Buy A New House Or Remodel
Kelly Bacon is a licensed general contractor with over 40 years of experience in construction, home building and remodeling, and commercial building. He is a member of The Spruce Home Improvement Review Board.
buy a new house or remodel
You should also look at comparables in the neighborhood to get a sense of how much the home could sell for after improvements. Ideally your home will be worth more than what you paid to buy and renovate it once all the work is done. Generally, homes that only need cosmetic improvements are easier to turn a profit on than houses that require structural changes.
Often, if the seller is motivated enough to sell the house, they might work with you and include fixes and light renovations as a stipulation in the contract for the sale of the house. Making sure you have inspectors and independent contractors to inspect the house for any major issues can help save you a headache in the long run.
A low renovation budget of $45,000 will likely get you light cosmetic upgrades throughout the home, such as painting and new fixtures or finishes, or you could spend it all on a single room, such as a bathroom renovation or kitchen remodel.
If you're thinking about renovating a house, visit the AD PRO Directory, our up-to-date, open-access list of AD-approved architects, interior designers, and landscape specialists that anyone in need of design services can search by profession and location to find the right professional for their next project.
1. The price for renovating an old house can be steep. Some of the most expensive areas for renovating an old house can be found in replacing the roof and foundation, electrical and plumbing and updating the HVAC system. Be sure to get a thorough inspection before buying so you know what you may be in for price-wise.
Are you retiring soon? Do you know what your living arrangements will be? Some people choose to build their retirement home while others remodel their existing home to make it more age in place-friendly. There are benefits to both options. While remodeling your existing home can spare you the pain of moving, building an all-new home means you can create the house you've always wanted.
Look around the house where you live now. Think about what you would do to your house to make it the perfect retirement home. Envision the changes you would make to ensure you can be comfortable in retirement.
For many people, the best part of remodeling their home rather than building a new home is getting to stay in the house they've been in for years. Maybe your kids were raised in your current house - or maybe it's been in your family for generations. Remodeling allows you to stay in one spot and enjoy your retirement in a familiar space.
Do you hate moving? Many people do. If you choose to remodel your current house rather than building a new home, you'll avoid the hassle that comes with moving. That means no packing and unpacking, no moving expenses. That also means you can avoid the stress of a relocation.
Some homeowners have dreams of giving their homes to their children. If you want your children to inherit your current home, then remodeling that house could make it a more viable place for your children to live in their adulthood.
Imagine spending your retirement exercising on walking paths near your house, swimming at your community swimming pool, and taking your grandchildren to the local park just down the street from your house. You'll get all these benefits and more if you buy a new home from Blenheim.
New homes have fewer maintenance problems, are often more energy-efficient and need far fewer repairs than homes that have been lived in for years. Even if you fully remodel your current home, you'll likely still have more maintenance than if you build a new home from Blenheim.
But another universal truth about home improvement is that every little thing adds up. So another important consideration to start with is to decide whether or not to demolish the whole house and start from scratch.
Another factor that may be affecting the decision to move or renovate a home is rising mortgage rates. Since the beginning of the year, rates have risen by more than 90 basis points, and homeowners who have a low mortgage rate may not want to lose that affordability advantage by buying a new house with a higher rate.
The cost of remodeling your home really depends on what you want to remodel. According to Home Advisor, an entire home renovation could cost anywhere between $33,500 to $150,000. There are several factors that play a role in the price, such as location, materials, and house size.
Depending on the size of your home, a whole-home remodeling project could take between 7 to 15 months. That includes time for interviewing designers/contractors, designing/planning, and prepping/construction. A full kitchen remodel could take 3 to 5 months while a basement remodel could take 4 to 6 weeks based on the scope of the project.
With rising inflation and surging home sale costs, some homeowners are opting to remodel rather than buy a new house. Even those choosing to sell want to maximize their profits. Some remodeling projects offer little return for investment (ROI), however. Find out which projects real estate media company Zonda says can offer the best value for the money spent whether you opt to sell or stay put in 2022.
If your home's shabby, worn entry door is a visual downer, pencil in a new steel entry door at the top of your remodeling list. Not only will a new entry door freshen up your home's facade, but you'll recoup a sizable 65 percent of your investment if you then sell your house. Solid-wood entry doors are as beautiful as steel, but a steel door offers the most security and the best ROI.
Those wanting to add even more curb appeal might wish to upgrade a standard entry to a grand entrance, a door that comes with sidelights and a transom window overhead. It could cost $10,000, or more, for this upgrade, but it comes with a significant wow factor and an approximate 60.9 percent ROI. Like updating a garage door, upgrading to a grand entry spikes curb appeal and can bring more buyers to the house.
Replacing old, drafty double-hung windows with more efficient windows that have double or triple panes, low-E coatings, or argon gas offers an approximate 68.6 percent return on material and installation costs. Old windows make a house look dated and turn buyers off, so if you're renovating with an eye on resale, this is one upgrade that can increase your home's appeal. Plus, with new, energy-efficient windows, you'll save on utility costs as well.
The kitchen is one of the most expensive rooms to remodel fully, but a minor renovation can look almost as good, and it comes with a 72.2 percent ROI. A minor renovation involves replacing cabinet doors and drawer fronts and refacing the existing cabinet base. Add new hardware, a countertop, and a sink for a dramatic new look. By contrast, an entire remodel (complete tear-out and replacement) will net only a 57.4 percent return.
When the appraiser comes calling, a new roof on the house will translate into a 60.7 percent return on the money you spent to have the old shingles removed and new asphalt shingles (with a 25-year warranty) installed. Not only does a shabby roof discourage potential buyers, but a mortgage company may not lend money to buyers if the roof shows signs of damage. If you plan to sell your home in the near future, consider replacing the roof in 2022.
If your bathroom has seen better days, 2022 is a good year to take on a DIY bathroom remodel. Consider, for example, replacing all fixtures and adding a solid-surface vanity top. Midrange upgrades like ceramic tile flooring and a new ceramic tile bathtub surround will breathe new life into the room, and you could see a 60.1 percent return on your investment.
Increasing the size of an existing bathroom and adding luxury amenities is high on many remodeling wish lists. Incorporating a freestanding soaking tub or jetted tub, an additional shower, all-new ceramic tiling, and double vanity sinks with granite or quartz tops could cost as much as $75,692. However, it comes with a 54.8 percent ROI, and an upscale bathroom is a major selling point in a home.
If you have the money to hire a handyman for every household woe, go ahead. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Go now!
A big advantage of going with a design-build firm like Hogan Design & Construction is that we handle every aspect of your project in-house. Besides helping you understand what to expect each step of the way, we provide accurate estimates throughout the design process and set a fixed price before construction begins.
An easy rule of thumb is this: if you had to unexpectedly sell your renovated house in the near future, would you owe more than your home was worth? This 2020 Cost Versus Value Report can help you find the upgrades and remodeling projects that are most worthwhile in your area, at least in terms of resale value.
The main question is whether the issues you have with your Northern Virginia home can be adequately addressed with a remodel or room addition, or if the time has come to pack up and move, especially if you have grown tired of the area itself.
No home is perfect, unless you have recently built a fully customized residence that is tailored to your exact specifications. Whenever you buy a house, there will be small issues and the need to compromise. One of the first steps is to identify your needs and how much work it will take to transform your house to meet them. If you are living in a starter home that you settled on in the first place, there may be several elements that are less than perfect. 041b061a72