Should you remodel of build a new home

You as a property owner may be in a unique position where a home is almost too dilapidated or old to justify saving with a remodel project. It might more sense to simply tear down the structure and build a new home. The decision really depends on a few factors that are worth considering when in such a position. Either choice you decided Sustainable Design Build will be right by your side ready to make it happy.

Is it cheaper to add on or build new?

In short, it would be more costly to build a new home. 

It’s common to assume that building a new home on a new plot of land is the more expensive option.  The extra costs compared to remodeling are with the extra scope of work such as engineering, architecture, utilities, and site prep. 

However, if the home you are renovating is requiring a particularly large scope of work and addresses more items than a simple remodel – it might cost more than building new construction.

How much does it cost per square foot to build a new home

In the Denver Housing Market, property owners can expect costs ranging from $200 to $350 per square foot to design, engineer, and build a home. Of course, these prices change according to the level of construction and finishes from mid to luxury-grade selections.

According to This Old House, the national average has recorded that a new home can cost anywhere from $100 to $200 per square foot. In Denver, the price range for a new home ranges from around $200 to $500 per square foot.

For the year 2022, prices on building materials have been particularly volatile and even the more moderate estimates have seen projects increase in cost by 11% – 20% more than estimated. This also affects standard home remodeling projects too, driving up the cost of every residential construction job. 

What is the cheapest way to add square footage to a house?

Let’s say the existing home isn’t all that bad and just needs a new coat of paint and some more room to stretch your legs out. One of the most cost-effective ways to add more space to your home is by finishing a basement, attic, or garage. This will allow you to avoid the need for additional structural elements, such as a roof or foundation. However, it’s important to note that you’ll most likely have to cover the costs of various other components, such as heating and ventilation.

How much does it cost to add square footage to a home?

According to HomeAdvisor.com, the average cost of building an additional room onto your house runs $80 – $200 per square foot. The range of costs really depends on your selection of materials and finishes.

What adds the most value to a house?

House additions are typically considered investments for homeowners. If you plan on staying in your current home for a long time, then you have more incentive to make these improvements. The value of your home will increase if you make these improvements now.

If you plan on selling your home in the future, it’s important to consider the value of your property when it comes to resale. Having a well-designed addition can boost the value of your home and make it an attractive investment

What should you do with your property?

At the end of the day, it will come down to your wants and needs as a property owner. What do you want from your home and what can be done to meet the needs within your budget? The best place to start is by opening up a dialogue with your local building or general contractor. For an even more fluid and cost-effective experience, contact a design-build company like Sustainable Design Build where the design-build process can be more beneficial for your project. There is no way of knowing what the next steps are until you make gather as much information about your project as possible.