Building a new home or renovating an existing one is a big decision. Luxury home contractors can renovate or construct luxury homes as needed, but which is best for the client? Here is how to decide the easiest way to get your dream home.
Luxury Home Renovations Vs. New Construction: Determining Cost
You would think that constructing a new home would be more expensive, but this is not always the case. Performing multiple luxury home renovations over the years can easily surpass the cost of constructing a new home over time. Always consider how many renovations you plan on having.
For luxury home renovations, the first step is to get the home professionally inspected (HVAC system, roof, windows, insulation, wiring and other vital infrastructure) to see what absolutely needs to be replaced. Then try to work in specific renovation costs, going room by room. Professional luxury home contractors will help you itemize a list but be sure to get at least three different estimates.
Another thing to consider about luxury home renovations is that the need to match those of neighboring residences in value. Too many upscale renovations could make the property overvalued. People are much less likely to buy a home that is overvalued.
When is Luxury Home Construction Feasible?
Constructing luxury homes is sometimes not allowed, in which case renovations are the only option. Always check the mortgage contract to see if you are allowed to tear down the home and be sure to check for any stipulations as to how soon the new construction must begin after tearing the old house down.
Luxury Home Renovations Vs. New Construction: Time Considerations
Always consider the average time of displacement for renovations and luxury home construction. Luxury home renovations can take a couple of weeks or a couple of months depending on the amount of work involved. New luxury home construction, on the other hand, takes about half-a-year on average. It all depends on the size of the home, the floor design, and the various other custom design options.
Luxury Home Renovations Vs. New Construction: Duration of Stay
Families who are planning to live in the same home for a long time will get more use out from new luxury home construction. Luxury home renovations tend to be a better solution for those looking to quickly upgrade their property value before putting it on the market, or if they know they will not be staying in the home for more than a few years.
Still Not Sure Which is Better?
If you are looking to renovate or construct a luxury home in the NYC area, call Build-Ops at (718) 338-8800 today. We are one of the most honest construction companies in NYC and can easily determine which is the better option for your home needs.