This question is a common one we get asked all the time. Unfortunately, there is not a common answer! Everyone has different reasons for remodeling their current home, buying an existing home, or building new.
List the things you want to change in your current home, and then prioritize the items by: what you “need to have”, “would like to have”, and “the sky’s the limit.” (Make it a little fun)
Try to recall why you bought your current house – you loved the kitchen, the extra storage, neighborhood, etc. This exercise may help you determine which direction to head in.
Location is a big consideration for many people. If you love where you are at, then remodeling may be your best option. List the pros and cons of staying where you are or moving to a different location.
Remodeling is not inexpensive. It generally costs more to remodel than to build new. You never know what may be behind your walls or under your floors – what we call unforeseen circumstances. For example, a pipe was leaking that you didn’t know about and did major damage.
The best value option may be to find a home that has as many of the features you want and requires the least amount of changes. An advantage, move right in and no disruption from remodeling.
Remodeling can be messy and leave you without basic amenities for a few days, i.e. no bathroom, kitchen sink, etc. An experienced contractor will have a plan and ways to minimize these issues.
You want to be careful not to over-build your current home for your neighborhood. You want to be able to get your money out of it when the time comes to sell.
Building new can give you a more energy efficient, low maintenance home. There are many products and systems that are much more energy efficient than what you may have in your current home.