If your needs have changed and your current home no longer meets them, it’s time for a change. Deciding whether you should invest in a significant home renovation, buy or build a new home can be challenging. Here are some things to consider when making this tough decision.
Where do you want to live?
If you love your location and can renovate your home to suit your changing needs, staying put might be the best idea for you. Consider your location, and it’s proximity to schools, work, parks, and other services. Do you have good relationships with your neighbours or are you tied into the community? These things are possible in a new location but might take time to develop.
Talk to a licensed home builder like By Design Construction. They can help you determine if a duplex can be built or perhaps if a laneway home can be built on your current lot or suggest a new neighbourhood that will meet your needs.
What is the condition of your current home?
A contractor can inspect your current home to make sure it doesn’t have any major issues. Problems with outdated framing and joists, electrical systems, and foundation issues could factor in your decision to renovate or build new. If your home doesn’t have good ‘bones’ and will require extensive work to get it into good shape before the big remodeling project even starts – you might want to consider starting from scratch and building a new home.
What is your budget?
If you have a budget worked out for your home renovation or new home build, it can help you decide the next course of action. With financing in place, you can get a cost estimate to remodel while pricing out a new home build on a new or your existing lot. It would help if you considered the costs of building and moving vs. the cost of renovating and staying.
Determine the costs of selling and moving. That includes realtor fees, storage, movers, cleaners, taxes, and sometimes having to rent a place temporarily. Moving is also time-consuming and stressful. If you’re embarking on a significant home remodel, you should consider the remodel cost plus additional costs. If the remodel is extensive, you might not be able to live in the house during construction. Do you have somewhere you can stay, or will you have to rent storage and suite elsewhere? These are all things that should be included in your budget plan.
What is the return on investment?
For some, the value of staying in a neighbourhood they love is enough return on investment. Others might want to see that value added to the price of their property. Get an appraisal of your home before and after the project. A contractor or real estate agent can help you with this. If a monetary ROI is essential to you, you should invest in renovations that recoup more of their cost at resale. These renovations include exterior improvements, kitchen, and bathroom renovations.
Whether you decide to renovate or build a new home, By Design Construction are custom home builders that can offer guidance and cost estimates. The best place to start is with a conversation.