Custom Homes in Atlanta
Posted by Matt Brooke on January 14, 2015
Many of us have a dream house we have always envisioned. Maybe we look around our current home and wonder if there is more potential in its walls to unlock; bath renovation, and extra bedroom, a larger family space? Remodeling a home you currently own in a neighborhood you love is always a good consideration. If you find your “renovation list” becomes heavier than your “don’t touch” list you may want to consider a new custom home. There are several factors to put on the table and discuss.
How do you feel about the neighborhood you are in now? What are home values like? In so many of our in-town neighborhoods, the value of an older home is in the land and the location. If your neighbors have spent significant amounts on renovation, if home prices for renovated or newer homes on your street far exceed the value of your home, if you purchased an older home and have paid down a large portion of your mortgage, you might start thinking about tearing your home down and starting over. This time with your dream home in mind. This can feel like a drastic solution but often renovation costs on an older home with less than ideal foundations and infrastructure can start to exceed the cost to start from scratch.
After doing the math, we often find that starting from scratch for a custom home will add $150,000, give or take, to the equation. A fully renovated older home may be around $150,000 less than that new custom home. Then it is up to you whether the additional debt burden is worth the investment.
Maybe you have a neighborhood in mind, next to a great school, walking distance to parks and restaurants. Again the key is to closely evaluate neighborhood home values. Often small, original homes can be picked up at a price that equals the cost of the lot. Occasionally, lots are also available in sought after neighborhoods. This can be a bit of a quest to find the right spot, but with the valuable opinion of a builder and a real estate agent, you can find something.
Another great spot to start is to create a file of images of homes you love and features you feel are important in the interior. What is the style of architecture that interests you? Do you want a new home in keeping with original architecture of the area or are you drawn to clean, contemporary line? The more homework you can do to provide your architect and builder with a clear vision of your dream home, the more successful your project will be.