Building a New Home vs. Remodeling Your Current Home

by Dave Osborn, President, Heartland Homes

Ah, it is finally spring in Oklahoma City, a time for fresh starts and positive change. From all over the metro area, it seems that overnight FOR SALE signs bloom in the yards of many of our neighbors and friends and moving vans are the most desirable automobiles on the streets.

And just as hay fever hits, so does the fever to finally get that new kitchen, expand our master bathroom or better yet... do you dare invest in a new home?

So with that said, we can't help but wonder with the booming real estate market in Oklahoma City, which is the better investment, a Home Makeover or a New Home?

It seems that for every qualifier, there is a disqualifier. However, a major decision must be made - here are some tips to help you decide what is best for you and your family.

Advantages:

• You will have the opportunity to plan and design your own home from top to bottom, including all details and amenities. This includes flooring, cabinets, appliances and color schemes. Also more modern features like extra-large closets and bathrooms and garden tubs are more attainable.
• You get to personalize your home with your own tastes; a fresh start in decorating.
• Everything is new and under warranty, so the worries of repair costs diminish.
• Many homebuilders offer services to assist prospective buyers with securing affordable financing including insurance rates.
• Many new homes come with the latest energy-saving amenities such as Energy Star windows and insulation that will help reduce your energy bills, often by half of what you are paying in an older home.
• You can finance upgrades and closing costs into your purchase price.
• People moving into new neighborhoods are more homogeneous - the same things that appeal toward you also appeal to others like yourself. This offers you a way to create your own community lifestyle.
• Many new neighborhoods offer clubhouses, swimming pools, playgrounds, bike and jogging trails and picnic venues for residents.
• New homes are built with strict criteria to meet builder's codes and tend to have a wide range of safety measures to protect you and your family.

Disadvantages:

• Building a home can sometimes cost more than a remodel, taking into consideration interest during the construction phase.
• If your home is being built in a newer development, construction on other homes could continue as you move in.
• Houses in your development could potentially have the same look as your home,
• New houses rarely have mature landscaping, while older homes tend to have more trees, shrubs and gardens.
• The builder's reputation is everything. A disreputable builder could make the home building experience less than satisfactory.
• Relocating schools, neighborhoods, etc... can be tough. Older homes tend to be more centralized with better access to shopping venues and restaurants.

So before you tear down that wall or start the plans on your "new dream home" it is important to consider all the factors and do some research before deciding what option is best for you and your family.