If your Twin Cities home isn’t fitting your lifestyle it might be time to consider whether to remodel your home or build new. Now is a great time to do both. Interest rates are still at historic lows and this is a great time of year to start planning either project. So how do you know if you should remodel your current home or build a new one?
There are many things to consider when deciding between remodeling your home and building a new one. Of course there are no easy answers and each family will have different reasons for wanting an update or a new home – the decision and answer is unique to everyone. But, these factors can play a role in determining which is best for you and your family.
Remodel your Home or Build New?
Current Home Condition – What is the condition of your current home? Is it structurally sound? Do you have water damage? Some homes aren’t worth remodeling. The cost to bring them up to date with modern technology, safety and convenience would be prohibitive and building new might actually be less expensive. Some homes are in such poor condition that a remodel isn’t recommended. Of course you can’t know that until you have a professional home remodeler take a look at the foundation and structure of the home.
Location – Depending on where you live the odds of finding a lot in your current location is slim. Of course you can do a complete tear down and rebuild, many homeowners around the Twin Cities are doing just that, but you will need a place to stay while your home is being renovated. If you like your current location because of the schools, playgrounds and community, but want an updated home you might be better off talking to a remodeling professional about the ways you can update your home with modern conveniences and energy efficient amenities.
Lifestyle – How do you want your home to fit with your lifestyle? If you’re family is growing you may need more space. An extra bedroom or adding a play area in the basement might solve your growing pains. If you are a couple whose children have moved out but you want to remain in the home, turning a bedroom into an office, fitness room or spa-like master bath might be a wonderful option. Especially if you prefer to stay in your current location.
Budget – The bottom line is your bottom line. What does your budget look like? Generally speaking a remodel will cost less than building new. When people remodel their home they usually renovate one or two rooms keeping the cost a fraction of what building a completely new home costs. If you are most interested in updating your home so you can entertain more often and conveniently it might be better to remodel your kitchen and living space than to make a move to a new custom home.
These are just some of the things to consider when choosing between remodeling your current home or building a brand new home. Of course, Pratt Homes and Pratt Remodeling can handle all of your home needs. Download our free home remodeling guide to start your research and then give us a call at 651-429-8032 and we’ll help you sort through the decision process.