Are you looking for a change? A home upgrade might be a good idea if you need to accommodate a growing family, need more space or are just ready for a change. Now might be a good time for a home renovation or to purchase a new home altogether.
Kleefeld Construction in Winnipeg can help you with either a home renovation or designing a brand new custom home. They are general contractors that offer full home renovation services, project management, design and 3D renderings. If you’re wondering whether you should upgrade the home you have or start from scratch with a new home, here is some information that might help you make your decision.
Home Renovation Considerations
Type of home renovation: A ‘home renovation’ could mean many different things. You could give your home’s interior a fresh coat of paint or a complete overhaul that includes an addition or structural change. You can renovate on a budget and only change the things that are the top of your priority list or you can completely demolish your home’s interior and start with a clean slate, giving it a complete remodel. It all depends on what you want and how much you are willing to spend.
Financing options: Many homeowners choose to take out a loan on their home equity to pay for a major home renovation. A home equity loan is kind of like refinancing your house, but funds can be taken out as a lump sum from the loan or used when needed as a line of credit.
Cost compared to building a home: If you need more space or are unhappy with the layout of your home, you might find that purchasing a different home that better suits your needs is more cost-effective than a major home addition or remodel as you might not recoup all of your costs at time of resale. If you love your home and neighbourhood and would prefer to stay, this cost might be worth it to you and your family. This is something professional general contract can help you decide.
Stage of life: Remodeling might be the best option if you can’t afford to build a new home and will be spending an extended period of time in the home you currently live in. This way, you can change it to better suit your needs and increase your personal enjoyment of the home.
Home Building Considerations
Purchased land or infill housing: If you love your neighbourhood and want to build a new infill house on your current lot, you can expect to pay more to demolish your existing home and rebuild something new compared to building on purchased land in a different location. You should also consider that building a new home from the ground up is usually more expensive than a complete home remodel.
Financing options: In most cases, building a new home will require you to obtain a mortgage loan. There are several different mortgage types available. A home builder can put you in touch with a professional mortgage broker to help you choose the mortgage that will best suit your needs and help you find the best available interest rate.
Property taxes: You can shop around and choose a building location or community that will have lower property taxes than others. You can also purchase inexpensive land in an area where home values are generally low but are projected to increase in the future. If you choose to remodel your existing home instead of building and your property taxes are already high, you can expect them to increase even more.
Investing in the real estate market: Investing in real estate by building a new home could be a savvy move if you can sell it before mortgage interest rates increase or take advantage of rising house prices. When the market is good, you can sell a relatively new home for more than it cost to build it. If this is your intention, Kleefeld Construction can help you design and build a home that will shine on the real estate market.
General Contractors in Winnipeg
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