Although financial experts haven’t been able to settle on whether we’re slipping into a recession, a stressed economic state is in play. Wages remain stagnant, yet living costs continue to soar in New Orleans and throughout the nation. In times like these, many homeowners or soon-to-be homeowners begin to question the reality of their construction dreams. But wait, don’t hang up your hopes of creating a jaw-dropping home that emanates your vibrant aesthetics and brings your vision to life.
While starting fresh with new construction isn’t feasible for many folks, it doesn’t automatically mean you’re stuck with your current home as-is. Instead, it invites the opportunity for a major change without the financial stress of a new build. Enter remodeling.
Home Remodeling vs. New Construction
In a stressed economy, remodeling has clear benefits over new builds. Of course, building a new home is an option for some individuals, but for many, remodeling is more feasible. Here are a few reasons why remodeling might be the better choice in an unstable economy.
Lower Cost and Risk
The relative risk associated with remodels is more attractive to many homeowners than new construction, particularly in a shaky economy. Remodeling, while it isn’t free, tends to be considerably cheaper than starting from scratch with a new build. Tighter budgets are more common, restricting capital available to build from the ground up. When job security remains a looming concern, many homeowners can’t afford expensive builds. Remodeling is an excellent alternative that presents less risk, making it a suitable option for those wishing for an upgrade.
Fewer Concerns
Building a new home is an exhilarating process allowing you to express your creative side, but it isn’t without drawbacks. In an unstable economy, these downsides become prominent, making remodeling an attractive alternative. For example, consider the steps involved in new construction. It starts with finding a suitable plot for your project that perfectly accentuates your vision. In the following steps, you would collaborate with your designer and architect to meticulously craft a blueprint, developing a clear outline of what specific details you want to complete your home.
Once the building process commences, you’ll need to be available to address hiccups that may arise in your project. Miscommunication among contractors, permitting complications, and shipment delays can throw a wrench into your carefully laid plans, placing your project on a back burner. These headache-inducing situations can be the icing on the cake for soon-to-be homeowners, particularly when navigating the complexities of a stressed economic state.
On the flip side, remodeling presents fewer concerns. While some hiccups are inevitable, they’re rarely as major as those a new construction project may present. Of course, hiring an experienced, well-rounded team like DMG Design+Build streamlines new constructions and remodels, but you may find that a remodel is easier on your cortisol levels.
Increased Home Resale Value
A jump in your home’s resale value is one of the most notable perks of remodeling. While not all remodeling projects increase a home’s resale value (think minor upgrades), larger revamping projects can make a significant difference.
For instance, let’s say you have a couple of dated bathrooms in your home that are still stuck in the 70s, featuring tired wood paneling or wallpaper and worn-out carpeting. You can increase your home’s appeal and resale value by giving your bathrooms a facelift and effectively escorting them into the modern era. Or, maybe you have an unfinished basement teeming with storage items, an unimpressive entryway that doesn’t express your style, or a backyard that could use some TLC. With careful planning, you can transform these spaces into an oasis that gives you another area to flex your creative muscles and increases resale value.
Given these renovations’ impact on your home’s value, they’re an excellent choice for homeowners who plan to sell in the next few years. It’s important to note that some valuable investments will hinge on your location. For example, adding a pool could increase your home’s value by over 7% if you live in a warm state like Louisiana.
Opportunity for Change
Remodeling gives you the perfect opportunity for change without requiring a blank slate. You can build on the foundation you have, adjusting your home to match your aesthetic preferences and reflect your personality. A remodel can provide drastic results, shifting a blah backyard into the go-to hub for summer activities or transforming a drab bedroom into a comfortable and cozy haven. If you plan on building your home someday, a remodel can serve as the perfect stepping stone, allowing you to dabble in different features to find the must-haves for your new home.
Plus, it allows you to create a home you love without the stress of moving. So, if you love where you live but aren’t thrilled about parts of your home, a remodel can be an excellent solution.
How DMG Design+Build Can Help
At DMG Design+Build, we’re excited to work with you to bring your remodeling dreams to life. Our experienced team of designers and builders will help craft your vision through photorealistic renderings, helping you visualize the final, magazine-worthy product. We leave nothing to chance, following rigorous procedures and upholding exceptional quality standards to ensure the outcome is even better than you imagined.