When you look around the interior of your home, do you shake your head and sigh? Are you unhappy with how the kitchen currently functions? Do you dream of a quiet, relaxing, luxurious primary bedroom en suite? Do you page through magazines and tear out pictures of beautiful open floor plans? Is it time to move? Or are you debating the options of home remodeling vs. buying a new home?
Don’t be too quick to give up on your current home and start over in a new house. Unlike the old saying, the grass is NOT always greener on the other side of the fence. According to a recent Zillow report (Housing Aspirations Report), 76% of US residents would prefer to make changes in their current home rather than use their money for a down payment toward a new home. Supporting that theory, in a 2018 Houzz study, in 2017, 58% of homeowners renovated their homes instead of moving to a new residence.
There are many reasons to choose home remodeling vs. buying a new home. Many popular television shows on HGTV (Home Town, Love It or List It, Property Brothers, Design on a Dime, etc.) encourage the potential value of remodeling. It is undoubtedly the best way to have everything you want, increase the monetary value, and keep the emotional worth of the home.
Here are eight reasons you should consider home remodeling vs. buying a new home.
Read through them and see if you agree.
- Your Family has an Emotional Attachment to the house
Selling your home can be a highly emotional undertaking. Does the thought of selling your house make you cry? At least for now, are the memories too dear to move away? This is your home where you hosted family gatherings, your children took their first steps, learned how to ride a bike, and you celebrated birthdays, graduations, and anniversaries.
Additionally, you may have an incredibly charming house with Victorian, Craftsman, or mid-century modern touches you can’t find anywhere else. Keeping your home’s personality while updating it is something you won’t get in a newly constructed house. You can work with a professional designer to create the renovation that works for your family and keeps your current residence’s charm.
In that case, instead of selling, consider remodeling a few rooms versus reluctantly moving to a new location. If you truly love your place, it’s better to stay put.
Take Time to Enjoy the Updates when you remodel your home
When you decide to sell your home, your real estate agent will likely suggest making some updates. Minor changes, like freshly painting the rooms or adding flowers to the front porch, to major overhauls such as replacing all of the windows or switching out the kitchen cabinetry, can boost the house’s overall value.
Instead of doing that work for someone else, why not make those changes for you and your family to enjoy? Home remodeling vs. buying a new home means improving your home and quality of life instead of offering it to a new owner.
After spending the time and money to make updates before selling their home, many homeowners find they now prefer to stay. This is the entire premise of HGTV’s show, “Love It or List It.”
Remodeling vs Buying Allows You the Ability to Customize Your Living Space
Take the opportunity to transform your home into exactly what you need and want now and in the future. Your budget may be unable to manage a custom home built from the foundation up. So, why not take the home you already have and make it even better by remodeling it? Home remodeling vs. buying a new home means taking your existing home and designing a space to meet your family’s needs and lifestyles.
Take down walls to create an open floor plan. Add a home office. Expand your main living area to make it easier to entertain large groups. Design that cozy yet luxurious primary bedroom en suite you’ve always dreamed of. Finish the basement for your kids to have an area to do schoolwork, watch television, and hang out with friends. If you eventually want to age in place, consider the following renovations:
- Create wider hallways with room for wheelchairs
- Add grab bars and curbless, walk-in showers in the bathrooms
- Install a touchless faucet in the kitchen and an area with lower countertops
- Add lever door knobs, motion-activated lights, and easy-open drawers
- and other ways to stay in your home with a bit of help
Additionally, unless you, your brother-in-law, or your daughter is a professional contractor, electrician, carpenter, etc., don’t try to save on labor costs by attempting these major changes yourself. Always call in a professional. There’s nothing worse – or more expensive – than trying to DIY a project, botching it up, and then calling someone to fix it!
Skip the Expense of Moving When You Remodel
Let’s face it – moving is expensive. First, do you want to host a rummage sale? It will take time to decide what to sell and how much to sell it for. Then, add up the costs to update your current home before putting it on the market, and after you have a buyer, you “get” to pay the closing costs.
Before closing, you must pack all your belongings and pay a full-service moving company. Whether you’re moving across town or the country, an established mover can cost as much as $10,000. Even if you rent a big van and do it yourself, the total can still be nearly $1,000 with the additional cost of bubble wrap, tape, boxes, etc. Plus, you must convince your friends (or hire people) to help carry furniture and boxes with you. Are you sure you want to do all that?
Buying a new home also means that you may have to buy curtains for different-sized windows once you get to your new location. You’ll have to set up utility services or cable, purchase more/various lawn equipment if it has a larger yard, additional furniture if it’s a bigger house, and on and on. Frankly, your time and finances may not be worth the expense.
