Building new houses is a major decision but it offers you significant financial and lifestyle benefits that remodeling doesn’t offer you. Now the point is that it is cheaper to buy a new home or renovate your current house all depending upon different factors like material quality, location, and significance of the work required. The average estimated cost to build a new home ranges from $180 to $300 per square foot moreover, depending upon your choice. Let’s explore why building a home could be a viable option and consider smart investment.

Benefits of Building a New Home

• Modern Designs and Layouts

At Foxhill construction our expertise in open-concept layouts with classic and timeless design solutions following the modern trends. It means a large spacious kitchen, flowing space, and proper natural lighting elements that can be difficult tasks to achieve through remodeling. 

• Brand-New Infrastructure and Warranties

When you plan to build a new house, even every corner of your house from the roof to the foundation of the home and the HVAC system is new and covered under warranty and post-work warranties. You will enjoy the peace of mind regarding expensive repairs, unlike renovation where older appliances require replacement and huge maintenance costs after remodeling is complete. This is a major factor in determining if it’s less expensive to remodel or buy a new home. 

• Choice of Location

The decision to build a new home, you have the freedom of choice to choose where you want to live. Whether you want to live in a modern and established community or build a private life with endless possibilities. We offer you a number of options through flexibility to create your dream home exactly what you require. 

Remodeling an Older Home

As we know, remodeling old houses seems like the more cost-effective option. However, many homeowners thought renovation vs buying a new home brings several challenges and higher costs. Here are some roughly estimated remodeling expenses mentioned 

• Full kitchen remodel: $50,000 – $100,000
• Full bathroom remodel: $20,000 – $60,000
• Outdoor patio remodel: $10,000 – $40,000

As checking the mentioned upfront cost of remodeling is cheaper than building a new home in the long term? Not always. Homes without outdated roofing, guttering, HVAC, and plumbing services require more budget for upgradation beyond luxury material changes leading to increased overhead costs over time.

 

The Opportunity Cost of Remodeling

As per the major drawbacks to remodeling along luxury materials does not significantly increase the resale value of the property in comparison to its costs. 

The real worth of homes lies in different important components such as roofs, HAVC, foundations, and windows, not just aesthetics. So you can say homes can only get a 67% profit margin on their remodeling investments when they resell.

Let’s suppose you spend $200,000 amount on home renovation, you may gain $134,000 during the reselling process which means you will be going to lose  $66,000. Now consider putting the same amount into building a house so you’ll be safe from the losses and move into a modern luxury home that is designed according to modern trends and personal preferences. These are critical reasons that motivate you to build a new home is a better option than remodeling a home. 

 

Which is the Better Choice?

Is it beneficial to build a new home or remodel? In most cases building a new home offers you financial benefits and a modern lifestyle solution with an economical budget. While remodeling options refresh our home look and often come with hidden costs including maintenance and repairs costs and a rate of return. On the major investment. In comparison, a new house is equipped with modern amenities, post-work warranties, infrastructure, and a chance to get what you are looking for? 

So it is cheaper to buy a new home instead of remodeling because a new building over your long-term benefits and offers better long-term value. Remodeling is a quick fix but leads to more expenses and gives partial returns of the money. A newly furnished home allowed a modern energy efficient system and peace of mind without ongoing hassle.  

If you are looking for a home builder having prior experience, Foxhill construction best serves you. Explore our plans, available experts and pricing and take the first step toward creating a more beautiful home.