SHOULD YOU BUY A NEW HOME, REMODEL OR MOVE?

Family dynamics change over time, and the place that once might have been the perfect home no longer has the right features or square footage to accommodate your current lifestyle.

If that sounds familiar, then you have a couple potential solutions. The first is to remodel or upgrade your current house in the Colorado Front Range to better suit your household’s evolving needs. The second option is to purchase land and build a new custom home.

How to Determine if You Should Remodel, Build New or Buy a Fixer Upper

When it comes to the great remodel or move debate, there is no single definitive answer that applies to everyone’s situation. It all depends on a variety of personal, professional, financial and emotional factors. For example, if you’re planning on relocating for a job in another state, then moving to a new home may be inevitable. If you’re already established a comfortable life in the surrounding community, you may have more motivation to stay in place.

Before making a decision for you and your family, consider the pros and cons of each option, and compare the benefits of building a new home vs. remodeling your current home vs buying a re-sale home.

Remodeling Pros & Cons

One of the first things to consider is just how much work it will take to get your house where it needs to be in order to support your family’s current routine and future goals. Do you just need to modernize the space, update the appliances and adopt a fresh look? Would opening up your kitchen, building an addition or converting your basement satisfy your need for extra livable space? If a few projects could address the problems you have with your current house, then remodeling may be worthwhile.

Additionally, although you want to be practical, don’t ignore the emotional side of the decision whether to move or not. It’s natural to have sentimental feelings and strong emotional ties to your home. It’s the place where memories have been made, children have been raised. It’s where you go to escape, find shelter and spend time with your loved ones. If you have a strong sentimental attachment to your house, the neighborhood or people, that’s one more reason to consider staying where you are and remodeling your house.

However, if the house is in need of numerous, major renovations or there isn’t space on your property to adapt or grow, then remodeling is likely unfeasible or would not make financial sense. Keep in mind that the cost to remodel a home in the Colorado Front Range, including the kitchen and bathrooms, can easily range between $100,000 to $200,000, and often much more for larger homes.

That’s why it’s essential, if you’re thinking about renovating, to have a realistic and accurate understanding about the costs of remodeling so that you can compare that cost to building a new house. You also should consider the values of comparable properties nearby, and make sure you’re not over-improving your home. It is easy to spend more on a remodel than you can ever recoup later when you go to sell the home.

Moving Pros & Cons

Moving gives you the chance for a fresh start. Instead of trying to reconfigure your existing space, you can look for—or just build—a new home that already has all the features and square footage that you’re currently lacking. 

If you decide that it is best for your circumstances, you have to decide whether to search for an existing house or to tackle new construction, and both can be more of an undertaking than simply remodeling. Moving to a preexisting home and then remodeling is an interesting medium between remodeling your current home or building a totally new one, but provides less flexibility than building new from the ground up.

One challenge to building a brand new home in our current market is finding a custom home lot to build on. But the Gowler Company Real Estate team would be more than happy to help you find a new lot upon which to build your new Colorado custom home.

Building New vs. Buying Existing

It’s no secret that building a house in Colorado is a major undertaking that requires a significant investment of both money and time. Between buying a lot of land and designing and building your new custom home, you can expect to pay at least $1 million or more for land, plus construction costs. On the other hand, there is a wider selection of homes between $650,000 and < $1,500,000 if you are in the market for a re-sale.

However, if you look for homes on the market, you could run into the same issue you’re currently having: You find a property that’s close to what you need and want, but not quite perfect. In which case, you will still need to do some renovations, increasing your overall cost of the move.

New construction homes in the Colorado Front Range solve this problem. Although you will likely make a larger financial investment upfront, you can hire a design-build contractor to help you customize each and every aspect of the house, from the layout and number of rooms to the special features and types of materials incorporated into the project.

Moving has ramifications on other areas of your life as well. It could mean your kids must switch school districts, or you’ll have a longer (or shorter) commute to work. Your daily routine may have to change, based on your new neighborhood. But for many, this is a necessary life change and is worth it once you and your family are living in your beautiful new Colorado custom home that has been designed specifically to your needs.

Creating Your Dream Home in Colorado

Anytime you have to make a decision about housing, it can feel a bit daunting. Your home impacts your livelihood and the comfort and quality of your family’s daily life, from what you choose to eat and how you feel on a daily basis. For some homeowners, remodeling a beloved house is a sufficient solution to a lack of space, while others may find moving is optimal in their situation. If you decide that building a custom home is the best fit for you, Gowler Homes is here to assist. When we collaborate with you, we spend time listening and getting to know you, your family and your unique situation and can help design and build the custom home of your dreams. You can learn more about the Custom Home building process here.