You can Renovate Without Taking out a Home Loan
Suppose you have enough funds in the bank to pay for a renovation and don’t have to take out a home loan. Good for you! This allows you to move forward with your plans without worrying about a second mortgage, increasing interest rates, or additional monthly payments. Improving your home without adding more debt can be very enticing for those with ample savings.
Your budget may be the deciding factor in whether you remodel or buy new. Frankly, a move-in-ready home costs much more than renovating. According to the Federal Reserve Bank of St. Louis, the median price for a newly built house was $317,900, with prices increasing daily. This is due to an uptick in demand and the cost of building materials driving up prices. Meanwhile, depending on the breadth of your remodeling plan, it can cost anywhere from $40,000 to $200,000+. That’s still $100,000 less than purchasing something brand-new.
Because it’s on a room-by-room basis, the cost of renovations can be much lower. When putting together your remodeling plans, you can also break them up into phases. Your budget can manage what you want or need to do one step at a time. Working with a professional designer and contractor can help you design a plan and find ways to save money, so you’ll always be thrilled with the end product.
Interestingly, the preference for home remodeling vs. buying a new home seems to get stronger with age. That’s partly due to homeowners having more savings and higher equity in their current location. A recent Zillow report asked 10,000 homeowners about their plans. Three-quarters of respondents preferred home remodeling vs. buying a new home. More specifically, 91% of retirees and 87% of people over age 55 prefer renovating rather than moving.
Make Your Property Safer When You Remodel
Whether you’ve lived in your home for decades or only a few years, make your property safe for your Family. It’s just as important as creating a more functional or prettier living space. Home remodeling vs. buying a new home means it may be time to:
- Update the heating and cooling system
- Check old electrical wiring
- Update old plumbing
- Add insulation to the attic
- Replace drafty, inefficient windows
- Repair a leaky roof
Before any money is spent on interior cosmetics, focus on repairs and maintenance. It’s not as fun as picking out new backsplash tiles or paint colors, but keeping your family safe and secure should be your top priority.
Home Remodeling vs. Buying a New Home Means Building Equity
Renovating your current residence allows you to improve your home and increase its value. Plan a kitchen/great room remodel, add a primary suite, or finish the basement to make your house more desirable right now and whenever you decide to sell it.
However, it is important not to over-improve your residence. Be aware of the other houses in your neighborhood and stay within the parameters. For example, adding a swimming pool, a three-car garage, or high-end finishes when no other residence has them doesn’t add value. Being the most expensive house in the neighborhood may scare away potential buyers.
When You Remodel Your Home You Choose Your Location
One of the most significant differences between home remodeling vs. buying a new home is where these houses are located. Most newly-built homes are in new subdivisions out in the suburbs. Suppose you prefer living in a more established neighborhood with mature trees or closer to downtown. In that case, you are better off staying in your current residence.
Location is based solely on your preference. Do you want a shorter commute to work? Do you like easy access to shopping, restaurants, entertainment, etc.? Or are you tired of all that and want the peace of country living with larger yards? It’s up to you.
There is something to be said about loving your neighborhood and your neighbors. A new house can’t replace feeling like you’re “home.” Think about the location before you uproot your Family.
So, what should you do? Is it time to move to a new place? If your current home only needs a few updates and renovations, it may be best to stay where you are. But before you make a final decision, talk with a professional designer and remodeling contractor.
Design Tech Remodeling
Do you love your home but want to make some changes? Should you finish the basement, so your family has more room to entertain? Do you need a home office that’s away from the noise and bustle of the kids? Is your kitchen too small and dark?
Then it’s time to contact Design Tech Remodeling. This award-winning remodeling firm can custom design your space and help your vision come to life. They have won awards from Milwaukee NARI and Houzz for Best Kitchen and Bath renovations and take great pride in their work.
Design Tech Remodeling was voted Best Kitchen Remodeling Company in the Greater Milwaukee area and surrounding suburbs by the general public.
The staff of Design Tech Remodeling is committed to high standards and a strict adherence to the Code of Ethics required of a NARI member. They are also committed to ensuring every client is happy with the outcome, from bathroom renovations and basement remodels to kitchen updates.
Located in the Greater Milwaukee community, Design Tech Remodeling works with homeowners across southeastern Wisconsin. Using their years of experience and extensive knowledge of the design-build process, you will be guided through the entire process from start to finish by their creative interior designers. This includes meeting with you and touring your home to develop a concept to match your lifestyle and goals. Then the professional designer will produce renderings and final drawings and help you to select products and finishes (cabinet styles, flooring, tile, et cetera). From there, carpenters, plumbers, and project managers will ensure quality craftsmanship and attention to detail throughout the construction phase. Design Tech Remodeling’s staff will partner with you to design and build the perfect finished project.
Contact Design Tech Remodeling for the most ideal, high-quality, luxury home remodeling contractor in southeastern Wisconsin. Trust your home improvement project to a multi-award-winning expert and start your dream home renovations today.