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Building vs. Remodeling in 2011
Kaufman Homes receives a lot of inquiries saying they would like to consider building a new home or remodel an existing home, and how much would that cost? Most people are in the fact finding stage when we get this call as they have been assessing their needs like: “we need more space”, “our current home is outdated” or “It would be nice to have”.
Fact finding questions we ask:
- How did you find out about Kaufman Homes?
- Have you sold your existing home in this area?
- Do you have a home to sell and how much do you think it is worth? Have you contacted a realtor for an appraisal? Is this same realtor able and willing to help you evaluate your situation?
- Have you been out looking at homes and have you found any you like? If so what would need to be done to this home to meet your needs and expectations?
- Do you own a lot to build on?
- Do you like the current area you live in and does the home meet most of your needs?
- Have you thought about remodeling your existing home to meet your needs i.e.: re-decorating, rearranging portions of the home and or adding on. How would you pay for you re-do, equity loan, refinancing or personal cash?
- Have you been to a bank and qualified for a new home loan, remodel of existing or purchasing and remodeling an existing home? Be sure and find out their terms and requirements? A trusted banker can also give you good financial advice considering what you want or would like to do. Bankers are now very cautious and conservative and will not let you do something you cannot afford or is not good for the long term.
Misconceptions About Cost and Economy
Because of this economy I sense there are misconceptions about new building costs being related to or near in line with the cost of buying an existing home. Prices of existing homes have substantially decreased in relation to the abundance of homes for sale and the amount of people able to qualify for purchase. It is a buyer’s market for those who can qualify for a loan, ones who have sold their home or don’t need to sell their home and have substantial money to put down or will pay all cash. Even those who would desire a new home find banks doing appraisals that are substantially less than what it costs to build the desired new home.
Costs for new homes have not gone down and in most cases are increasing because of the high cost of oil, low product inventory, new energy codes, new EPA mandates, and increased overhead cost for contractors.
Our job at this point is to give the potential customer credible information so the customer can make the right decision to take care of their “needs” and takes in consideration current economic conditions and is economically feasible.
Select Contractor Carefully in this Economy
Be very careful if considering building a new home or remodeling because it is at times like this that there a lot of differing prices quoted by contractors who are of differing levels of experience, expertise or are unlicensed and use subcontractors who are not licensed. Be sure and match up your needs wants and desires with the proper experienced and licensed builder who will meet your expectations. Don’t just look at price. Past years of experience and references are the best way to select a builder.
Contact Kaufman Homes to do an honest, no cost, assessment on the feasibility of a new home, look at doing a remodel on your current home to fit your “needs” , and or look at a possible purchase of an existing home. For both your current home and a possibly buying an existing home, we will look at the overall condition of the home and the quality of original construction to help you determine if buying and fixing up or remodeling your current home would be would be to your long term benefit, is cost effective and can satisfy your determined “needs”