At Drippé Homes, we understand how difficult it can be for a homeowner to decide whether to remodel their current home or look for a new one. They have invested so much money, resources, and time in what they thought would be their forever home. Just the thought of saying goodbye to their home might unsettle them. This experience can feel confusing and overwhelming.
As experienced home remodeler, we’ve seen people regret making the wrong decision simply because they didn’t have the right information from the start. To help you avoid that, here’s a clear comparison of what remodeling and buying a new home involve, along with guidance to help you make the right choice for your needs.
How Remodeling Benefits
Most homeowners actually choose remodeling over moving when given the choice, until space or location becomes a reason to move. To know precisely how beneficial or risky remodeling your current home could be, it’s best first to understand the pros and cons. Let’s see what it takes for homeowners to remodel their homes instead of buying a new home.
Potential For Higher Value
It’s well known that strategic remodeling can significantly increase a home’s market value. This is especially true when high-ROI projects like kitchen and bathroom updates and garage door replacements are chosen, which can yield up to 90% ROI.
Customization
Based on your specific needs and preferences, you can tailor your home space to enhance its livability. It’s up to you what kind of customization you want for your home. Whether you want enhanced functionality, greater energy efficiency, or increased home value, home remodeling can deliver all of these.
Budget Considerations
We all know how much more economical it is to remodel a home than to buy a new one. However, there are several budget considerations you, as a homeowner, should keep in mind when planning a remodel. A remodeling project is subject to hidden costs, such as structural repairs, delays, and rising material costs.
Riskier Investment
While home remodeling can look enchanting, you must be aware of the potential risks involved. Not all renovation projects provide a good return. You might be aiming to implement customizations beyond your neighborhood’s standard or focus on highly personalized projects. Know that doing so carries the risk of reducing your home’s market value.
Better For Those On A Tight Budget
For those who have accumulated funds for their home and are willing to stay in the exact location, remodeling can be a more financially sound option. This saves you from leaving your place and paying today’s high market prices.
Why Buying A New House Is Better
Before you decide to renovate, consider the advantages of buying new. Remodeling can’t change your home’s location, lot size, or access to neighborhood amenities.
Predictable Costs
While hidden fees like closing costs and moving expenses are associated with a new home, the overall upfront costs are often more predictable.
Modern Features
Buying a new home means accessing a living space that’s already equipped with modern layouts and appliances, which can save you time and stress by avoiding renovation. You get enhanced functionality and access to smart technology that elevates your quality of life.
High Upfront Cost
While buying a new home may look appealing, it also requires a larger initial investment and can lead to higher monthly costs. This, as a whole, proves more costly than your decision to stay in your current residence, especially in competitive markets.
Less Customization
While new builds do present you with a multitude of choices, the scope of customization you get with them is usually much less. Lacking control over the final product may prove to be a shortcoming for many.
Remodeling vs. Buying New: Which Is Right For Me?
Remember, deciding between renovating vs buying a home isn’t always black-and-white. While remodeling does look captivating, it is, for sure, insufficient in many ways. Let’s look at the following factors to decide what’s best for you:
Consider Your Goals
Think about whether your current home still meets your needs in terms of space, layout, and neighborhood amenities, or whether a move would improve your lifestyle.
Analyze Your Finances
See if you can afford the potential hidden costs of remodeling, like structural issues, delays, and rising material costs, or the significant upfront investment of buying a new house.
Research Your Local Market
Find out and evaluate how your renovation decision will impact your home’s value compared to the cost of buying a new, updated home in your area.
Drippé Homes – Secure Your New Home With Us
At Drippé Homes, we believe there is no universally applicable option when deciding between remodeling the home or buying a new one. A clear distinction between the two options can never exist. While remodeling offers what many homeowners believe is the best of both worlds, buying a new home has its own advantages.
Remodeling lets you freshen your current home and bring it back to life. You no longer need to leave your current residency, and your present community relations stay intact, too. On the other hand, getting a new home gives you a ready-to-move-in residence with modern features and a new location.
Whether you’re ready to remodel your current home or have made up your mind to buy a new one, we at Drippé Homes can help you with both. You can explore our available speculative homes or contact us to transform your home. With over 20 years of construction experience as a home remodeler, we carry a wealth of knowledge. Based on our customer-first approach, we’ll help you get the results you are looking for.
