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Remodeling a home vs. a new home build

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  • Remodeling a home vs. a new home build

    My wife and I might have the chance to choose one or the other of these options in the next few months. Both are on adjacent pieces of property, each with plenty of room to do whatever we wanted.

    Option A: buy and remodel a 40 year old home. It's well built, spacious, but very dated and would eventually require a complete overhaul. I will not be living near this property until next summer, so I could not even really start the remodeling until then. Even then, due to personal reasons, the remodel may be delayed by a year or two or three.

    Option B: build a new home. We would be able to start this summer, and would be close to being ready by the time we move next June. We would be able to build what we want, the first time around. However, I have to wonder if it would be more pricey to build a new home (I've heard nightmare stories about remodels too, though).

    The main variables at play seem to be:

    1. Length of time till the home is complete
    2. Cost
    3. The layout and features of the end product

    We have a nice architect in the family, and are great friends with a really wonderful interior designer who would help us out. We do need to make a decision in the next month or two.

    This will be the last home I ever live in, hopefully. We want to do it right. We swing back and forth between the two options because of sentimental attachment to the existing house.

    Anyone have any insight? TIA.
    "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

    - Ty Cobb

  • #2
    Build new.
    "Nobody listens to Turtle."
    -Turtle
    sigpic

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    • #3
      No insight, but I'd love to see a before photo of the existing home.

      Also, how big is the existing home? I remember you talking once about putting in a theater. Is this place big enough for you to live and grow for the next 50 years?
      Ain't it like most people, I'm no different. We love to talk on things we don't know about.

      "The only one of us who is so significant that Jeff owes us something simply because he decided to grace us with his presence is falafel." -- All-American

      GIVE 'EM HELL, BRIGHAM!

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      • #4
        Originally posted by Surfah View Post
        Build new.
        Any particular reason why? That's the way I'm leaning today. I just have to convince my wife.
        "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

        - Ty Cobb

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        • #5
          Originally posted by falafel View Post
          No insight, but I'd love to see a before photo of the existing home.

          Also, how big is the existing home? I remember you talking once about putting in a theater. Is this place big enough for you to live and grow for the next 50 years?
          The existing home is probably 2000-2500 square feet. 4 bedroom, 3.5 bath. It has a garage that could easily be converted into a rec room/theater, and there's plenty of room around to add on.
          "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

          - Ty Cobb

          Comment


          • #6
            Originally posted by San Juan Sun View Post
            The existing home is probably 2000-2500 square feet. 4 bedroom, 3.5 bath. It has a garage that could easily be converted into a rec room/theater, and there's plenty of room around to add on.
            Are you done having kids? Can they all fit comfortably?

            I'm no builder, but I watch a lot of HGTV. The remodels always seem to encounter costly, unanticipated problems.
            Ain't it like most people, I'm no different. We love to talk on things we don't know about.

            "The only one of us who is so significant that Jeff owes us something simply because he decided to grace us with his presence is falafel." -- All-American

            GIVE 'EM HELL, BRIGHAM!

            Comment


            • #7
              Originally posted by falafel View Post
              Are you done having kids? Can they all fit comfortably?

              I'm no builder, but I watch a lot of HGTV. The remodels always seem to encounter costly, unanticipated problems.
              4 kids. Probably one more eventually. I think they'd fit comfortably as younger kids in either scenario. When they get older, maybe not so much with option A.

              Yes, I'm worried about cost overruns and other problems with the remodel too.
              "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

              - Ty Cobb

              Comment


              • #8
                To be honest, it is hard to tell you without seeing the layouts, costs, etc. A remodel is a great way to go if you are in a neighborhood you like...but if the new home is right next door, that takes away from the incentive. If you are truly planning on remodeling the entire home (if it is really that dated) and you want to put in nice stuff and your own touches, a nice remodel on that size of home could run you $100K or even a bit more. If, after doing that, the prices are pretty comparable or even if the new home is a bit more, I would probably say still Build.

                For example, if the old home costs $250K to purchase, and then $100K to remodel = $350,000. If the new home is in that ball park, I would say to definitely build a new home so that it has everything you want. I know that this is kind of obvious in what I said...but remodels always seem to run into its own set of problems, especially with homes that are over 40 years old.

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                • #9
                  Originally posted by San Juan Sun View Post
                  Any particular reason why? That's the way I'm leaning today. I just have to convince my wife.
                  It depends on how extensive the remodel is. One of the biggest issues is layout and floor plan with a remodel. So when you said the remodel will need a complete overhaul then I assume it is extensive and you're likely tearing it down to the studs, new electrical, plumbing, maybe moving walls, etc.

                  You also said, this is the last home you hope to own. So why not build your vision instead of trying to create it out of someone else's?

