In the realm of homeownership, there often comes a time when you find yourself at a crossroads: should you stay in your current home and remodel, or should you sell and start fresh? In this blog post, we’ll explore the age-old question of whether to “love it or list it,” delving into the pros and cons of remodeling.
Remodeling: Love Your Home, Transform Your Space
Pros:
- Sentimental Value: Your current home holds memories, and remodeling allows you to preserve the sentimental value attached to it. Whether it’s the treehouse you built in the backyard or the cozy fireplace where you gather with family, renovating allows you to maintain these cherished aspects of your home.
- Tailored Customization: Remodeling grants you the opportunity to customize your space according to your preferences and lifestyle needs. From expanding the kitchen to adding an extra bedroom, you have the flexibility to tailor every aspect of the renovation to suit your family’s unique requirements.
- Minimal Disruption: Unlike the upheaval of moving, remodeling can be a less disruptive process, especially if you’re able to stay in your home during the renovation. With proper planning and communication with your Twin project manager, you can minimize inconvenience and maintain a sense of stability throughout the remodeling process. Of course, there are instances where renovating, for example— building a second level, requires temporarily relocating your family.
- Cost-Effectiveness: Remodeling can often be more cost-effective than purchasing a new home. By renovating your current space, you can potentially save on realtor fees, closing costs, and moving expenses associated with buying a new home. For a rough estimate, multiply your home value by 6%. This is what you’d minimally pay for realtor commission.
Birmingham homeowner’s chose to remodel the exterior and interior, add a living room addition, and finish the basement to create a whole new space. // Plan Design: Crystal Tucker/ Interior Design: Lydia Smith/ Photography: Katherine Horton The homeowners, together with Twin construction, added a new arched entry into the newly remodeled dining room.
Cons:
- Budget Overruns: One of the biggest challenges of remodeling is the potential for budget overruns. Unexpected issues such as structural problems or old hidden damages can lead to additional expenses, causing your renovation costs to exceed initial estimates. This is why it is especially important to partner with a local contractor like Twin Construction who specializes in remodeling.
- Limited Scope: While remodeling allows for customization, there may be limitations imposed by the existing layout of your home. You may find yourself compromising on certain design elements or functionalities due to space constraints or structural limitations.
- Temporary Disruption: Even with careful planning, remodeling inevitably entails some level of disruption to your daily life. Dust, noise, and temporary inconveniences can be challenging to navigate, especially for families with young children or pets.
- Resale Value Considerations: While remodeling can enhance your enjoyment of your home, it’s essential to consider how your renovations will impact the resale value. We encourage prospective clients to consult with a local realtor to determine if the remodeling upgrades make sense to your local market. Additionally, we recommend visiting existing homes for sale to see if those are more fitting to your family’s needs.
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The new living room (right) was an addition to create more family space for a Birmingham family.
While remodeling your existing structure may be a good option for your family, some of our clients at Twin Construction decide that starting fresh is ideal for them. In our next post, we will explore the pros and cons of new construction.
Ultimately, the decision to remodel or embark on new construction depends on a variety of factors, including your budget, lifestyle preferences, and long-term goals. Both options offer unique advantages and challenges, and the right choice for you will depend on your individual circumstances. Want to view the whole gallery for this home previewed? Discover the full renovation here.
Before making a decision, take the time to carefully evaluate your priorities. If you are interested in remodeling your existing home, reach out to us to see if we might be a good fit. Additionally, check out Twin Construction’s guide to 8 Steps to Planning a Major Renovation or New Build.
