When it comes to your home, you want a space that is perfect for your family’s needs. Some can achieve this by finding a house that has everything on their checklist, or even building their dream home. Others use their current home as a foundation and renovate it to their specifications. But which is better: to build your own home or renovate your current home? According to the 2018 Houzz & Home study of annual renovation trends
, 58 percent of homeowners renovated their homes with a median renovation cost of $15,000. While renovations are so common, it is an expensive process and you may want more than what your current home can offer you. Building your dream home allows you to personalize everything, but it can be hard saying goodbye to your family’s home and location. There are pros and cons, whether you build a new home or choose to renovate your current home. Here are some of the things you should consider before deciding if renovating or building is the best choice for you.
The first thing to consider when looking at remodeling or building a home is your budget. According to Zillow’s annual Housing Aspirations Report
, 76 percent of Americans would rather renovate than buy a new home. Building your own home will be more expensive upfront, but may be more budget-friendly in the long run. If you spend $20,000 to renovate your home, will that increase your home’s value by that much? In many cases the answer may be no. Every home is different, so compare the value of your home to the amount of building a new home. At Holland Homes, we can evaluate the potential your home has with renovations or estimate building a new home for your family.
Your home’s location is a crucial part of your property value. If your home is in a prime location, you may opt to renovate instead of rebuilding in a new neighborhood. Location can add substantial value to how much your home is worth. If you are not in your dream neighborhood, then you may want to move to be in a more ideal location. You may also need to consider things like school districts, commute to work, and overall neighborhood safety before deciding on your home’s location.
Living in a Construction Zone
Renovations can mean living in a construction zone for a couple of months and maybe even longer. If you are willing to live in your home while there are construction workers, dust, and tools filling your house, then maybe renovations are for you. You can move out while renovating your home, but that will be another expense added to your renovation. When building your own place, you usually will not move in until you construction is complete. Depending on if you have small children or work from home, it might be more convenient for your lifestyle to build your own home without having to worry about living in a construction zone.
Cost of Moving
Besides the actual cost of building a new home, you will also have to add on the costs of selling and moving out of your old house. With this in mind, it may be less expensive to renovate your home
. You can cut the cost of moving and invest it in your renovation instead!
Planning For the Future
When deciding whether to renovate or build your own home you should consider where you want to be in ten years. If you plan on living in your home for at least that long, then you should do exactly what you want to customize your house since you will get extensive use out of it. If you know you will be moving on from the area eventually, then focus on renovating only the things that will return your investment in the future when you decide to sell. If you know in the future you will need a bigger home for your growing family, you may want to save that renovation money and put it towards building your perfect home.
There are advantages and disadvantages to both renovating and building a new home. Ultimately, it is up to your budget, location, and the needs of your family to make that decision. Whether you are renovating or building your dream home, Holland Homes can help you decide what is best for both your home and budget. We create custom homes for every type of family and deliver a unique experience. Call us today at 334-332-7157 to set up a consultation or browse our website to learn about our process
for renovations and building new homes.