Make no mistake - home renovation is hard work. By the time you are up to your elbows in debris you might stop and wonder what made you begin in the first place. The answer of course, is the reward. Remodeling a home is one of the best ways to buy low and sell high when it comes to real estate. However, there is a lot you should know before taking the big plunge.The first decision is to know whether or not remodeling a home is less expensive than buying or building a new home. There are benefits to both options so be sure to thoroughly evaluate your options before making your final choice. Here’s what you should examine:
The Land. In most cases the decision to remodel a home can result in significant savings associated with the cost of buying and developing the land. However, in addition to purchasing the land itself, many areas have impact fees, the cost of installing utilities, ground preparation fees and other costs required to even begin to break ground and build.
Building Code. Before you get excited about saving tens of thousands on the purchase price and preparation of raw land, remember a great deal of savings will eventually go toward the cost of updating and remodeling the house itself. Depending upon the condition of the house, age, building codes and other factors, it can actually be more costly to remodel than to build new.
Remember, it takes more time to demolish, haul away debris and then begin building than it does to just build from the beginning. Next, expect to encounter building codes or violations that must now be brought up to date. If a home is built before 1978 then you may encounter lead paint or pipes, older homes may even contain asbestos. Additionally, it is quite common to encounter new building codes required to bring the new work up to date; common examples include wiring and plumbing.
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