It’s easy to understand the appeal of building a new home—everything’s brand-new, with no outdated materials to replace and you can make every design decision from light fixtures to window placement. But new doesn’t always mean better, and with the number of available residential lots on Oahu constantly shrinking, remodeling your existing home might be the best path to your “forever” home.
Here’s five reasons to consider a remodel instead of a new buy…
1.Remodeling your existing home allows you to continue building equity in your investment and therefore increasing the potential profit should you sell in the future. If your home is “almost” perfect but just needs a second bathroom or a larger kitchen, maximizing the resale value of your home and improving your future profit margin is a better financial decision than starting over in a new house with a new mortgage.
2.There are renovation projects for every price range, which means you can improve your home over time and within your budget— as opposed to the significant upfront cost of building a brand-new home. From combining two rooms into a master suite to designing an outdoor living area, there are countless ways to gradually transform your existing space into the perfect home.
3.Speaking of outdoor living spaces, existing homes often come with established landscaping, making it that much easier to create an outdoor oasis without spending the bulk of your budget on trees and foliage that may take years to fully grow into an island paradise.
4.Finding the ideal property for a new build may take years, and may not be in as an ideal location as your current residence. Since 93% of the island is zoned for agricultural or conservation purposes, finding the land for a new home may prove nearly impossible, especially if you want to stay in a certain area. Remodeling your existing home allows you to stay in a beloved neighborhood, keep your short commute, or continue living near family and friends.
5.A home remodel gives you the best of both worlds: allowing you to live in a home customized to your needs and preferences, while maintaining the emotional attachment to the place where you raised a family or created a safe-haven from a busy outside world. Whether you intend to age-in-place, open your home to multigenerational living, or simply want enough room to entertain friends, renovating helps homeowners preserve the past while preparing for the future.
Ready to remodel? You’ll need a team. From interior designers to contractors and architects, Home Planning Hawaii is the best place to start planning your forever home. From budgeting for your project and navigating the permitting process to finding Hawaii’s best experts in renovation, we’ve got the resources you need to make your existing home as good as new.