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New Construction or Home Renovations

 By: Leeanne Kunnert
Should you renovate the current space you are living in or go out and purchase a new construction home that has everything you could want? This question doesn't have a one size fits all answer for all homeowners. The location of the current home is an issue that plagues many homeowners. If a homeowner is attached to the neighborhood their current home is located in they may have a harder time considering a new location even with the some of the overwhelming benefits of new construction.

Before homeowners rule out new construction and opt in to renovations there are four questions to consider. There is never a one size fits all answer for all homeowners. There is a lot to think about when deciding what is best for you and your family. Answer the following four questions to help you determine if building a new home or renovating the one you're in is in your best interest.

Can the desired updates occur within the current home?

Home renovations using the homes original footprint can cost up to fifty percent less than renovations that require a change in the structure of the home. If you are looking to convert or add on a garage check out the neighborhood. Are you sure that this will be viewed as an improvement within the space or a detriment? Sometimes an addition to an older home makes better sense economically as renovating an older space within the home means that you will need correct problems that currently exist.

Will you and your family be able to live through a major home renovation?

Home remodeling can wreak havoc on the normalcy that your family is familiar with. Can you live through the construction of your space? There will be lots of noise, a variety of contractors and disruptions. If you are redoing your kitchen; how long can you live without a sink? These are important considerations before renovating an existing home.

Are the renovations that you hope to perform legal?

Check with the local H.O.A. and municipality to determine if the renovations you are looking to perform are legal. Are their requirements on how many stories a home can have? Do you need to be a certain number of feet from the property line? Do new renovations trigger requirements on existing elements in the home? Usually this occurs within the homes electrical systems.

Does the renovation make sense for the home's value?

This is a major issue for many homeowners. Will you over value your home for the area you are in with the renovation you are looking to perform. Adding a custom kitchen in a neighborhood filled with starter homes really doesn't make a lot of sense. The customization of a home's kitchen can cost upwards of a hundred thousand dollars. This is not necessarily beneficial in a place where the most expensive home sells for a hundred and fifty thousand.
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