It is something we just can’t avoid, that itch to start fresh each spring! For some, it involves cleaning, changing decorations based on the holidays, recycling furniture and replacing linens with items lighter and more seasonal. That said, sometimes the spring resurfaces that desire for MAJOR change…Remodel to create more space, redesign existing space, add a seasonal room OR building new in order to accomplish the changes you desire.
With home prices depressed and the resale market slow in the last several years, many homeowners with life changes or structural needs, have chosen to remodel their existing homes as a way to freshen up and redesign their living space. Home equity loan rates have been desirable offering homeowners with significant equity assurance when borrowing on a home they intended to remain in for many years. Sometimes, the option to refinance for remodeling purposes has allowed homeowners to reduce their interest rate while keeping their payment the same, even following remodeling costs. Further, studies have shown over time that investments in kitchens, bathrooms and even outdoor livings spaces in northern Michigan add value that will remain for many years and through resale.
As the housing market begins to rebound, making the decision to remodel or build new becomes more challenging. As housing prices creep upward, gaining on the pre-2008 values, some homeowners may be hopeful that a “For Sale” sign will result in their ability to start fresh recouping their investment and walking away with funds for a new beginning.
So…how do you decide whether to remodel or build? Factors to consider include:
1. Where are you in your family life? Just beginning to have children, in the middle of the teen years, empty nester, new grandparents, assisting aging parents in a different community?
If you are just beginning family life, assessing “room to grow” and flexible spaces will be pivotal to your decision to remodel or rebuild. A walk-out lower level in your home could be divided in to two bedrooms as your family grows. Large, unfinished spaces are fabulous gathering places for healthy, teen activities right in your home. Further, they could even be made in to efficiency apartments for aging parents who may need seasonal or occasional assistance from family members.
2. Where does employment factor in to the location of your home? Do you work from home, commute on public transit, drive your car alone at night?
If you work from home, having a dedicated space that separates work from personal life can help create a healthy balance in your family. Redesigning a bedroom, den or large closet can offer a small office like environment with very little cost. If you commute a long distance to your place of work, perhaps remodeling is not appropriate if you anticipate a career position with your company. You may be better served economically and logistically by building closer to your place of employment.
3. Does your current neighborhood, village, city or state offer the climate of social, cultural and weather conditions that satisfy you?
Are you happy with the lifestyle that your current community allows you to lead in your current place of residence? Do you escape from urban settings every weekend to find the woods, or do you come in to town twice each weekend just for night life? If so, remodeling may not create the sanctuary you desire, if you always have to leave it to enrich your life with those activities that you are passionate about. That said, if you love living away from it all, and currently reside in a remote area…remodeling offers you a chance to create the “nest” you’ve always craved.
4. Physical practicalities…are you able to navigate your current floor plan, have any health issues, are their structural items that need major attention before you can invest in the design and decorating? How tolerant are you of disorder should you decide to remodel OR do you have somewhere you could move temporarily until remodeling is complete?
Does your current floor plan, and condition of your house, lend itself readily to remodeling or are their infrastructure or accommodations that need to be made that might cause expense to exceed return even before you get to the fun stuff of new paint, furniture and decorations? If you need a new roof, cracks in the foundation repaired or rewiring before you can begin to redesign space for pleasure, perhaps leaving the heavy lifting to a new owner who loves the current layout would be your best option to achieve the next dream home you have in mind. Assessing your own tolerance for disorder, contractors in and out, as well as noise and some disruption in your family routine will also be a pivotal factor in determining if you are a candidate to live in/with remodeling or if building new would be best for you.
No matter where you are in the process of considering refreshing your living space, Lakeshore Custom Homes is here to provide advice, support, resources and the professional standard of building you’ve always heard is our reputation. Give a call, review our portfolio and let us help you realize that new beginning you’re dreaming of this Spring.