On the surface, it might seem like remodeling your home is better than recycling your old home and rebuilding a new home, but is that really always true?
Well, if you’re looking to sell and the market is strong enough to compensate for you initial investment, it may make sense to renovate. The same is true if you can afford a higher cost of maintenance and operations.
Dealing with pervasive mold, water damage or pests? Wanting to add the most significant value to your home and property’s worth? If so, rebuilding makes most sense.
Generally, if you are satisfied with the look and circulation of your home — you’ll lean toward renovating. On the other hand, if your home has major foundational issues, you’ll probably go the direction of rebuilding.
Don’t want to lose money? Seriously think about rebuilding. You might be losing more money than you realize by hanging on to an old home. So far this year, owners of older homes have spent $750 million more on repairs and upkeep than owners of newer homes. You may even consider building a green home — in California, these homes sell an average of 9% higher than regular homes. These homes are built with high-quality materials and require fewer repairs over time.
If you ever wonder whether to renovate or rebuild your home, check out the infographic below offered by Bluhomes. It enumerates things to consider when deciding between the two.