Examining the Costs: Remodelling vs New Home

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Are you trying to decide whether to remodel your home or start building a new one? Perhaps you just moved into an old home, and you’re trying to decide if a home renovation makes sense or building a new one. Whatever your reason, this article aims to help you figure out which option is more affordable. And this decision requires more than just looking at the price tag. There are several factors to consider, and we will be examining all of these below.

Home remodelling – Is it the better option?

Home remodeling allows you to keep part of your home and make changes to it. This is particularly beneficial if you’re attached to a particular location or sentimental value of the house. Home remodeling can cost you approximately $75-$250 per square foot. That means the cost of total remodeling of a 1500 sq ft house is about $112,500 to $375,000. It should be noted that remodelling costs depend on the scale of changes and upgrades made. So it could be much lower or even higher.

Should you build a new home?

The average cost of building a new home is about $100 to $200 per square foot. But again, the price depends on several variables, such as the location and the builder’s fees. A 2,500 sq ft home building cost can range between $250,000 and $500,000. Building a new house will afford you the chance to design the house to your taste. You’re less likely to have unexpected repairs and maintenance issues as well.

Which is more expensive?

It’s easy to see that building a new house can be a little more expensive. But if you consider the issues with home repairs and maintenance in the long run, building a new home is more cost-effective. Many newly constructed homes come with warranties that last for a few years, and that can save you thousands of dollars. With home renovation, you’re more likely to run into issues since some areas of the house are still old. And you might need more upgrades than initially expected, incurring more costs.

Home renovation or home building. What’s your priority?

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Your ultimate decision depends on your priority. If you value familiar and sentimental value more than anything else, home remodelling is undoubtedly the recommended option. But if you have future cost savings in mind, building a new home is better in the long run. Building a new home could also be a better option if you plan to expand your family, need more space, or want a better location.

Avoid DIY work, engage professionals

It’s essential to remember that the construction of a safe, comfortable, and durable home should be left to professionals. Home remodelling experts can help you craft the perfect design tailored to suit your tastes. They can also guide you on cost-saving strategies or help you leverage available tax incentives. And when it comes to home building, nothing can replace the expertise and experience of professional builders. By hiring experts, you’ll ensure that your home is well-constructed, energy-efficient, and cost-effective.

In conclusion, both remodeling your home and building a new one have their pros and cons. Deciding between the two involves careful consideration of all the factors discussed here. Your budget, location, and priorities will play a significant role in making this decision. But regardless of what option you choose, engaging experts in the construction industry will save you money, time, and a lot of headaches. Take the time to research and set your priorities and be sure to work with reliable professionals who can deliver on expectations. Check out our finished projects or contact us to find out which option is better for you!