Building A Luxury Home Vs. A Luxury Renovation
There are two ways to own your dream home: you can either remodel your existing home or buy a new one. Deciding whether to build a new luxury home from scratch or remodel an existing one is not easy, especially when both the options seem similar in their attractiveness.
When choosing between the two options, you need to consider your and your housemates’ needs and the dynamics of not just renovating and buying a home, but also owning one.
Building a Luxury Home
A major benefit of building a luxury home is that you are in the driver’s seat while deciding what to build in your home. You can add a connected garage, an advanced modern kitchen or create an open-plan layout in your home – the possibilities are endless.
Additionally, you won’t have to worry about anything as your custom builder in Sonoma County will have the overall responsibility for the successful initiation, planning, design, monitoring, execution, and closure of the project.
When designing your new luxury home, think about the features that you really need. Look for features that can be rolled into your mortgage cost. Compare the prices of these features with their long-term benefits.
An old home may have several structural issues and other problems such as malfunctioning plumbing, outdated wiring, pest infestations, and asbestos contamination.
When building a luxury home from scratch, you do not have to worry about these issues. Most modern luxury homes come equipped with advanced technologies, which means you won’t have to spend hundreds or even thousands of dollars to get structural and other issues addressed.
Be very careful when selecting land for your luxury home. When acquiring land, enquire about building and planning permissions. Make sure there is enough space to work with.
A Luxury Renovation
You do not want your property to become overvalued. When thinking about a luxury renovation, one of the most important questions to ask is – are other homeowners in your neighborhood planning a renovation or have recently wrapped up a project?
Remember, if your property has better amenities than other homes in the neighborhood, it may become overvalued and you may have difficulty finding a buyer if you decide to resale in the future.
Many families choose to invest in an existing home and then renovate it. They embrace the challenge of restoring an old mansion to its former glory. If you wish to walk the same path, remember that renovating an old property can involve a lot of work, as they usually have multiple issues such as faulty wiring and structural damage.
Renovating an existing home can be overwhelming and exciting at the same time. When you make the effort to revive an old property, you become emotionally attached to it and can proudly call it ‘your home’.
Before buying an existing property, have it inspected by a professional. The inspector will create a list of works that need to be done and will also provide other important information needed to plan ahead.
Looking for a general contractor that can help transform your vision into a reality with a custom home? That would be us! At Holly Construction, Inc., we strive for excellence with every project, from start to finish. Till date, we have delivered hundreds of projects and counting. To discuss your project with one of our experts, call us at 707-541-0700.
- Posted On March 10, 2020