Building vs. Remodeling: Should you Build or Remodel?

Building vs. Remodeling

Many potential home owners seem to be caught in a building vs. remodeling dilemma however, with the present state of the real estate industry; some professionals think now may be the right time to build. The reasons for this decision are varied but among the top ones are lot prices, labor cost, and home value. In some cases remodeling may be beneficial but a new home is likely to have a better resale value than a remodeled one.

Benefits of building now

Land prices are currently at their lowest in a long time which means that persons can buy more land than they could normally afford; additionally the overall cost of construction is much cheaper than normal. This means bigger, better homes for less in many cases. Add this to the current interest rates being charged, along with the guarantee of controlled increases when rates start to rise again, and building becomes even more attractive.

Besides these, there is also an increase in availability of a lot of good land since so many persons are trying to use real estate to regain financial stability. Persons who are concerned about craftsmanship also have a little less to worry about since, in a lot of cases, companies have downsized their teams leaving only the best workers.

If you’d like someone to talk to about building vs. remodeling, please contact us today. 

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