Build new homes has almost come to a halt in our area and many areas around the country. So the question might come up..."Do I want to remodel my existing home or build a new one?" It makes sense that with building being so slow you should be able to get some really great deals. Some cities and counties are offering incentives of no impact fees to encourage some building but is it really the thing to do right now?
Let's take a look at the existing housing market. If you bought your home between 2005 - 2006 then you have probably experienced a loss of about 50% of value. That really hurts! If you paid $230,000 for your house you may see homes like yours selling for $115,000 or even less. OUCH!! The bad thing about this is prices have gone so low that you cannot even think about building the same house for the price it is selling for in today's market.
Not so for new homes. I don't know how but I see some new homes being built and sold for 15% to 20% more than everything else on the market. So should you build or remodel? Well remodeling costs have come down just like building cost. In fact many tradesman are willing to work for a lot less than they would a few years ago just so they can feed their families. Most Remodeling Contractors have scaled way back on their overhead and are passing the savings on to their customers.
My choice would be to stay where I am and do the remodeling. Of course that is what I do but I think that if you read this blog you may be curious. Send me an email and ask me how I can help you with your next project. valueproremodeling@gmail.com
Tim Davis
No comments:
Post a Comment