We’re all most likely in the same mindset that the last two years have thrown us for a loop in all aspects of our lives. From our perspective here at Burden Construction, we saw that the pandemic made homeowners view their homes in a new light. More time at home meant more time to focus on what they were missing in their homes and what they’d like to change. The construction industry like many others was hit with labor shortages and delays in production - which had us taking a hard look at what the best options were for our clients. With many of these challenges continuing into the foreseeable future, we examine how we can best serve our clients and their needs in the coming year and beyond. In this blog, President of Burden Construction, Brian Baker walks us through one of the most frequent questions from our clients right now.
Let's discuss the options
If you find yourself unhappy with your current home, it can be tempting to think that a new build is the answer. Perhaps your current space is just too small for your growing family. Maybe you have teens involved in every extracurricular and you are desperate for a mudroom to contain all the well, dirt. Or after spending so much time at home through the last two years, you’re dreaming of that master suite to give you your personal escape right at home.
If you find your once-perfect space is no longer meeting the needs of your home life, you have a few options to consider: you can prep your home for a sale and begin the journey of building new or create your wish list of what will fit into your family home - and remodel to meet your needs.
Before we start talking floorplans or new neighborhoods, it’s important to take stock of exactly how each option can best suit your needs - from your timeline to your budget - and you may start to see that adding a new addition to your current space may be your best decision.
When selling your house it's not just the initial price that is important - it also includes all those added expenses that aren’t necessarily top-of-mind.
Some things to consider:
How much does it cost to move?
To build or buy a new home, you’ll likely need to sell yours first. Generally, it costs around 12-15% of a home’s sale price to actually sell it. And if you are planning to upgrade in size, your new house will likely cost you significantly more in taxes, utilities, and additional furnishings.
New build cost:
Raw material costs have risen dramatically over the past year and the construction industry has been hit especially hard by supply chain issues, which lead to a rise in material costs.
With new building construction, you’ll need to carve out your site and plan an entire structure from scratch. Additionally, there are many other steps necessary before any progress can actually begin. The unglamorous side of home building - laying utilities like electrical wires or phone cables, weatherproofing exterior surfaces… the list goes on as do the added expenses. The delay in product delivery is increasing dramatically. Delivery times are often double or triple what they have been in the past. Those delays, while frustrating for progress, can also start to add up additional expenses. Considering the amount of work involved - the timeline for a new home build will be greater than that for renovations.
Let’s dive into the alternative.
How much does it cost to remodel my current home?
According to data collected by Home Advisor for 2022 - In the U.S. the average renovation costs $46,891 with the typical range being $18,009 - $76,499.
With equity in your home, you have the resources available to finance remodeling projects, which might be a better option than saving up for a down payment or waiting to see if the current housing market will allow you to sell with a chance of profit.
If you compare remodeling to new construction, it is often the quicker option. Unlike starting from scratch, many necessary elements that need to be installed into your project design such as plumbing fixtures for instance, or electrical sources are already part of your current structure. You can take advantage of their existence to make the build process go much smoother.
From a sentimental perspective, there are many pros to remodeling your current space. You may not want to leave the place where you’ve celebrated many milestones and created countless happy memories. The community and neighborhood you have become ingrained within don’t have to change and your current schedule and lifestyle can remain intact.
The best part of a home addition? Customization. You get to choose what materials and fixtures go into each room, which means you can bring more life into an area that needs some extra attention by making it functional for whatever suits YOU best.
Your home is likely one of your largest assets. So, it should meet your family’s unique needs. Remember, there’s no right or wrong answer; whether you’re working with what you have and remodeling or adding an addition, or building new, it depends on your individual needs, timeline and budget.
Whichever decision you choose - Burden Construction Company has been designing homes and home projects in the Lima area for 75 years, delivering exceptional craftsmanship, quality & professionalism that leaves our clients with the satisfaction of knowing their project was done the right way and will serve them for decades to come. Let us help you create a custom solution, give us a call at 419-999-1513 or click here to start the conversation.