Deciding whether to remodel your home or to rebuild it from the ground up can be a challenging proposition. Rebuilding is usually much more expensive than renovation; however, the end results are more customizable. Here are five key factors to consider when determining whether to rebuild or renovate your home.
If you are working with a relatively limited budget, renovations can typically be done in stages to allow you to plan your expenditures more carefully. Rebuilding entails considerable expenses that must generally be paid upfront before demolition and construction begins. You should also consider the expense of temporary living arrangements during the project as part of the overall costs of rebuilding over remodeling.
Comparable Home Values
Spending the extra money to rebuild your home may not make sense if you are planning to sell in the next few years. This is especially true if your plans would make your home one of the most expensive in your local neighborhood; building a $1,000,000 home in a community dominated by $500,000 properties virtually ensures that you will not recoup the cost of your project at the time of eventual sale.
In some cases, rebuilding is preferable due to underlying structural issues that require extensive and expensive repairs. As a rule of thumb, if the cost of renovating and repairing the house to your specifications and to accepted architectural standards is more than half the cost of a complete rebuild, the rebuild will actually give you more for your money.
Customization and Control
Rebuilding can provide a fresh start and allow a much greater degree of control over the allocation and configuration of your finished living spaces. By working with a professional contractor, you can design your dream home in your current neighborhood. Remodeling projects, by contrast, are usually limited to cosmetic and minor structural alterations and do not offer the same opportunities for custom design.
Splitting the Difference
In some cases, adding on to your existing home can offer many of the benefits of rebuilding while keeping costs under control. When combined with a general remodeling project, home additions can offer a fresh new look to your living spaces and can provide you with increased space for entertaining and relaxing. Investing in a home addition can also increase the value of your home, making it a financially sound proposition as well.
The experienced professionals at Buster & Cogdell Builders will work with you to determine your priorities and create a customized plan designed to help you achieve your goals in the most financially sound way possible. Contact us today to discuss a rebuild or remodeling project. We look forward to working with you.