When you’re in the market for a home upgrade, one of the first questions is: Do we remodel, build a new home or buy an existing home? That depends on several important factors.
Since this is a major financial decision with a lot at stake, we want to help make it easier. Here are four key areas to consider and a handy comparison guide.
Ideal Timeframe
Particularly if you’re considering a remodel of your existing home or building a new or semi-custom home, timing is an important factor. These activities will take more time than moving into an existing home. If you want to get on with it and get settled ASAP, it may be better to buy an existing home. If time isn’t a pressing issue for you, then remodeling or building is a possibility.
Once you factor your timeframe, the next area to consider is budget.
Available Funding
Building a new home typically costs homebuyers more than buying an existing home. Remodeling your home doesn’t necessarily require the same financial commitment as building a new home or buying an existing home, but the cost also depends on the complexity of your upgrades. Remodeling often improves your home’s worth and delivers a return on investment over time.
If you purchase an existing home, you should also factor the costs of updating the layout, decor, appliances, fixtures, landscaping, and more. Various elements in an existing home may not suit your style preferences. Whereas building a new home allows you to customize as you see fit.
Now think about where you want to live.
Location of the Property
If you want to live in a particular neighborhood, building a new home may or may not be an option, depending on the location. Consider how important living in a certain area is versus timing and budget.
Last but not least, consider how flexible you are with the attributes of your home.
Ability to Customize
Building a new home gives you complete freedom to control the layout and look of your home from the start. Even a semi-custom home can give you greater flexibility in that area. Remodeling also gives you some control, but you are often confined by the existing layout of your home and property size. Buying an existing home may require updates, so it fits your preferences.
For example, if you like an existing property, but it doesn’t have the ground-floor master suite or deluxe kitchen that’s a must-have for you, you may want to consider building or remodeling. Otherwise, you will likely have to spend time updating that property. Consider whether or not that’s a deal-breaker for you.
Now that you’ve considered some of the fundamental questions, review this comparison guide. It can help you dive deeper into important considerations as you make your decision between building, remodeling or buying an existing home.
Prestige Custom Homes is here to bring your vision for home to life. We want you to enjoy this exciting journey, so we’re ready to help you make the most of it at every step. Contact Us
