The question of whether to remodel an existing home or build a new one from scratch is not new. We come across many homeowners and property managers stuck between the two, unsure of the best option to choose based on costs. It is entirely overwhelming considering the varying amount of information over the internet, which is why this article helps address the issue.
While we can offer expert tips on the question at hand, the final decision sits with you, of course basing on a few factors like budget, personal preferences, and other considerations. It’s almost cheaper to remodel than rebuild new housing. If money is a major concern, it’s more reasonable to look closely from this perspective. We also recommend consulting with our Beaver Building & Remodeling professionals for more information on remodeling. They are your go-to experts if you’re looking to redesign your kitchen, bathrooms, gutters, windows, plus anything on that line. They also give free estimates, which is mandatory for any building project.
Differences Between Remodeling and Rebuilding
Rebuilding or new construction is a pretty straightforward term. It generally implies designing and building from the ground upward. Before building commences, you and your team of architects, builders, and interior designers decide on the building design, positioning, and final touches.
On the contrary, remodeling is a bit less complex process in comparison with new construction. It typically means making structural adjustments to the existing space. A home remodeling can range from transforming a single room to modifying the entire area.
Cost of Rebuilding vs. Remodeling
Although remodeling often seems cheaper to its counterpart, the anticipated price is subject to change once the project starts. Unwelcome surprises are likely to occur, especially in cases of expansive renovations. You can come across unseen rot and mold, discover dysfunctional electrical elements, or detect additional structural issues. All these can propel the remodeling costs to unexpected levels. In this case, it would be far better to rebuild your home, but only when the renovation cost is considerably higher.
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However, in typical circumstances, the cost to remodel a home is generally twenty percent less than rebuilding, as per professional estimates. But rebuilding comes with more allowances and options. You can readily choose a new layout, a customized structure, how you would like the ceiling to sit, and how much square footage you intend the new housing to cover. These factors are a bit limited with remodeling, which might include merging two or more rooms, building a new kitchen and bathroom, or adjusting the ceiling height. Only that the square footage remains the same unless you start an additional project.
Among the significant advantages of remodeling is its flexible nature. You can scale your expenditure depending on your resources. You won’t have to complete the whole project within a day. Also, you can always start slowly, remodel the bathroom, then move on to the kitchen and other areas. On the contrary, building a new house commits you to the project until the job is completely done. It can be costlier to abandon a new construction halfway, as aging tends to catch up much quicker with exposed structures.
Factors to Consider When Choosing Between Remodeling and Rebuilding
Both remodeling and rebuilding considerably boost the property value and are excellent investments. But consider whether the amount you’re investing is fair compared to the returns the build has to offer. Is it affordable or worthwhile?
If you’re rebuilding, make sure the square footage conforms to your local Zoning and HOA restrictions, denying permits for houses larger than the compound can accommodate.
Are You Planning on Keeping or Selling the House?
If you’re planning for a long-term stay, consider structuring your house for long-term use. The best option is rebuilding a new house, given that your budget can allow it. A new home comes with new shingles that can last for about 20 years. The new painting can last for at least five years in adverse weather conditions and up to 7 years for moderate environmental factors. Given that most house components generally expire at an equal timeframe, having entirely new features for a start can work well for you.
Sometimes you already own a house in an impressive neighborhood, or your existing area of residence has no building lots, or the property value is at a lower state. In such a case, a few touches to the existing structure may be your best option.