What Makes Sense For You New Construction or Home Renovations
Should you renovate the current space you are living in or go out and purchase a new construction home that has everything you could want? This question doesn’t have a one size fits all answer for all homeowners. One of the most important issues that plagues many homeowners the issue of location. Do you love the neighborhood you are in? What are the other homes like? Can you create the home of your dream within the neighborhood or do you risk pricing your home out of the area? Also consider if it makes economic sense to renovate over buying new.
Four Questions To Ask Yourself Before Committing to Renovations or New Construction
Can the desired updates occur within the current home?
Home renovations using the homes original footprint can cost up to fifty percent less than renovations that require a change in the structure of the home. If you are looking to convert or add on a garage check out the neighborhood. Are you sure that this will be viewed as an improvement within the space or a detriment? Sometimes an addition to an older home makes better sense economically as renovating an older space within the home means that you will need correct problems that currently exist.
Home remodeling can wreak havoc on the normalcy that your family is familiar with. Can you live through the construction of your space? There will be lots of noise, a variety of contractors and disruptions. If you are redoing your kitchen; how long can you live without a sink? These are important considerations before renovating an existing home.
Are the renovations that you hope to perform legal?
Check with the local H.O.A. and municipality to determine if the renovations you are looking to perform are legal. Are their requirements on how many stories a home can have? Do you need to be a certain number of feet from the property line? Do new renovations trigger requirements on existing elements in the home? Usually this occurs within the homes electrical systems.
Does the renovation make sense for the home’s value?
This is a major issue for many homeowners. Will you over value your home for the area you are in with the renovation you are looking to perform. Adding a custo9m kitchen in a neighborhood filled with starter homes really doesn’t make a lot of sense. The customization of a home’s kitchen can cost upwards of a hundred thousand dollars. This is not necessarily beneficial in a place where the most expensive home sells for a hundred and fifty thousand.