Torn between remodeling or moving?
Here’s our expert advice on the pros and cons of each.
You love your neighborhood, but your home no longer fits your needs. With homes still selling quickly — and the thought of giving up your low interest rate from just a few years ago — moving might not be the right move. Staying put and transforming your current home could be the smartest decision you make.
Here’s a look at the considerations we look at with clients often to help you decide if you should remodel.
PROS OF REMODELING:
- If you’re locked in a low mortgage interest rate, staying in your home means you keep that financial advantage. Buying a new home could result in a much higher monthly payment for a similar property value.
- You get to stay in your neighborhood. So many of our clients love their neighbors and it is a huge reason they want to stay put.
- You will get the chance to work with us to create a home that will truly work for your family and how you live each day in your home. We will think through what will work best now and into the future as your family grows
CONS OF REMODELING:
- Moving out for the duration of the project is no small feat! We know how challenging this is for our clients so we do all we can to help. We have resources to help with lodging and we adjust our planning process to allow for a break so you can focus on moving out after the details are all decided on for your home.
- The “unforseen” things that come with remodeling can add costs but we are disciplined in our detailed planning so we can be realistic with costs and scope at the start. We can’t predict everything but our average change orders are significantly lower at around 2.5% than the industry average of 15-20%.
Moving gives you the chance to find a home that better fits your current lifestyle without the hassle of remodeling. You can choose a new location, upgrade amenities, and start fresh in a space that’s ready for you. Here’s a list of pros and cons about starting fresh:
PROS OF BUYING NEW:
- Buying a new home gives you the chance to move into a space that already fits your needs, saving you the time and stress of remodeling.
- There is a chance you find a home with updated features, a modern layout, and fewer immediate maintenance concerns, making it easier to settle in and enjoy.
CONS OF BUYING NEW:
- Chances are you have a great interest rate and buying a home with a similar mortgage is going to result in a much higher payment these days.
- While buying a new home means you might find a space that better fits your needs, it’s not always easy. With the fast pace of today’s market and the older housing stock in the Twin Cities, finding the right home without needing additional updates can be difficult — and competitive.
Tearing down and building a custom home lets you stay in the location you love while creating a space designed exactly for your lifestyle. You’ll get modern features, energy efficiencies, and a layout that truly fits your needs. Here are some pros and cons of tearing down and building a custom home:
PROS OF BUILDING:
- You can create your dream home with far fewer constraints than working with an existing home to remodel.
- While starting over comes with a higher initial cost, it can lead to a more valuable property in the long run, increasing your investment potential.
CONS OF BUILDING:
- The character and charm of your old home can only be replicated at best.
- The permitting and approval process can take longer than expected, as local regulations and zoning laws vary, which can delay the start of construction.
Feeling stuck between moving, remodeling, or rebuilding? Our Concept Plan package eliminates that uncertainty by giving you a clear vision of what your home could become. We’ll create detailed floor plans and stunning 3D renderings that address your specific space challenges, while providing realistic cost estimates. You can compare these plans with current market options and make a confident decision for your family.
If you’re unsure where to start with remodeling your home, reach out. We’d be happy to share more information about our concept plan process and how to get started.
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