Should you build a new home or should you remodel your current one? The answer depends on what your ultimate goal is.
Choosing to Remodel
Remodeling is the perfect choice if you like older homes or if you're already in love with something connected to your current home – whether it’s the neighborhood, the floor plan or particular architectural details.
Additionally, remodeling is much more flexible than building new. For example, you can remodel a room at a time based on what your budget allows. And you can choose exactly what needs to be changed, so you don't have to knock down walls if you don't want to; you can choose to simply enlarge the opening or remove the wood door instead. Smaller renovations are great, but if you would rather have everything remodeled at once, that’s an option as well!
Even if you choose to go with a full remodel, chances are good you'll end up spending less money than moving and remodeling or building new. This is especially true if home values have increased in your neighborhood. If you have a house that needs work, remodeling it might increase its value significantly to match other homes in the area. This will have a huge impact if you decide to sell later on.
Here's an additional – and perhaps unexpected – benefit of remodeling: as it turns out, remodeling is greener. Even if your new home includes lots of energy-efficient and green improvements, the negative carbon footprint of building a new structure might take up to 80 years to dissipate – a lot longer than anything produced by a renovation.
Choosing to Build New
One of the most important reasons to opt for building a new home is space. If zoning laws won't allow you to expand your current home or if you have simply run out of space to expand, starting again on a larger lot might be the only option. The same is true if you suddenly want a second floor, which might require expensive and difficult remodeling or might be impossible depending on the type of roof your home has. In those cases, designing a new home and starting from scratch usually makes more sense.
Building new is also a great option if you're not in love with your current home or the area where the house is located. A new home gives you the ultimate freedom when it comes to layout, room configuration, room size and even the number of doors and windows your home will have. It also allows you to start fresh in another city or even another state.
In the end, though, the choice to build or remodel comes down to your vision of what the perfect home is like – and what you need to do to get there.