Experiencing home construction is a special journey in anyone’s life. The ability to select a home plan, choose a building lot and pick the color and products is a special life time ride.
New home construction offers you a quality of life that is available in any other housing option including remodeling or buying an existing home property.
The primary reason for this is that you have the ability to prepare and build a home that serves your every immediate need and the ability to plan for your future needs.
This serves you financially by being able to build your home financial equity without losing out to inflation when you sell and buy new.
But we understand that you need the resources to be able to build a new house, so we will discuss the different scenarios of determining to build new, remodel your existing house.
With your family expanding and lifestyle changing, there is a scant chance that you are going to stay in that small house of yours forever.
If you think your dwelling place is out of date and devoid of modern features, you should start planning along the lines of some sort of home construction investment.
However, homeowners who are looking forward to investing in real estate are pressed with a big question – ‘Which one should I choose between home remodeling and new home construction?’
Now, this question is not a new development and has been around for a long time. It is extremely valid question if you are at these crossroads and certainly deserves your attention.
But let us understand that this debate is never-ending. Further, there is no clear-cut winner between these two.
Whether you need to remodel or elect new home construction is completely based on your wants, desires, resources and personal situation.
However, stay assured of the fact that no matter which option you opt for, you can certainly choose the right professional to help you out.
Despite saying this, we will also ask you to bear in mind that not all contracting companies are created, run, and managed equal.
If you want to truly benefit from professional consultation, make it a point to choose the right general contracting company.
Be it new home construction or house remodeling, every house investment process is challenging and taxing.
And as such, finding the right guide is of utmost importance to make this journey worthwhile.
Are you wondering how to go about finding the right general contractor?
Remember, your project requirement will determine who you are searching for.
You can start by reading our blog and understand which type of a GC would be an ideal fit for your project. For more information, you can read our blog ” Understanding Different Types of General Contractors & Services“.
In this blog, we will help you understand the differences between remodeling and home construction through comparing these professionals and discussing the advantages of each as a resource.
Learn why a new home construction provides a better quality of life in Houston than the alternatives
We aim to answer your doubts thereby simplifying this entire processing of decision making easier for you. So, let us get started.
Understand Financial Implications
At the mention of house renovation or new home construction, an image of beautiful and modern home space strikes our mind.
Although this excitement is justified, you should stay practical and analyze your investment budget.
It is based on the availability of funds that you can decide between house remodeling and new home construction.
Should you want, you can apply for a home loan to finance your home construction project.
In Houston, you can avail of two types of home loans – one time close and two-time close.
In the first case, home construction loans and permanent loan terms have to be determined at the outset of the process, while in the second case, construction and permanent loans are distinct and separate loans.
Although a two-time close is slightly on the higher side of the price spectrum, you do not have to pay the closing costs twice by opting for this option.
Now, when it comes to the down payment, lenders typically want 20% of the overall price. Ultimately, the payment you have to make is determined by your current financial situation.
From these facts, you can certainly understand that home construction is an exhausting process that requires you to have a strong financial foothold.
There is no denying that a home remodel project has challenges as well, but the cost to renovate a house is usually less expensive.
Moreover, should it involve only a few trades, you may not even have to avail a loan and can finance it from savings.
But, if you are confused and not being able to take the right decision, you must consult with a reputable general contracting company.
After conducting a study and financial feasibility analyzing the practicality of your ideas, professionals can tell which one would be the best choice for you from a financial feasibility standpoint.
If the experts opine in favor of a new building, you can begin searching for home builders.
However, hiring the right professional is not a piece of cake and requires a well-planned strategy.
Instead of rushing the process, you should take it slow and be patient in your search for an ideal expert.
For more information, you can read our blog “Hiring and Working with Luxury Home Builders in Houston”.
Decide on The Basis of Your Time Frame
Having understood the financial repercussion of both processes, you have to next decide the time frame within which you would want the project to be completed.
While home remodeling can range from 7 days to nearly 15 to 20 weeks, new home construction is a protracted process that needs 12 to 24 months for completion.
Before you make a choice, analyze the time you can afford to spend on a project. For example, if you have only a few months left before your baby’s due date, we suggest you stick to the house remodel plan.
Chances are high that the renovation will be done before the baby arrives. That way, you can get all those extra spaces within your time frame.
If you are someone who has enough time in hand along with sufficient financial back up, be unhesitant to go for new home construction.
After all, there are certain perks of a new building that cannot be denied blatantly.
Although it takes time, ground-up construction lets you have greater creative control over your house project.
Unlike a house remodel, you do not have to plan within a rigid architectural framework and can strategize things your way.
