Build New Or Renovate The Old? Tips To Help With The Decision Process

Owning a home that no longer feels comfortable is a common problem for many households. Some households may feel uncomfortable due to growth in family size, while others may find that the current home's design and features have become a problem due to aging or mobility issues.

No matter the reason for wanting or needing a more comfortable home, homeowners may have to decide whether they should build a new home that will be a better fit or renovate their current one. If you are a homeowner in this situation, here are some tips to help with your decision making process. 

Budgetary influences

One of the most important factors to consider is how the expected cost of a new home construction or current home renovation will affect your family's financial health. If you plan to pursue building a new home and will need cash to begin the project, you may want to consider selling your current home and using your proceeds to begin construction while living in a rental home until the new home is completed. If you cannot find a way to cover the cost of new construction without taking on an uncomfortable level of debt, then remodeling your existing structure may be a better financial choice. 

Remodeling benefits

Remodeling can make the most sense for those who really like living in their current location. In addition to retaining the same address and circle of friends and neighbors, those who opt to remodel an existing home may be able to do so on a smaller budget by choosing to finish and repurpose existing spaces in their current home. 

For example, an attached garage, unfinished basement or attic space could easily be converted into a master suite, family room, or office space. Because the exterior structure is already in place, homeowners will not need to make expensive additions or changes to foundations, roofs, and exterior walls. 

New construction pros

Opting for new construction can also have many benefits. Homeowners who want a different style of home that will feel more comfortable or those that would prefer to move to a new school district or area can see real benefits in building a brand-new home. New homes can also be a better fit for those who have some sort of health or physical challenge because the design can be more easily customized to fit specific needs. 

Before making a final decision on whether you should choose to build a new home or remodel your existing one, take time to discuss your housing goals with a reputable home building and renovation contractor in your area. Contact a company that offers home renovation and new home construction services to learn more.