New Home Vs Remodeling: Which One Is The Best?
[BLOG] Published: 2021-01-04 - Updated: 2022-05-17
New Home Vs Remodeling: Which One Is The Best?
What do you do when you realize that your home has gone out of fashion in terms of design and style? Well, you’re likely to have two conflicting options: a new home vs remodeling.
And none of the two options is superior to the other, but all depends on an individual’s choice and preference.
Unlike clothes, furniture, and cars that can easily be updated when out of date, the debate on a new home vs remodeling is complex. And it could be endless due to the ups and downs of each process.
Now, which option will you go for: new home or home remodel? Think of that for a moment.
If you feel torn between the two options, you can consider the following factors to make a sound decision.
New Home Vs Remodeling: Go For What You Want The Most
Before you consider remodeling your current home or moving to a new home, the choice you’ll make is dictated by what you want out of your current home and the length of time that you’d take in the new update.
Even though it could be tempting to ask yourself whether remodeling would be cheaper than buying a new home, it’s imperative to take into account your greatest dislike and likes of your current home. In addition to that, consider the reason why you want a change.
For instance, a family with many growing children that has all the kids grown up and left for their homes will have two opposing needs.
In the case of a family where kids are no longer under their parents’ roof, the two lonely parents are likely to convert unused space into a larger room for entertainment.
On the contrary, a family with many growing kids will likely consider converting an unused room into an extra bedroom.
Sometimes, you may consider an extra room to install a hot tub or just for adding a large bay window and have a great view.
If you are in a house that has fewer rooms to support your lifestyle, you may consider moving into another house instead.
What’s the point home? Knowing what you want, your budget, and the timeframe can give you a sound basis for whether to move to a new home or remodel the existing house.
New Home Vs Remodeling: Equity And Interest Rates Matter
Even though most of the homeowners stare at the incredible benefits that a remodeled or new home could provide, there is also a strong need for firm financial support to get things done.
Since many mortgages contain a clause that limits what you can do in your home, you may, at times, lack absolute freedom to build a new house or remodel the existing one.
For instance, some clauses may stipulate whether or not to bring down your home and clear the land for a rebuild.
Some clauses may stipulate how soon you can begin the rebuilding process. And sometimes, the lenders may prohibit the demolition of your existing home. Not to mention, other lenders may also ask to be included in the planning process.
Why are all these clauses coming into play? You may ask. Well, the answer is pretty simple: you want to demolish the security that your lender or bank has for your loan.
Before you bring down your home, it’s imperative to note that demolishing your home can also impact negatively on your equity. When your equity shifts to a negative value, you risk being unable to use the home equity product for a significantly longer period.
In most cases, rebuilding a new home requires a lengthy process that may be tiresome and even costly. In addition to the lengthy processes involved, building a new home may require a colossal down payment to the bank or lender before you can proceed with any construction work plan.
When it comes to the issue of interest rates, you should consider the interest rates charged by your lender, as this may change how you repay your loan.
Under such circumstances, carrying out a remodel can be the most appropriate way to go as it may not call for overwhelming paperwork.
Consider Time Frame
Before considering a home remodel over a new home, you should establish how long you can afford to be away while the remodeling activities are ongoing.
However, this isn’t a problem when your remodeling task is done by top-rated remodeling companies in Texas, such as Smart Remodeling LLC.
This company will always establish a thorough work plan to ensure you still enjoy the comfort of your home even as the remodeling works are ongoing.
And therefore, you wouldn’t have to leave your home, thus saving the costs that could have otherwise been incurred if you moved to another place to give room for remodeling.
If you’re to go out, then you have to prepare for being away from one week up to about ten weeks, depending on the size of your project.
And in most cases, a single remodel project may require multiple remodel tasks to be completed. Therefore, you have to be well-prepared in advance.
On the other hand, building a new home takes time and huge sums of money. Besides that, it’s obvious that you’ll find another home to live in for at least six months as you wait for the new home to be done with the finishing touches.
Therefore, if you’re not comfortable with the cost and temporary stay elsewhere, then building a new home could be an option.
How Green You Want To Be
The question of how old you’d want to be can also be a determinant of whether to opt for remodeling or a new home.
When it comes to going green, remodeling is essential in gaining access to some key innovations that are vital in the eco-friendly space.
Such innovations are applicable in sidings, windows, and appliances. But you won’t be able to make enormous structural changes such are installing a new generation HVAC system to replace the whole ventilation.
On the other hand, building a new home will offer you endless opportunities to make your home green. When building a new home, you can ensure that each wall is lined with high-efficiency insulation.
Either remodeling or a new home can be the best option depending on your financial capability, the extent of change required, and the timeline of the project. If you’re planning for a remodel project, Smart Remodeling LLC will get it all done without hassle.
Contact us today, schedule a free consultation, and get free expert advice.