Every year, thousands of homeowners make the decision to remodel, redesign, or restructure their home. However, remodeling represents a significant investment of time and money – leaving some would-be remodelers feeling too overwhelmed to start the process. In fact, according to a study by the US Department of Housing and Urban Development (HUD), nearly 35% of homeowners would rather move into a newly constructed home than remodel their current living space.
So, is it ‘worth it’ to invest in new construction? In this article, we’ll help you answer that question by evaluating your needs and project goals!
What makes a project valuable to you?
In order to determine whether new construction will be worth it for you, we need to figure out what you value. For example, are you investing in new construction as a real estate venture, or do you plan to live in the home? Is your goal to improve your overall happiness and quality of life? By answering questions like this, we can determine whether new construction will fulfill your needs.
Typically, homeowners prioritize the following factors:
IMPROVED FUNCTIONALITY
Open-concept floor plans, like the one featured in this Studio City project, are both trendy and functional. These unobstructed sightlines are perfect for parents of young children or for hosts who love to socialize while preparing meals. Most importantly, this sleek and seamless design offers subtle accessibility for individuals with mobility challenges. The uninterrupted tile flooring sits level with the backyard patio, allowing the whole family to transition between indoor and outdoor living spaces seamlessly.
The bigger the dream,
The More Important The Team!
With Regal Construction & Remodeling, it only takes a few minutes to start building your dream home! Give us a call today!
Quality of life
Quality of life is hard to quantify and highly individualized. For example, a sound-proof home theater could be the perfect fit for cinephiles who enjoy quiet weekends at home. On the other hand, aspiring sommeliers might prefer an elegant, temperature-controlled wine storage unit like the one in this Encino home. When you invest in new construction, you have the option to personalize everything about your design. This offers plentiful opportunities to incorporate small details that will have a big impact on your daily life.
RESALE VALUE
If you’re planning to put your new construction project on the market, you’re probably looking for a sizeable return on your investment. New construction projects have unique advantages and disadvantages in the real estate market. When purchasing an older home, buyers can accurately predict things like tax obligations, insurance cost, utilities, and homeowner association (HOA) dues. By contrast, new homes often come with warranties from both contractors and manufacturers. This increased peace of mind allows many buyers to justify a slightly higher purchase price.
Will you get more value from remodeling or new construction?
Now that we’ve reviewed some of the most important factors in the valuation of new construction, let’s see how it stacks up against home remodeling! Although new construction often provides a higher ROI at the time of sale, the initial costs may be higher than what you would expect with a remodeling project. Furthermore, remodeling projects will come with certain ‘fixed factors,’ such as the location of the home. If you need a high degree of flexibility, you might prefer new construction – which allows you to make those decisions personally. If you’re interested in learning more about the differences between new construction and home remodeling, check out our blog article on the topic!
The bigger the dream,
The More Important The Team!
With Regal Construction & Remodeling, it only takes a few minutes to start building your dream home! Give us a call today!
Working with Regal Construction for New Construction
Since 2008, we’ve been helping homeowners with their Los Angeles remodeling projects and new construction. When you contact us for an estimate, we’ll start by discussing your goals. We love to help homeowners find thoughtful and creative solutions to everyday functional problems.
Next, we will schedule a consultation. During your consultation, we’ll assess the available space. At this stage, we’re going to help you ensure the functionality of your planned construction project. After we’ve designed your new home, we’ll move on to drafting an estimate. Our estimate gives you an expected cost breakdown for materials and labor. Our company was built on a foundation of trust and respect for our customers, so we don’t use any high-pressure sales tactics. We strive for excellence in every project, and customer satisfaction is our top priority.
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