Fix It Up Or Buy New?
Most of us have wondered at some point if it makes more sense to remodel our existing home or build a new home. This can be a difficult decision to make but if you breakdown the process the answer could become quite clear. Here’s some quick tips to help you get started.
There are many factors to consider when deciding to start from scratch or just renovate your current home. First, you will need to consider what you are trying to accomplish? Are you looking for more square footage, upgrade systems like electrical or plumbing, or are you ready to change out the color of the granite countertops or add hardwood flooring? Outline your budget for either building a new home or how much you are willing to spend on your current home. Consulting with a local real estate expert on what a new home would cost based on your wants and needs or how much they would suggest investing in your current home. This is a very important part of the process and you will need to ask yourself how long you plan on living in your current home or the new home. This will determine your return on investment and if it makes sense to choose one over the other.
Gather all the people who will be involved in the decision-making process and talk budget as well as what everyone would be willing to compromise on. Staying on task with your budget will save you a lot of stress and anxiety no matter what you decide to do.
Now, decide what you are trying to accomplish? Are you wanting to completely remodel and replace carpets, a full kitchen reno, rearrange the current layout or add a new master bedroom? Is your home structurally sound and are there any environment concerns such as possible asbestos or lead paint or do the electrical systems need a major overhaul? Knowing these are possible budget busters ahead of time will set some realistic expectations.
Related: Explore Eagle, Idaho
Maybe starting fresh is what you are looking for? Deciding to build at first may be a bit intimidating but doesn’t have to be if you are armed with the basics. Gather ideas, floor plans, pictures of homes you like and start going to open houses when you can. Seeing what is available and walking through new homes will allow you to see what you like and don’t like. Call your agent and let them know you would like to start interviewing builders. Show up to the meetings with your budget, keeping in mind construction loan costs, your wants and needs list and a wish list of things you might want to add. You are going to be very involved in the process from start to finish so finding a builder that clicks with your personality, answers your questions completely and explains their processes is crucial. Don’t necessarily go with the cheapest builder but find one you know you can work with for at least 6-9 months. Ask to tour some of their homes and even get references. Do your homework.
Deciding what is best for you and your family is key to making what is potentially one of your biggest decisions in your life. Arm yourself with realistic expectations, be honest about your budget and surround yourself with people who will work together to make your dreams come true.
