Buying a new house right now can appear pretty tempting. Mortgage rates are low, and home prices have plummeted. On the other hand, the price you’ll be able to get for your current home will also be much lower, so the amount of equity you have to put toward a new home may be considerably lower than you had hoped. So the question becomes, do remodeling costs for your existing home actually save you more money than buying a new home would?
Top Reasons Why Remodeling Costs Are Usually Lower
- The cost per square foot is significantly lower. Because things like foundation, master electrical service, plumbing feed and basic structure are already in place, your upgrade is simply less expensive.
- Labor costs are much lower. Because remodeling projects have a “head start” over a new build, the hours required to execute your design plan are fewer.
- You only pay for exactly the improvements you need. While you might find the features you want in another home, you’ll also be paying for a number of bells and whistles you could really live without.
- You won’t be paying for an expensive, disruptive move.
- The increase in the market value of your home is immediate, often twice the value of the remodeling costs of the project.
When it comes to remodeling costs versus the costs involved with buying a new home, your cost advantages are significant and measurable. To calculate the difference, simply draw up your wish list and have a proven remodeler like Savannah’s own One-Stop Remodeling develop a detailed design, project time line and firm costs. Then, take a look around to see what it will cost to get all of these features in a new place. Your comparison will almost certainly reveal that your best upgrade bargain is right under your feet.