The age-old question of homeowners looking to make a change always boils down to deciding between restoring their old home or purchasing a new one. Deciding which one to choose can be confusing. If you are having second thoughts about whether to buy a new home or restore it, you’ve come to the right place.
At BLC Custom Homes, we will be sharing an article that will help you make up your mind on this decision. If you want to know more information, we advise you to keep scrolling below to find out. Hopefully, after reading this article, you will be able to make an informed decision on whether to remodel or buy a new home.
An old home has an appealing aesthetic that newer homes do not have, although it may come with a lot of challenges to homeowners. If you want a historic house, you should know that they do not have the modern convenience of newly constructed homes. If you are after remodeling an old home, you may have to double-check all the things that need to be worked on. When renovating a home, it is necessary to follow strict historic building codes which can make working on an older home a bit risky compared to getting a newly built custom home with features that you personally prefer.
Here are some of the questions that you must answer before you decide to remodel an old home.
Are you capable of restoring or remodeling an old home?
If you are looking to purchase a house for the purpose of remodeling, some of the very first questions you should ask yourself involves your budget and whether or not you are capable of the restoration of an old home. Choosing to restore an old home may seem cheaper than buying a brand new one but you must also calculate the costs of the renovation.
You can determine whether the possible ROI exceeds the preliminary expense. If you are planning to restore an old home so you can then sell it after the restoration, you have to make sure to plan and calculate everything so you will end up getting a high return on your investment. If you plan on remodeling an old home so you can save money, you have to calculate all the expenses as well and compare them to the expenses that you may have incurred were you to buy a brand-new, custom home.
If you are planning to live in your home for a long time, sometimes it is better to tear it down and build a new one. When you build a new home, this allows you to have a clean slate so that you can include features that you want your home to have. This also allows you to get rid of any potential long-term issues that you may encounter down the road, such as a sinking foundation, broken pipe, or mold in the basement or attic. These types of problems can even cost you more if you discover them later on, which is why it is best to attend to them as soon as possible.
If you have a limited budget or if you are planning to sell your home in less than five years, sometimes a restoration or remodeling is a better choice. This will allow you to work on specific upgrades or repairs that will make your quality of life better and help increase the value of your property if you plan to sell your home soon
Is an older home right for your needs?
If you are planning to buy an older home, you have to think about how it fits your lifestyle preferences and needs. If you are married and are planning on having children in this house, then you have to take these plans into consideration. An older home can have tight spaces, old insulation techniques, and light fixtures that must be replaced with newer technologies to keep up with the modernization of your home. Do you prefer an older home or do you want a home with a modern style? If you want a modern home, then you can go for a renovation and handle all the necessary procedures that will transform this house into your home.
If you have opted to restore or remodel your home, then you must hire a team of professional licensed contractors that will help you work on your preferred design that will fit your needs. If you are based in Fresno, California, you must hire BLC Custom Homes. We will be happy to apply our expertise to create your dream home for you. You can check out our gallery of work here.
Do you want to stay in your current location?
If you like living in your neighborhood, you can decide to renovate your old home or buy a new one located in the same neighborhood. If you want to move because the neighborhood is no longer to your preference, you can find a location where you can buy a new home or build a custom home that will suit your needs.
How much is your budget?
Buying a brand new custom home or renovating a home can be expensive, so you will need to prepare a budget to cover all the expenses that will be handled during the process of renovating the home, or to cover the cost of getting a new home. It will depend on your preference whether to renovate or remodel an old home or buy a new one. Depending on the location, sometimes it is better to renovate, while in some areas it is cheaper to buy a new home. Your available budget is essential to your final decision.
Will your property taxes be affected if you move to a new location?
Property taxes vary depending on the county you are located in. If you decide to move into a new home, your property taxes may be increased. If this is something that you are worried about, then you have to check with the real estate agent and the city before you decide to purchase a home and move.
What Are the Advantages and Disadvantages of Buying a New House?
- Start over: If you choose to buy a new home, then you can start over in a new location. You can meet new people, experience a new neighborhood, and decorate your new home according to your style, needs, and preferences. This is particularly tempting for people who are looking to start over with a clean slate
- Income: If you sell your old home, you can have the extra money in your pocket tax-free because of the capital gains exemption, which normally ranges from 250K-500K USD for married taxpayers. You should also consult with your real estate agent and tax filer to see if you will be eligible for eco-related tax credits for your new home.
- High costs: Selling your old home will involve paying the real estate agent and you have to cover other fees included in the process.
- Moving: Moving can be a tiring process because you have to sort through all of your things and throw away those that you do not need. You also have to pack everything with a limited period so it can be a bit stressful and overwhelming especially if you have a lot of things to sort through. This entire process can discourage anybody from wanting to go through the process of moving to a new home.
What Are the Advantages of Remodeling Your Old Home?
- Cheaper than moving to a new home: When you remodel or restore your old home is oftentimes cheaper than buying a new home. You can start in one area of the home and then move to another after. You can prioritize and choose which areas you want to work on first and your budget will determine your renovation capacity. You can save a lot of money on your renovations as long as you make sure to hire a licensed contractor like BLC Custom Homes to help with the renovation process.
- Customization: When you renovate your home, you can customize it to meet your needs and specifications. This will allow you to apply your personal touch to make your home fit your expectations. If you have a limited budget, you can just work on specific areas that need the most attention. You can start renovating a part of your home that usually needs the most work, such as the kitchen.
- Construction process: Remodeling or renovating can be a tedious process. This will mean that the specific area will be in shambles for weeks, or even months while it is being renovated. If you decided to work on the whole house, you will have to stay in a hotel which means you have to spend lots of money on top of the initial renovation costs.
- Financing issues: Renovating your home will require you to spend a lot of money, so you will have to prepare a budget that will cover all the expenses. You might have to get a loan if you do not have enough money prepared for the renovation.
- Complete renovation: If, according to your assessment, your old home needs a complete do-over, remodeling might not be a smart choice for you. There is a possibility that you will have to spend thousands of dollars to change each room in your home when you can simply buy a custom home that comes with all the updates that you prefer. Remodeling or renovation is usually advised for a few rooms and not all of them. If you prefer to downsize, it will not be worth it to remodel your home. You may better off selling your old home and buying a home custom-built according to your preferences.
Deciding whether to remodel or buy a new home will be up to you. If you have read everything we have discussed above, you can now decide whether a new home is your preferred option or you will just opt for renovating your old home. If your home needs a few fixes, you can go for a remodel. If you need help with remodeling or if you prefer to buy a custom home, you can always trust a reliable licensed contractor and custom home builder like BLC Custom Homes. You can request a price quote here. You can also contact us by filling up this contact form here.
Are you in search of a licensed contractor and custom home builder based in Fresno, California? BLC Custom Homes is worth checking out. We are a licensed contractor and custom home builder that specialize in building custom homes and home remodeling. If you are considering remodeling or buying a custom home you can contact us anytime.
Please do not hesitate to reach out to us. You can call our phone number 559-288-0499 or send an email to our email address firstname.lastname@example.org. Our office is located at 7081 N. Marks, Ste 104-344 Fresno, CA 9371. If you want to build or remodel a home, trust BLC Custom Homes. We will do our best to build your dream home for you!