Imagine, for a moment, the home of your dreams. What does it look like? What features does it have? Now think of your current home. Could your existing house transform into your dream home with a little work? One of the most important decisions we help our clients make is the choice between a custom home vs a luxury remodel.
Which option is right for you? In this article, we’ll cover the most important things to consider when making your decision.
The most important thing to keep in mind is the location of your current house since it’s not something that you can change. If you love your current location, but your home’s interior or exterior feels dated, it might be worth planning a luxury remodel instead of trying to find a new location you love just as much.
On the other hand, if you no longer love your neighborhood or you’re ambivalent about your location, you might be able to find a better lot on which to build your new custom home.
Next, consider how quickly you need or want the project to be completed. Building a custom home from scratch takes much longer than a luxury remodeling project. If the timeline is a concern, it might be better to find ways to renovate your current house to better fit your needs.
Keep in mind that ongoing supply chain issues are impacting both new builds and remodeling projects, which could further delay your project.
Before deciding whether to build a custom home or start a luxury remodel, take some time to think about how much you’re comfortable spending. Not surprisingly, remodeling your home, even with luxury features, will cost less than designing a brand new custom build.
However, when building a new home, you can roll the costs into the overall mortgage amount. This might make it easier to fit into your budget vs paying out of pocket for remodeling costs in addition to your existing mortgage.
Another important thing to consider is the luxury features you want from your new space. We recommend making a list of your desired features, ranked by order of importance. From there, think about how realistically you can incorporate these features into your existing home.
For example, if you dream of a resort-style pool, but have a small backyard, you’ll have to weigh how important it is to get the pool. If it’s the top feature on your list, then that can help you decide that a custom build makes more sense for you.
Finally, consider the convenience factor of doing a custom build vs a luxury remodel. If you opt for renovations, will you continue living in your home during the process? If so, think about the logistics of that and how the experience will be for your family.
If you decide on a custom build, you’ll need to deal with selling your current home and potentially finding a temporary place to stay if you sell your home before your new one is finished. Carefully weigh the convenience factors of both options to help you make your decision.
We hope that reading this article helps to give you a better idea of what to consider when deciding between a custom build vs a luxury remodel. Of course, we realize that each situation is unique and we’d be happy to talk you through the options and help you make the right decision for your family. Contact us today to start talking with our team.
Experience a thoughtfully refined approach to custom home building with a friendly team devoted to achieving your dreams. With Rufty Homes, you’re assured of a gracious, tailored home building experience defined by distinctive beauty, timeless value and pure joy.
Phone: (919) 460-8550 | 5121 Kingdom Way Ste 208, Raleigh, NC 27607 | M-F 8 AM - 4:30PM | BuilderTrend Login
