Deciding whether to build a new custom home or remodel your existing home depends on various factors, including your budget, lifestyle, preferences, and long-term plans. At Foundry Home Construction, we want to help our clients make informed decisions about what is best for their particular needs.
Should I Build a New Custom Home or Remodel my Existing Home?
Here are some considerations to help you make an informed decision:
1. Budget
The first step in deciding which is best for you is to determine your budget for the project. Building a new custom home will usually come with a higher overall expense compared to remodeling, as it involves purchasing land, staking the new home, excavation and pouring a new foundation, framing lumber / labor, exterior roofing, etc. Remodeling costs can vary depending on the scope of the work and the condition of your existing home, of course, which may include exterior renovation costs as well. You will want to contact your banker to get a pre-approval letter to understand the amount you can spend / are approved for on a new home or on a home improvement loan if you are not paying cash.
2. Current Home Condition
Secondly, assess the condition of your existing home. If it’s structurally sound and only requires cosmetic updates or minor renovations, remodeling may be a more cost-effective option. However, if your home needs structural changes to meet your needs, building a new custom home might be the better choice for you long-term rather than going to the expense of costly updates. When making home improvements, you will want to consider whether you would be over-improving your home for the area as it can be challenging when you are the highest-priced home in the area to get the full value of the renovations that you put into your home unless you plan to stay for a while.
3. Location and Lot
Consider the location of your current home and whether you’re happy with the neighborhood condition and attributes. If you love your location and have a large lot and mature trees / landscaping, then remodeling may allow you to stay in the same area while still getting the upgrades you desire. On the other hand, if you’re looking for a change of scenery or want a different neighborhood with added amenities like a neighborhood clubhouse w/pool, golf course, neighborhood park, etc. then building a new home may be preferable.
4. Personal Preferences
Think about your lifestyle and preferences. Building a new custom home with Foundry Home Construction gives you the opportunity to design a home that perfectly suits your needs and style preferences, from layout and features to materials and finishes. While remodeling with Foundry Home Construction would allow you to update your current home to better reflect your style and preferences, but you may be limited by the existing structure and layout based on the lot size and building envelope. Also, if your current home is a two-story and you want a primary bedroom suite on the main level, your needs may be better accommodated with a new home as these changes may require major structural changes.
5. Timeline
Consider your timeline for moving into your dream home. Building a new custom home typically takes longer than remodeling, as it involves the design, permitting, and construction process from scratch. If you’re looking for a quicker solution, remodeling may be the better option however, it is also more intrusive if you decide to stay in your home while it is being remodeled which is important to consider.
6. Future Plans
Think about your long-term plans and how they align with renovating or building a new home. If you plan to stay in your current location for the foreseeable future and are happy with the layout of your existing home, remodeling may be a wise investment. However, if you anticipate needing more space or a change in lifestyle preferences and are dreaming of building your dream home from scratch, building a new custom home with Foundry Home Construction may be the better choice.
Ultimately, the decision to build a new custom home or remodel your existing home depends on your specific circumstances and priorities. It’s essential to carefully weigh the pros and cons of each option and consult with the professionals at Foundry Home, to help you make the best decision for your situation. Our goal at Foundry Home is to help streamline the decision-making process for you with one team of qualified experts. Give us a call to get started today: 402.991.2651 or email us at [email protected].
Foundry Home Group – Interior Design, Construction and Real Estate Omaha, NE
Designing, Building, Remodeling and/or Finding homes for our clients to live and work within which are functional, comfortable, and equally inspiring is what we do best! Our team focuses on helping our clients accomplish their design, construction and real estate goals with one team of experts. Utilizing our collective skill sets allows us to make a greater impact toward improving the quality of our client’s lives.
If you are looking to design a home, build a home, remodel a home, buy a home and/or sell your home in the Omaha, NE metro area, trust our Omaha, NE designers, builders and realtors at Foundry Home Group to get the job done. We specialize in interior design, new construction, home remodels, furnishings, investment properties, real estate and more!
Contact us today to learn more about Foundry Home Interior Design, Inc, Foundry Home Construction, LLC and Foundry Home Realty Group I BHHS Ambassador Real Estate or click here to view our website.
