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Given the current home inventory situation and turbulent market conditions, more and more people are choosing to remodel their homes as opposed to buying a new one—that is, if you can even find one.
Deciding between remodeling your current home or purchasing a new one can be a complex and significant choice. Both options have unique advantages and disadvantages, making it crucial for homeowners to carefully assess their needs, financial situation, and long-term goals.
Here are some of the pros of remodeling versus buying a home to help you make an informed choice.
What will it cost?
Cost is one of the most significant factors to consider when deciding whether to remodel or buy a new home. In general, remodeling is a more affordable option. You are already starting with land, a foundation, and a structure, so you don't have to pay for those things again. Additionally, sometimes you can find good deals on materials and labor when remodeling an existing home.
According to Angi.com, the average cost of remodeling a kitchen could range anywhere from $14,000-$40,000, the average being about $26,000.
On the other hand, Home Advisor reports the average cost to build a brand new kitchen is $65,000. Of course, your costs can vary drastically depending on your design choices and who you hire to do the job.
"You'd be surprised at how affordable a kitchen remodel can be when you work with the right company," Alan Jorgensen, CEO of Utah's Bedrock Quartz said. "The majority of our customers spend between $5,000 to $7,000 on a kitchen remodel focusing on countertops, sink and faucets."
Of course, remodeling costs vary depending on the size and scope of the project. However, in most cases, remodeling is more affordable than buying a new home.
"When you get a kitchen remodel quote from Bedrock Quartz, you can expect full transparency and no hidden costs. The price you see is the price you'll pay. And in the case of our countertops, you'll only pay by the square foot and not by the full slab, saving you money."
Customized your home your way
Another benefit of remodeling is that you can customize your home to your specifications. When you buy a new home, you are limited to the builder's options. However, when you remodel, you can choose the finishes, fixtures, countertops and appliances. This allows you to create a home that fits your unique style and budget.
"If you don't know where to begin, Bedrock Quartz has people on staff to help you create your dream space," Jorgensen added.
Plus, for those who have a deep emotional connection to their current home, remodeling can be a satisfying way to revitalize the property without severing sentimental ties.
Location, location, location
If you love your home's location, remodeling is a great way to stay put. You won't have to worry about finding new schools for your kids, being close to work, or making new friends in a new neighborhood. You can stay in your current home and improve it by upgrading your living space.
Not to mention how expensive it can be to sell your current home and move into a different or new home in the current market conditions. Unless you truly need a change of (outdoor) scenery, staying in your home could be more cost effective and more stable for your family.
How long will it take?
The time it takes to remodel a home is typically much shorter than the time it takes to buy or build a new home. This is because you don't have to go through the process of finding a new home, finding lenders, getting approved for financing and moving. You can start remodeling your current home as soon as you decide.
Angi.com says you can expect a medium-scale kitchen remodel to take about 8-10 weeks, depending on the significance of the changes you're making. Going with someone who is a seasoned kitchen remodel professional can shorten that timeline significantly.
"We've been helping people with their home remodels since 1976," Jorgensen said. "In my experience, we install, on average, 30 kitchens a day. In fact, because of this capacity and our investment in technology, it only takes us seven days from measuring or templating to installation."
Peace of mind
Remodeling your existing home can give you peace of mind knowing you are not taking on significant new debt. When you buy a new home, you must contend with real estate agent commissions, closing costs, moving expenses, and taking on an expensive high-rate mortgage. However, when you remodel, you can often finance the project with a home equity loan or line of credit.
"At Bedrock Quartz, we offer convenient 12-to-18-month customer financing, making it easy for you to get your job started quickly," Jorgensen said. "You'll get immediate access to your funds on approval without tying up other credit cards."
How will remodeling affect resale value?
If you ever decide to sell your home, a remodel can increase its value. This is because a remodeled home is more attractive to buyers. Buyers are willing to pay more for an updated and renovated home. Studies show that remodeled kitchens and bathrooms bring the biggest bang for the buck when selling a home.
"When considering a home remodel, you should consult with professionals to make a well-informed choice that aligns with your lifestyle and long-term goals," Jorgensen said. "You should also try to find a company that can provide several remodel services at once, saving you time, money, and hassle in the long run. Bedrock Quartz specializes in kitchen countertops, backsplash, sinks, faucets, plumbing, and tile work. We are a one-stop shop known for our superior service with over 1,000 5-star reviews."
Start your remodel with Bedrock Quartz
Whether you're remodeling your kitchen or all of your home, make your first call Bedrock Quartz. The experts there can help you decide on look, finish and design so you don't have to do all of the research yourself.
Learn more about their inventory, timelines and pricing at BedrockQuartz.com.
