Finding the perfect home in any market can be a tough job, maybe you are trying to keep up with your growing family, or perhaps you are just looking for something fresh. You often have a few options – remodel, settle for something that is almost perfect, or find a lot and build your dream home.
For Matt and his wife Maren, after the birth of their first daughter, they realized their charming bungalow in Park City’s historic district wasn’t quite as perfect as a full-time family home as it had been before parenthood.
Originally the plan was to remodel; they loved their neighborhood and the bones of their home. After reviewing the costs and analyzing the market, it was evident they could sell their home in a strong seller’s market, buy a lot, and build a new home for not much more than the remodel, which is what they did. While slightly more expensive, they were able to create the home of their dreams in a neighborhood they knew they would also love.
Matt and Maren had experience in the process of building a home starting with design, managing the construction process and, of course, the sales process if and when that time comes, but even if you are inexperienced it doesn’t have to be a daunting experience. If fact, we have a few tips to get you started.
What are your goals? Understand what challenges you may experience with a both a remodel and a new build. Consider the size, style, views, location and costs. Carefully weigh each goal and see where you end up. Remember, a remodel will be hard pressed to get everything you want, but it could be the most affordable option. A new build may cost more initially, but with current environmentally friendly technology your operational costs could be lower in the long run.
Get basic designs done for the remodel to help you understand what the potential costs may be.
Talk to a realtor to get a better idea of the value of your home as well as to understand what lots may fit your needs.
Grab the calculator (and maybe the wine) and start crunching numbers!
Want to know more? Let us know! We happen to have a few lots on the market and have experience on both new builds and remodels.