If you have recently noticed that it seems as though you are outgrowing your current home, you may be wondering if the time has come to possibly either remodel your existing home or consider building a new home. Much can be said for both possibilities and a variety of factors will determine whether remodeling or building is the best option for your needs. You may find that remodeling your Austin home may be a better option in the following situations:
- You love your current neighborhood
- You enjoy your current home with only a few exceptions
- You have established an emotional attachment to your home
- Property values in your neighborhood are on the rise
- Your home has not yet attained peak value for the neighborhood
- There may also be situations in which custom home construction is a better option, such as:
- Lots are available in a neighborhood or area you like
- The cost of remodeling your current home would exceed its resale value
- You have a desire to live in a home with unique amenities or a special view that is not afforded by your current home
If you still find that you are not able to determine whether it is time to remodel or build, it may be time to do some research regarding the trends in your current neighborhood. Review the values of homes near your home. If you discover that your home is already priced near the top of the local market, it is quite likely that you would not be able to recoup the cost of a large remodeling project. In such a situation, it would make sense to go ahead and sell your home and begin consulting with a custom home builder in Austin.
It should be kept in mind that while building a home can provide enormous benefits, it also requires research in order to ensure that all of your needs are met. Begin by analyzing your family’s current needs in regards to location, space, hobbies, lifestyle, and commutes. What type of community or neighborhood appeals to you? What types of trends would you like to see in the neighborhood in which you would consider building? Cost is often an important factor for many people when weighing the choice between remodeling and building. There is often a misconception that a custom built home would be outside the ballpark in terms of budget. This is actually not the case. While building an entirely new home is obviously going to cost more than remodeling one room in your current home, if you have discovered that your entire current home needs a makeover, building could make a lot of financial sense. Ultimately, you will pay much more per square foot for a remodel or an addition to your home than building a new custom home. Furthermore, a new mortgage will likely offer a lower payment and interest rate than your current mortgage combined with an equity loan.
You must also carefully consider the return on the investment that you will receive for a remodel or addition compared to building a new home. An addition or remodel of your existing home should increase the value of your home. Room additions will typically increase the value of a home because it results in added square footage. Remodeling and renovations on the other hand only increase the value of a home a small percentage and even that can be based on your choices of upgrades. Time and convenience are also important factors to take into consideration when deciding whether it is in your best interest to remodel or build. Either option will take time for completion, but both options also bring their own unique set of challenges. If you renovate, you will likely need to live in the home while it is being remodeled. This could mean that there will be period of time in which you will not have access to important areas of the home. Additionally, there may be times when important services, such as water and electric, need to be disconnected. This is not the case when you decide to build a custom home, but you will need to think about whether you will need to sell your current home before you begin building a new home.
The decision to try and fix your current home or start from scratch and build a home that is designed to meet your specific needs and vision is a big one. If you are still not certain whether your best bet is to remodel or build new, you may find that consulting with a new home builder in Georgetown can provide you with the information you need to make a well informed decision that will benefit you for many years to come.