When it comes to choosing between remodeling and building a new custom home from scratch, there is a lot to consider. Think of your remodeling goals.
Homeowners decide that it is time for remodeling or to invest in home improvement and renovation for a number of reasons. Perhaps their family has grown or their lifestyle has otherwise significantly changed, meaning that some remodeling or home improvement is necessary for the home to remain optimally useful. Perhaps the house itself requires updates or repairs. However, what many homeowners do not know is that the cost of building a new custom home from scratch may be a better long term investment than remodeling in some cases. To learn more about which is a better option for you, read on.
Costs
When it comes to choosing between remodeling and building a new custom home from scratch, there is a lot to consider. Think of your remodeling goals. These can either be small and relatively inexpensive, or massive undertakings which massively reshape your home. If you are looking to fundamentally alter major parts of your home, a new custom home from scratch may serve you better. Building a new custom home, however, incurs additional costs.You will either have to demolish your old home and build a new one on the same land, or undertake the process of selling your old home and finding new land, then deciding on the custom home to build there.
Consider Interest Rates
One of the biggest factors in the cost of remodeling or building a new home to consider is what interest rates are available to you. Homeowners often fund their remodeling projects partially with savings, but a home equity loan or line of credit almost always plays at least a partial role. The terms of the loan and whether it would be beneficial or not depends not only on your credit but on external economic and market factors that are far beyond your control. These same factors affect rates for a new mortgage.
Need Remodeling or Home Improvement? Interested In Having A Custom Home Of Your Own? Cedar Square Homes can help!
Cedar Square Homes provides a variety of services to our customers, including bathroom improvements and solutions that will soothe any of your storage concerns. We are trusted throughout Maryland for our excellent service and affordable home remodeling prices. You won’t regret contacting us online or giving us a call at (410) 987-9771. To see examples of our work and stay up to date on our promotions, follow us on social media on Facebook, Twitter, Google+, and Pinterest.