A question left unanswered within the real estate market is whether you should buy or remodel a home. Each can provide outstanding benefits and negatives, depending on the current situation. To determine whether buying or remodeling is the ideal option for you, we recommend you become knowledgeable on our comprehensive guide below.
Should I Buy or Remodel a Home?
We (Grim Builders) are a general contractor in Ledyard, Connecticut, and our clients continuously ask this question. However, there isn’t a right or wrong answer, and it depends on personal circumstances. But, to develop a better understanding of which option will suit you best, here’s what you need to know:
Costs The most significant factor individuals consider between the battle of buying or remodeling is costs. Undoubtedly, this plays a considerable role in the decision because money isn’t endless. Either option encounters “hidden” fees that many don’t think about when actioning them. To ensure you don’t fall into any financial difficulties when buying or remodeling a home, these are the costs you’ll need to remember.
Buying a home
Evidently, people deciding to buy or remodel a home already own a property. Because of this, when purchasing a home, you’ll likely need to sell one also. Therefore, we’ll need to associate the costs of selling a home, moving, and buying another property to decipher the “true” price of buying a home.
Costs of selling a home
It’s estimated that selling a home costs upwards of 10% of the total sales price. Unquestionably, this is a substantial amount. To visualize where the expenses get delegated to, see the below:
Cost of buying a home
Unfortunately, selling a home is filled with fees and expenses that need to be paid. However, buying a home follows a similar route. Here is the type of costs you can expect:
Remodeling a Home
There are various costs associated with remodeling a home, which you’ll want to know before diving headfirst into this venture. The prices below will highly depend on which contractor you choose or whether you were to opt-in for one at all. But, if you’re looking for builders near Ledyard, we recommend contacting us for a more accurate quotation.
Searching for additional contractors, material cost, selling agents, and everything else isn’t the only factor you’ll need to consider when buying or remodeling a home. Additionally, you’ll need to be thinking about time.
Buying a home
It could take around a week or three months to buy a home. It depends on how fast you act, how busy the current market is, and how easy you can get approved for a loan. Combining all these factors could be a quick or slow process, depending on the current situation.
Think about it, you’ll need to search for the desired house, find a trusted adviser with expertise within the housing market, and be approved for a loan. The time it takes is out of your hands in some essence.
Generally speaking, buying a home is a much faster option (depending on the significance of the remodeling).
Remodeling a home
Alternatively, if you want to undergo the remodeling route, the time scale comes down to the project size, funds, and whether you hire somebody or not. A “rough” outline can be seen below:
With remodeling, the timeframe can vary massively. Contact us for more accurate duration estimates if you’re looking for general contractors in Ledyard.
Undergoing either adventure isn’t a walk in the park. Because of this, you might need to hire additional help with your project. But which is easier to undergo?
The above states some significant considerations you need to think about before making the initial decision to remodel or buy a property.
Pros And Cons of Buying and Remodeling a Home
To conclude the above, we’ve created a pros and cons section. Here, you can see a brief overview of what we believe are the significant advantages and disadvantages of buying or remodeling a home.
Buying a Home
Remodeling a Home
After reading the above, you should have a comprehensive idea of remodeling or buying a home. The decision depends highly on your situation, ambition, and knowledge. However, each will provide endless amounts of joy once finalized.
Need help with your project? Feel free to contact Grim Builders. We’re a general contractor in Ledyard, which provides services for additions, kitchen remodeling, floor replacement, porches, practically anything which sparks our imagination.