Should I Remodel or Build a New Home?
Is your house just not working for you anymore? If you’ve outgrown it or want to upgrade, you may wonder if it’s better to remodel or build a new custom one.
How do you start figuring out what’s best for you and your family?
There are many considerations to factor into your decision: financial, logistical, and emotional, to name a few. Read on for some help and guidance as you decide whether to renovate or build.
McManus Kitchen and Bath is a full service remodeling company with an in-house design team and showroom right here in Tallahassee, FL.
We work exclusively with homeowners to help them remodel using a design-build approach that saves time, avoids confusion and creates better results.
Remodel or Build: Financial Considerations
According to a study by Forbes, it’s almost always cheaper to renovate a home than to build a new, custom home. The national average for a remodel is about $100 per square foot. The national average for a new, custom-built home is $150 per square foot. And this doesn’t include the cost of the land, which will vary based on size and location, and whether or not it already has water and power to it.
When you build a custom new home, you also have to factor in such expenses as landscaping, which could range from a few dollars per square foot to almost $20, depending on the scope of work you want done.
There are other costs to consider as well. If you plan to sell your home and build a custom home:
- What do you need to do to get your current home ready to sell? Are there repairs (minor or major) that must be made?
- Don’t forget the commission cost that you pay to the realtor who sells your home: around 3% generally.
- You’ll need to buy the lot or land and pay for the building of the new home.
- Moving expenses can sneak up on you: hiring movers costs an average of $1,400.
If you decide to stay put and renovate your home, you’ll need to think about not only the remodeling costs, but also incidental costs like
- needing to eat take-out more often if your kitchen is under construction,
- the cost of staying elsewhere, depending on the scope of your remodel, and
- potential hidden costs that weren’t clear in the estimate.
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Hidden Costs
Depending on the contractor you use for a remodel, or for new construction, you may end up paying as much as 30% more for the final product than the estimate that was given to you. This is because many contractors base their pricing on educated guesses. At McManus Kitchen and Bath, we do things differently. We present you with an estimate and 3D rendering of your project and all prices are based on a cost database of actual remodeling costs. We also present you with a “good, better, best” cost breakdown of your options, so you can make the best choices for your family and budget. Our estimates are accurate to within 5% of the actual project costs.
Remodel or Build: Logistical Considerations
Finances aren’t the only piece of the puzzle though. When you’re deciding whether to renovate or build, you also need to consider logistical aspects. The place you call home impacts many parts of your life. It’s a big decision.
The Stress Factor
Moving is stressful. In fact, Americans rate moving as one of the top five stressors in life. Are you and your loved ones at a place where you can add some stress to your life for a while? If not, building and moving into a custom home may not be the best plan for you.
On the other hand, remodeling a home does have its own stressors. Living in a construction zone isn’t without its bumps. We have made the process as easy and comfortable for you as we can, but you can still expect some stressful times if you choose to renovate your home.
Can You Get What You Want?
If you’re remodeling your home, there is a lot you can do to improve it. You can change layouts, add on rooms for more space, knock down walls to open up the floor plan, and more. But some things cannot be changed or rearranged. It may be that it doesn’t make sense to remodel your house based on what you’re trying to get. With a custom build, you can get exactly what you want because you’re starting from scratch.
It’s About Time
It almost always takes longer to build a custom home than to remodel an existing one. On average, a remodel might take four to six months, while a custom home build may take ten months to two years. If time is a factor, remodeling is usually a better move.
Remodel or Build: Emotional Considerations
Our homes carry a lot of emotional weight: they hold our memories and dreams for the future, and they house our families and the things we love. Considering the emotional elements of the decision to remodel or build just makes sense.
Do you love your home? Do you cherish the memories of Christmas mornings, toddlers learning to walk, and kids doing homework in the kitchen? Maybe you want to stay in the place to which you brought your baby home from the hospital. Remodeling will let you stay in your beloved home and help it fit your family or stage of life better.
Or maybe you need a fresh start. Maybe it’s better to leave the place that holds your memories and start with a clean slate. If your kids have left home, you might want a place that caters to your new life stage. Maybe you’ve never loved your home and your dream home is now a possibility. Building a custom home may be the best move for you.
Location, Location, Location
It’s a catchphrase for a reason. Whether you love it or hate it, your home’s location is one thing you can’t change. So take it into account! If you love your neighborhood and school district and have an amazing commute, remodel and stay put! But if your location leaves something to be desired, it might be time to build. It can be helpful to make a list of the pros and cons of your location and see if it’s better to stay or go.
Your neighborhood and community play in here, too. You may want to remodel and stay in your current home because you have built relationships with your neighbors that you don’t want to lose. Or maybe your experience hasn’t been good, and moving would give you some distance between your family and a bad situation. It’s something to consider.
No Right Answer
There are many issues to consider when you’re trying to make the decision: should I remodel or build a custom home? We’re here to help. We can talk you through specific questions you may have and help you come to the right decision for your family. Our expertise in design build remodeling for Tallahassee homes makes us different from many contractors you might find. Contact us today and let’s talk about the pros and cons of remodeling your home or building a custom home for you.
