraded electrical systems,
- your current home needs serious investments when it comes to remodeling.
Another thing in favor of building is the idea of starting anew in a healthy environment. Using sustainable building materials will not only be great for you but the planet as well! Green solutions are a popular choice when it comes to investing in the future. With sustainable and energy-efficient materials, your utilities and maintenance costs will be much lower. Additionally, your home’s value will increase if you ever wish to sell it.
Why not both?
When considering renovating vs. building a home in 2021, it’s important to note that both have their pros and cons. The decision will depend entirely on your preferences, needs, and budget. However, there might be a way to do both. Instead of renovating, consider building a second home first. Owning two residential properties can benefit you. The investment will be nearly the same if your current home requires serious remodeling. Therefore, financing another property might be smarter. You can always turn one of them into a vacation or rental property and earn some money in the long run. That way, in a couple of years, you can invest your profit in the renovation.
Written by Sophia Perry – Edited By Ashley Pasquale
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