When your home doesn’t feel quite right, you have many options. It can be fun to daydream about making a change, but it can be a challenge to decide how to make such a considerable investment of time, money, and hassle. The three main choices are changes or additions to the existing structure, razing the house and starting anew, or selling and finding a new place. Due to some unique challenges associated with home construction in Arlington, Virginia, deciding which direction to take requires careful consideration. Ask yourself these questions to help you decide.
1. How long do you plan to live in your home?
Some of us want a forever home that we leave “feet first,” while others plan to scale up or down by changing houses as life, children, and mobility evolve. And some intrepid folks are in the flipping business. If you are a lifer, you probably want to do a remodel that keeps the bones of your beloved home. Short-term owners should be careful about over-investing in a rebuild or remodel on the house that ends up exceeding the increased value of the property. Mid-term owners may want to do a major home construction project like a complete rebuild to create a customized home that can accommodate life changes.
2. Is the value of the home important to you?
Short-term investors or buyers who can only afford a small home to start their real estate ownership journey need to be thoughtful about any major changes they make. New construction has a higher appraisal value than renovation. A home addition in Arlington might appraise at far less than a rebuild because there are more comps available for new construction. While the resale value is likely to be less impacted, obtaining financing for a major remodel may prove difficult due to the appraisal. Long-term owners have less to worry about since appreciation over time will even out the cost of the home construction project.
3. What is your budget?
Your imagination, fueled by TV shows that are never entirely accurate about the actual cost of a home construction project, can be a little more ambitious than your wallet. For example, what seems like a small home addition may involve enough changes to the land that stormwater management becomes a consideration. An interior room rearrangement may require the services of a structural engineer. On the other hand, with skyrocketing home values in Arlington, it may not be possible to afford relocation, and a smart remodel may be the best option. Run the numbers for each scenario carefully to make sure that you are getting the changes you need at an amount you can afford to spend.
4. Are you on a schedule?
I was recently approached by a couple expecting a new baby, who wanted to undertake a major remodel before the child was born. I told them what I tell all my customers: any home construction project will take longer than you expect.
Currently, the permitting process in Arlington, global supply chain problems, and the usual issues that arise in a remodeling project, such as discovering unexpected issues during demolition, add up to a long road to completion. I encouraged that couple to consider a relocation instead of a project that might not be finished in time for the birth.
I also tell my clients that fast is not the right approach in home construction. Rushed decisions lead to mistakes, compressed schedules increase the expense, and the chances of a less-than-satisfying outcome increase. From walking through other homes to get an idea of what you want, in-depth conversations with your contractor, and planning for patience, every step of a rebuild or a remodel takes time.
As a contractor, I take pride in projects that make my clients completely happy with their homes. We carefully consider all their options to ensure they are making the best decision for their situation. We take the time to develop a design and specifications that lead to an efficient project and a superior product.
For a consultation to decide what option is best for you and your situation, contact us today.
