Deciding To Build A New Home Versus A Home Remodeling Project
If you want a home with all the newest amenities, you might find yourself trying to decide whether to build a new home versus tackling a home remodeling project.
This decision is not one that you should take lightly, as each solution will require a lot of money and a significant amount of your time.
In order to determine your best course of action, let's find out what a Tallahassee home builder has to say about the differences between a home remodeling project versus building a new home.
Home Remodeling Versus Home Building
I reached out to Tallahassee home builder Lenny Brantley, of Brantley Custom Homes, to ask how he would make the decision between home remodeling or new construction in Tallahassee. And yes, "in Tallahassee" is important, because we are going to strongly consider current market conditions and the Tallahassee housing market might or might not be similar to a market that you are considering.
Question: Lenny, what would you recommend for a client who wants an updated house? Can you give us your thoughts on building a new home versus undergoing a home remodeling project?
Lenny Brantley: "I have to say to say to some degree I am at a loss. Due to the limited availability of available lots for sale in Tallahassee, I have begun to look at remodels a bit more closely. I am currently looking to speculatively build a home in Tallahassee and it seems impossible to find a lot that justifies its price, given the prices of other homes in the desirable locations in Tallahassee.
Take Killearn Acres as an example, I can buy a build-able lot from $35,000 to $90,000. But I can’t buy the lot and build the home for less than I can buy an existing home and renovate. In almost every case, I can choose a home remodeling project at a lower total cost to upgrade a home for far less money than it would cost for me to build from the ground up."
Question: So based upon market conditions, a home remodeling project seems to make the most sense right now?
Lenny Brantley: "I am not saying that home remodeling does not come with a lot more stress and questions during construction, but in the long run given our shortage of lots and an ever growing amount of homes that are coming on the market that need work, buying a home that needs work may be the better value in the long term.
If a home has “good bones” ie. that it’s built well to begin with it may be worth looking in that direction especially in desirable neighborhoods with no lots available. I am currently looking at Betton Hills, Waverley Hills, and Midtown area for remodels. They are hard to come by, but if we look at other areas around Florida, central locations always comes back the fastest and remodeling makes the most sense."
Home Remodeling Opportunities
If you are looking at homes for sale in Tallahassee above $300,000, you are likely going to find a lot of home remodeling opportunities in a market that is glutted with inventory. The key is to choose the right home, in the right area, so that your investment will be safeguarded.
So unless you have a house plan that you absolutely want to build, consider looking at the existing home sales market for a great buy on a home that needs updating.
And if you have any questions that you would like answered about home building or home remodeling, just drop me a note and we will put your question to some of the best home builders in Tallahassee.
*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.
Post a Comment