Our homes worked hard for us this past year. During the height of the pandemic, most of us were doing everything from schooling to working to playing to exercising at home. It’s no wonder so many homeowners are interested in remodeling after spending all that time cooped up inside!
As the costs of building, material shortages, labor demands, and rising prices are on everyone’s mind, how do you know what move is right for your home and your finances? Today, we’re going to weigh out the benefits of remodeling vs. building a new home. Keep reading for the four reasons why we think remodeling is the better option!
- Resale Value Remains High
As we face a low inventory of available homes, the value of housing continues to rise. Whether you decide to move or build from the ground up, you will face significant costs. However, remodeling means saving yourself the trouble of navigating this wild market! Skip the stress of moving, and reinvest that money in your current home. It will pay off when you are ready to sell your home further down the road!
- Low Interest Rates
Another advantage to staying put and remodeling? Interest rates are historically low right now. From taking out a personal loan to home equity loans to home equity lines of credit, there are plenty of financing options to choose from! Get in touch with your lender to learn more about your local resources.
- Bigger Builders Can Limit Options
When working with a big builder, there’s often a big difference between fully and semi-custom homes. Unless your budget allows for a completely custom home, you may find your material and finish options fairly limited and lower in quality. Remodeling allows you to select whichever products and materials you love instead of starting over with builder-grade finishes.
- Shortened Timeline
There is no denying that planning and executing a remodel takes far less time than building an entirely new home. Instead of waiting months or up to a year to get into a new home, you could spend half that time perfecting the one you already own! Not to mention, duking it out in this competitive housing market could mean making countless offers over asking price before you’re lucky enough to succeed.
- More Cost Effective
When you get down to it, remodeling is more cost effective than starting from scratch. There is simply no comparison between building a new home versus working within your original footprint or adding a small addition. Material prices may be higher than usual, but remodeling still requires less of them than creating an entirely new home!
Are you ready to start planning your own remodel? Reach out to our team anytime; we’d love to help you get the ball rolling!