                  Like Falafel said, remodels often have unexpected expenses. The code has changed quite a bit in 40 years, so if nothing has been updated since then, you're likely going to incur a lot of expenses just getting it to code. Not to mention, styles have changed so much: closets, bathrooms, kitchens, etc. For the most part with a new home build you won't have any surprises from your contractor requiring more money to do X because of Y.

                  I think people like the idea of remodel but it's a PITA. It'd be hell, especially if you're living in it with a family while doing it to boot.
                  "Nobody listens to Turtle."
                  -Turtle
                  sigpic

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                  • #10
                    Originally posted by Surfah View Post
                    It depends on how extensive the remodel is. One of the biggest issues is layout and floor plan with a remodel. So when you said the remodel will need a complete overhaul then I assume it is extensive and you're likely tearing it down to the studs, new electrical, plumbing, maybe moving walls, etc.

                    You also said, this is the last home you hope to own. So why not build your vision instead of trying to create it out of someone else's?

                    Like Falafel said, remodels often have unexpected expenses. The code has changed quite a bit in 40 years, so if nothing has been updated since then, you're likely going to incur a lot of expenses just getting it to code. Not to mention, styles have changed so much: closets, bathrooms, kitchens, etc. For the most part with a new home build you won't have any surprises from your contractor requiring more money to do X because of Y.

                    I think people like the idea of remodel but it's a PITA. It'd be hell, especially if you're living in it with a family while doing it to boot.
                    Thank you. I'm going to call my wife and read her this post right now. Said what I felt perfectly. Thanks to Utestar and falafel too.
                    "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

                    - Ty Cobb

                    Comment


                    • #11
                      FWIW, my brother is starting a very basic kitchen/nook/deck remodel on his 25 yr old home and is looking at ~$55k+ just for this area. They have minimal design changes in this bid and little or no electrical and plumbing work. Nothing structural.

                      Doing the whole house could add a significant amount of money beyond this. Figure an easy $5k per bathroom, $1k - $3k per bedroom for paint/flooring/moldings, etc. Keep that in mind.

                      I vote build the house exactly the way you want it. Just don't close on it until you are CERTAIN everything is complete, no matter how much the builder promises to "fix it next week". BTDT.

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                      • #12
                        $100k for a 2000sq ft house is really conservative. my parents just finished remodeling a kitchen, study, and yard for double that with no structural changes, minimal electrical work, and leaving drywall intact in most places.
                        Te Occidere Possunt Sed Te Edere Non Possunt Nefas Est.

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                        • #13
                          Originally posted by Surfah View Post
                          Build new.
                          less filling
                          Dio perdona tante cose per un’opera di misericordia
                          God forgives many things for an act of mercy
                          Alessandro Manzoni

                          Knock it off. This board has enough problems without a dose of middle-age lechery.

                          pelagius

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                          • #14
                            Originally posted by pellegrino View Post
                            less filling
                            There is that. This seems to be a big reason why people remodel. It's cool to walk someone through your home and point out walls that once existed or ugly cabinets that used to hang on a wall or a bathroom that once wasn't. There is something to be said for taking something and putting your artistic, creative touch on something (your home, for example, is freaking rad. And I love what you have done thus far - but you're handy and able to do much of the work yourself too). But it's often a slow, tedious, and expensive process.

                            I was mostly framing my argument within the constraints that SJS listed. If time, cost, and layout are his biggest concerns then building new is a no brainer to me. UteStar outlined it pretty well. I bet in the end home + remodel≈lot + build new. Plus, you're likely not going to have to make as many concessions with a new home built to your specs than the remodel. And with the size of his family he can build it to his needs now and not worry about possibly having to do a second remodel/addition down the road.
                            "Nobody listens to Turtle."
                            -Turtle
                            sigpic

                            Comment


                            • #15
                              Originally posted by Surfah View Post
                              There is that. This seems to be a big reason why people remodel. It's cool to walk someone through your home and point out walls that once existed or ugly cabinets that used to hang on a wall or a bathroom that once wasn't. There is something to be said for taking something and putting your artistic, creative touch on something (your home, for example, is freaking rad. And I love what you have done thus far - but you're handy and able to do much of the work yourself too). But it's often a slow, tedious, and expensive process.

                              I was mostly framing my argument within the constraints that SJS listed. If time, cost, and layout are his biggest concerns then building new is a no brainer to me. UteStar outlined it pretty well. I bet in the end home + remodel≈lot + build new. Plus, you're likely not going to have to make as many concessions with a new home built to your specs than the remodel. And with the size of his family he can build it to his needs now and not worry about possibly having to do a second remodel/addition down the road.
                              a simple tastes great would have said all that.
                              Dio perdona tante cose per un’opera di misericordia
                              God forgives many things for an act of mercy
                              Alessandro Manzoni

                              Knock it off. This board has enough problems without a dose of middle-age lechery.

                              pelagius

                              Comment

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