“Should I remodel my home or build a new one?” This is a question we hear a lot. With so many great neighborhoods to choose from in Cincinnati, the question can be a bit of a gray area. You could love the community you’re in but not your home, or you could love the home you’re in, but not the neighborhood. Either way, it’s a tough decision that will ultimately be up to you; however, here are a few things to consider to help you make this difficult choice.
When should you consider remodeling?
You love your neighborhood/neighbors.
Almost nothing can replace the comfort of your neighborhood and the strength of friendships. Suppose you and your family have strong relationships with the neighbors around you. In that case, it might be best for everyone to stay put and invest in a thought-out remodeling plan.
Moving would mean a change in schools for your children.
Kids go through a lot while growing up. Not only are they learning about the world, but they are also learning about themselves. This involves changes that can make them feel unbalanced. Having a stable and secure home and school life can help kids feel safer and happier. If your kids are comfortable in their school, it might be best to remodel.
You like your current home with some exceptions.
If the things within your home that irritate you are small or if the things you love about your home outweigh the things you hate, it could be a sign that you need to contact a contractor to remodel your home.
You would rather invest money in your home than in closing costs and moving costs.
Moving isn’t cheap, so while listing out the pros and cons, be sure to include the closing and moving costs. If these will be higher than the investment needed to remodel your home the way you want it, it might be wiser to remodel.
Property values in your neighborhood are rising.
If the other homes within your neighborhood are rising, staying put and investing in your home could mean more value in the long run.
Don’t forget to add in the emotional value of your home. While homes and property values involve many numbers and calculations, emotional attachment isn’t something to ignore. Growing and building a family is a precious thing, and many of us attach that feeling to our homes. The kids learned to walk, you had your first anniversary here, or the grandkids played under those cabinets. Don’t shrug those feelings off, but add those to your list and allow them to be a considering factor while deciding.
When should you consider building new?
Existing homes are available in a neighborhood you like at a reasonable cost.
If there’s a perfect home in the ideal neighborhood at a reasonable cost, go for it. Finding the perfect house can sometimes feel impossible, so when the opportunity presents itself, you might want to go for it.
The cost of remodeling your existing home will far outpace its resale value.
Remodeling costs can add up quickly; if the numbers between remodeling and resale value don’t add up, it might not be wise to remodel the home.
You want to live in a home with an exceptional view or unique amenities that cannot be added to your existing home.
It’s almost always possible for construction companies to add dream amenities to a home, but sometimes it’s not. If there are unique features you want within your home that just won’t fit into your current one, it might be time to make a move. Similarly, while remodeling projects can
sometimes change a home’s look entirely, there’s not much we can do to get you a better view of Downtown Cincinnati. If there’s a view you want, that might be a sign that you should move instead of remodeling.
So, how do you evaluate your situation?
Do a little homework regarding the trends in your neighborhood by looking at the housing values around you. On the one hand, if your house is already priced at the top of the market, you may not be able to recoup the cost of extensive remodeling. On the other hand, if your home is valued lower than those around you, you may experience a significant increase in appreciation through well-planned remodeling.
Building a new home also requires a lot of homework. Ask yourself what your family’s needs are concerning space, location, lifestyle, hobbies, and commutes. What kind of community appeals to you? What are the trends in the neighborhoods you would consider building in and, how much will it cost to build and relocate to a new home? Don’t forget to figure in the costs not directly related to the construction of your new homes, such as closing costs, property taxes, and moving expenses.
Remodeling and building are both viable options, and each has its advantages. There is no substitute for good research when assessing the trends and history of home values in your neighborhood. You should consult with a professional realtor before making your final decision. Creative Contracting can also provide you with an evaluation of the potential costs of either option.
