Construct your dream property or renovate an existing one?

With the aging inventory of homes in the US, this decision is becoming more and more common. Should you build a new home or renovate an existing one? There are many considerations and this article lists 11 questions to get answers to which will help you qualify the best decision for your situation. All 11 questions are good, but here are some of my favs.

What’s behind the walls? – Getting an inspector is key when buying a house, but they can’t open up the walls, and that is what needs to be done to answer this important question.  Sometimes, the answer is found after the renovation has started.

How readily available are my city’s inspectors and contractors? – Charleston has a LOT of new construction going on, and that tends to suck up the same resources needed when doing a remodel. You don’t want to find yourself post-purchase and not being able to get to work on your home.  Find out how available contractors are in your area.

How much will it really cost to build? – With builders, there’s new construction “sticker price”, and there’s the post-design center trip price. A recent new construction purchase I was involved in added $30k to the purchase price in upgrades after the post-contract trip to the design center was done. If that’s planned and accounted for early, then that’s fine. If not, that could cause major headaches.

Enjoy the article; it’s really informative. If you have any questions or comments, let me know!

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Posted on July 27, 2019 at 12:07 pm
Jim Smoak | Category: General Real Estate

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