Residential Remodeling or Building a Custom Home: Which is Right for You?
The place you call home is where you spend more than a third of your time. That number could be even higher if you work from home, are retired, or are a stay-at-home parent. That’s why it’s so important to find that sense of Home, Sweet Home.
Maybe you've found you are living in your perfect home, but it needs a little love (or a lot of love) to make it exactly right. You find yourself with a decision to make. How do you know if it’s time to remodel or if you should start from scratch?
Deciding whether to embark on a journey for residential remodeling or build a custom home to your specifications is a daunting task.
Here’s a quick look at three factors to consider when deciding which option will be best.
Residential Remodeling Vs. CUSTOM Building
Both are viable options for your home, but which choice is the best for you?
There are many variables to consider. The most important thing you can do to make the right decision is don't rush — invest time and effort upfront to make the most informed choice and save yourself from future headaches.
Where do you start?
1. Consider Your Current Home
Is your home already the perfect place… except for one or two changes that would really make it ideal for the next five to ten years?
Also take into consideration the age of your current home. If your home is old enough, and if there are significant repairs to make over and above remodeling, it may cost you more than to start with a new custom build.
If your home is older and you love its character and history, remodeling may be your best option to retain the charm and features that can't be easily replicated in a new build.
The average homeowner stays in their home for about 6-10 years, establishing equity to roll over into their next home. Do you have enough equity in your home and/or will you gain enough equity before you sell to offset the cost of renovation?
Will you be able to live in your home during remodeling? Depending on the extent of remodeling and the size and needs of your family, it may be a challenge to live under the same roof with day-to-day remodeling work going on. Consider what short-term options (and associated costs) may be essential to get through a remodel project.
2. Budget is Key
How much money do you want to spend? Be realistic.
The benefit of defining a budget up front is like having a map in front of you to help guide you on the way to your destination. You will have freedom to say "yes" and “no" and even take detours along the way, with a clear understanding of the trade-offs in time and money.
Invest some time upfront to research the options to build new and the potential to get what you want through remodeling your current home. There will be differences in costs and timetable. Don't forget to include the costs for permitting, architectural design, and new furniture in your total budget.
3. What Are the Building Regulations?
Each city has its own regulations, or codes, on what is permitted for a residential building. Your design and building plans need to meet these regulations to obtain proper building permits.
These regulations are put in place for the safety and well-being of the community. Without the cities permission, you cannot build. It could be possible that what you want in your renovation isn't possible. If that's the case, starting from scratch would be best the best option.
What is Best For You?
With some research and honest decision making, you will be able to determine if residential remodeling or building new is the best option for you.
If you are looking for help understanding and taking on either of these options, contact us! We would love to make your dreams a reality.
Coastal Craftsmen Construction specializes in custom-built homes in Southwest Florida. For more information or to discuss a project, contact Coastal Craftsmen Construction today.
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