It’s not unusual for homeowners to find that their current home no longer meets their needs. You may be in the same situation. Maybe your kitchen is too small or outdated. You may need more bedrooms or bathrooms as your family expands. Perhaps you’re thinking ahead if you plan to “age in place” or need an accessible suite for older relatives. It can be challenging to decide whether building new vs. remodeling is the best solution.
Whatever your situation, there are usually three viable options to consider:
- Remodel your existing home
- Move to a home that better fits your needs
- Design and build a new home
Pros and Cons to Consider
Your home is likely your largest asset. Considering your family’s needs, lifestyle, and other important factors is essential before deciding whether moving, building new, or remodeling is best. Before making such an important decision, it’s essential to consider the pros and cons of each option.
Advantages of Remodeling
- You don’t have to leave if your family likes your current neighborhood and schools.
- You avoid the hassles and costs of house hunting and moving.
- With the proper budget, you can turn your current home into your dream home.
Challenges of Remodeling
- Living in a construction zone isn’t easy. Depending on the type of renovation, your daily life may be significantly disrupted for long periods – especially if your renovation includes your kitchen or a bathroom.
- Unexpected problems. When renovating an older home, it’s common to encounter problems you weren’t aware of before walls were opened up. Plumbing, electrical, and other issues may become apparent once walls or flooring are removed.
- Limitations on square footage and floor plans. Despite what you see on popular home improvement shows, there are limits to what you can do with specific footprints. Local building codes may limit the size of additions and other work.
- Your return on investment must be considered. If you plan to stay in your home for the foreseeable future, a renovation is likely worth every dollar you spend. However, it may not be the best financial investment if you expect to move in a few years.
Advantages of Moving or Relocating
- If you don’t particularly like your current neighborhood, you can find one that suits you better.
- When the real market favors sellers, you may be able to make a significant profit.
- Moving may be easier and more convenient than renovating or building a new home.
- If you don’t have the budget or time to build a new home, buying an existing home may be best.
Challenges of Moving or Relocating
- Updates may still be necessary. Finding an existing home that ticks off your must-have list may not be possible. Unless you buy a brand-new home, chances are you will still want to do some updating to make it your own.
- Changing schools. Finding a new home in the same attendance area may be difficult if you have school-age children and you like your current school district.
- Finding a home in your desired neighborhood may take far longer than you anticipate.
Advantages of Custom-Built Homes
- If you have the time and money, new construction allows you to get precisely what you want.
- You can choose the desired location you want to live in.
- New construction can be built using more energy-efficient materials.
- You won’t have to worry about major repairs or upgrades for a long time.
Challenges of Custom-Built Homes
- It’s easy to go over budget quickly. The excitement of building makes it easy for people to go over budget. Establishing and sticking to a budget early in the process is essential.
- It takes time. Building a new home can take many months from start to finish. If you need to move quickly, a custom-built home may not be the right option.
- Finding the right home builder is critical. It’s essential to research and interview several home builders and select the right one for you. Building a new home is a significant investment of time and money, and the right home builder will make the entire process easier.
The Bottom Line
Building new vs. remodeling is a difficult decision to make. Each choice has pros and cons, and it’s important to weigh many factors, including your budget, timeframe, and your family’s needs. Building a new home can be an exciting and rewarding experience. With new custom construction, you’ll decide on the design, materials, fixtures, and appliances. It’s important to understand that new construction is generally more time-consuming and expensive than buying an existing home.
Renovations may be the right choice if your current home needs minor upgrades, or an addition would solve your space issues. If you like your current neighborhood and the option to add on is possible, an addition will likely be far less costly than moving or building a new home.
Buying an existing home can be complicated in the current market. Homes in desirable neighborhoods are continuing to sell above the asking price. By the time you find a home you like, it may already be off the market. Locating a home that meets your family’s needs and is in the right location may take months or even years.
Why Choose RT Construction?
RT Construction has completed residential and commercial projects in Missouri, Illinois, and Kansas with precision and quality for over 25 years. RT Construction focuses on healthy and sustainable home-building practices. We can help you weigh the pros and cons of building new vs. remodeling. We build new residential, custom homes built to your specifications.
The RT Construction Process ensures that our residential and commercial clients receive the best value and excellent customer service. We are licensed, insured, and bonded for your protection. Contact us online or call 636-317-5636 to schedule an appointment.