However, if your house renovation work is of greater magnitude and includes several trades, you will have to settle with a longer turnaround time.
In such a case, the time frame required for a remodel and new building becomes almost similar.
So, it is clear that there are several variables at play when it comes to choosing the best solution to your house modification needs.
Location and Types of Restrictions
Analyze the current location of your house before you take your pick between the two options.
If your current home is situated in a vibrant neighborhood, it might not the right decision to leave such a location.
The reason being, there is no guarantee that you can access all these amenities from the prospective location of your future house.
Remember, finding a suitable plot in a vibrant location is a challenge due to the increased demand for the same among all homeowners.
In that case, we suggest you go for remodeling your existing house.
Yes, demolishing your present house for ground-up construction can be an option but doing so might involve several complexities.
Before initiating such a drastic step, you will have to go through mortgage clauses, consider financial liquidity, and abide by deed restriction regulations.
This is even truer for areas with stringent restrictions that limit the application of demolition.
To find a midway, you can simply contact one of the remodeling contractors and plan to get the most out of your house remodel plan.
Apart from location-related limitations, you must analyze structural restrictions. Some homes can be quite archaic and might not support a seamless transition to a new and modern space.
Moreover, without accurate as-built drawings, it can be difficult to study the existing features and scope of your current home.
That apart, you must also keep in mind a high-performance house is essential to support a sustainable way of living.
So, if you want to alter the unscientific design of your current house space, then going for a new building is the only option left with you.
Today, reputable general contractors follow green building codes and procure energy star house products to meet this imperative criterion of home construction.
If you are remodeling your existing house, you may have to make some compromises and continue living in a remodeled but an unsustainable house.
But when you go for new construction, you can build a green and sustainable house from scratch. Do you want to learn more about LEED-certified homes?
Wondering what LEED certification is all about? Watch our video and clear your doubts. Here’s the link – All You Need to Know About LEED Certified Homes.
Determine The Duration of Your Stay
Another way of reaching a conclusion is by understanding how long you would want to continue living in your current house.
If you have plans of relocating in the next six to seven years, you should invest in a house remodel and simply enjoy the time you are spending here.
Remember, home modification is the best way of maximizing your short-term gains due to its limited capital requirement.
After all, why would you make a massive investment if you are not intending to live here for the rest of your life?
There comes a time when every individual wants to settle down with a happy family and a secure job.
Such persons look for investing in new home construction and don’t have plans for frequent relocations.
For them, investing in remodeling would not be a wise decision. However, on the other hand, they can save by opting for a new building as there is no need to incur repeated remodeling costs.
If you have the same goals, you can begin planning a new luxury house now.
Given the vast magnitude of this project, you must plan thoroughly and seek help from a professional home builder.
Being an expert, the builder can adorn your new home with brilliant features. Want to know the exclusive features of a luxury house?
Read our informative blog and get your answers. Click here – What Are Some Defining Features of Luxury Homes in Houston?
Acknowledge Your Emotional Needs
Having talked enough about money and materialistic needs, it is time that we addressed your emotional needs.
Investing in a house project is an emotionally draining process for every homeowner. Choosing between a new house and the existing house is a tough call to take.
After spending so many valuable years of your life in this house, it can be difficult for you to sell it and move to a new place.
This is even truer for seniors who have sweet memories of their younger lives and also their kids in the present house.
Emotional attachment is something that cannot be measured or quantified. If you are determined to not leave your current house, you can go for remodeling ideas to improve its features and functionalities.
For that, all you have to do is contact the right contractor and strategize the plan. But, do you know that different types of remodeling contractors are operating in the house renovation industry today?
How do you distinguish between them and choose the right one?
Well, you will find all your answers here – Major Types of Remodeling Contractors for Your Home Project.
You can also be someone who is not satisfied with his or her current house and longs for customized living space.
Having said that, we do not mean homeowners belonging to this category are not attached to their present property; instead, they can be said to have a more practical mindset.
House space customization is the latest wave in the Houston housing market, so do not think you are riding its wave alone.
If you feel your existing house has structural issues and is not ideal for major alterations, you can invest in a new building and settle the matter once and for all.
After all, there is no denying the long-term benefit of home construction provided you are in a position to afford it from all aspects.
Wrapping It Up – Like said before, remodeling vs new building is a heated debate that shall last forever.
So, instead of trusting others’ opinions blindly, you should make your decision based on all the factors discussed above.
Added to that, we suggest you consult a professional general contracting company and get help from the experts who are the best in this field.
If you are searching for the right team of professionals, contact Marwood Construction to take the right steps and achieve your dreams with ease.
