Remodeling vs. Building New Homes: Which Is Better for You?

Northern Virginia Real Estate Podcast with Jody Donaldson

People often debate whether to remodel their current homes or simply sell their current property and build a new one. Some things to consider before committing to such a process are the costs, if it will add value down the road, and what might be best for you and your loved ones. In my own experience, I think it’s easier to remodel than to build new, but your case may not be the same as my own. Will you be able to finance the home improvement yourself? Or will you have to take out a loan? If you need to finance your project, you will need to consider how much equity you have in the home. If you have a solid amount of equity, you’ll be able to get a line of credit or a home equity loan. What you’ll also need to think about is whether it’s feasible to remodel your home. How much will this new addition add to the value of your home when you finally go to sell it? Most additions that include bedrooms and bathrooms will be a solid investment into your home. This can make your home more marketable when you go to sell, which is an important aspect of remodeling. “In my own experience, I think it’s easier to remodel than to build new, but your case may not be the same as my own.” You’ll also need to consider your local zoning codes, because these will dictate whether you can actually build the way that you want to. If you are part of a Homeowner’s Association, you will need to submit your plans to the HOA for approval before you start to build. One of the last things you might want to consider is whether or not there are any affordable properties in your area that would fit your needs. Sometimes it might be too cumbersome to move, but it’s worth checking the MLS to see if you can simply move into a new home instead of living in a construction zone for a while. Please contact me and I would be happy to speak with you about whether or not an addition to your home would be beneficial. Of course, it’s always your decision at the end of the day, but I’d rather not have you pour money into something that will not benefit you down the road. I’m always available to speak with you!