Should You Consider Building a New Home or Remodeling One?

When you can’t find your dream home on the market, you have two options: find a remodel property, or launch a new construction project.

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Today I’m standing on the banks of the Manatee River. Behind me, there is a new construction project going on. I sold that property last year, and this project has got me wondering, “Should you consider building or a remodel if you can’t find the home of your dreams?

There are a lot of existing homes out there that just aren’t the right fit for buyers. If you haven’t been able to find the right home, there are a few things to consider before deciding on a new construction home or a remodel:

Which process would you enjoy the most: building a new home or remodeling one?

1. The buying process. If you decide to build your own home, that transaction involves a construction loan, which can take some time. On the other hand, you could buy an existing home and pay as you go while you remodel. Sometimes, that’s just a better fit financially.

2. Time. Can you wait around for a new build? I sold the property in the video over a year ago, and you can see that they still have some work to do. Sometimes, you just don’t have the time to wait for a new construction project.

3. Floor plan. Can you find the type of floor plan that you are looking for in a remodel project? Sometimes, you just can’t move that wall or create that open concept you’re hoping for. When I sold the property in the video, the buyers could not find what they wanted and decided that they had a perfect home in mind; they just needed to put it on the perfect lot.

4. Location. There are a lot of empty lots available to build a new home on, but you need to find a lot where you want to live. If you are set on a certain location, can you find a remodel property in that area?

5. Fun. What do you enjoy doing? Do you have fun building a new home, or are you an HGTV nut who loves the remodel process?

Whether you are looking for a remodel or a new construction project, I would love to help you. Just give me a call or send me an email if you have any questions!