| BRICK-BY-BRICK |
Buy/Build/Remodel or you? Which option is right f
By Julie Young, House & Home feature writer
The decision to buy an existing home, invest in new construction or remodel the place you already have can be a daunting one. Between bidding wars permeating a seller’s market and supply chain issues impacting every other aspect of the industry, consumers are understandably overwhelmed, but they don’t have to be. By examining each option and answering a few simple questions, consumers can move forward confident that they are getting the biggest bang for their buck. AFFORDABILITY IS THERE According to Ryan Woodruff, vice-president of mortgage lending at Teachers Credit Union, it is never a bad time to buy a home. Although consumers will pay more for a home than they would have a few years ago, interest rates remain low, so the affordability is still there. “It’s far better to pay more for your first home than your last,” he said. “Demand is high, but it is better to build that investment than to pay a premium for a second or final home.” When purchasing a home, it is also important to think about where you will be 10 years from now. While an existing home may be a great option for a first-time homebuyer, others may be looking to build a new home to get all of the features they want and need. Woodruff says many things can change over the course of a decade and it is important to consider what
6 | Michiana House and Home | January 2022 |
changes you might experience. If you are just starting out, is a family in your future? Will you have teenagers who require additional space? Do you work from home and need a dedicated office space? Will you be an empty nester looking to downsize? All these things can impact the kind of house you plan to buy or build. “Of course, if you are planning to build right now, it is important to have a lot of patience,” Woodruff said. “Builders are working hard to get the materials they need to complete houses, but the supply chain issues have a lot of people stuck between their first home and their next home.”
LOVE IT OR LEAVE IT While today’s housing market does not require homeowners to update their homes in order to attract offers from motivated buyers, a remodel may pay off in the long run. For homeowners not looking to sell soon, a remodel may allow your home to retain its value as the seller’s market runs its course. It largely depends on what you plan to do and how long you plan to be in the home. “Finishing out a basement or updating a kitchen/bathroom is not as extensive as adding on a room, but if you are planning to be in the home for a while, it can be a great time to make those changes while the rates for a home equity loan are reasonable,” Woodruff said. By evaluating your needs and speaking with knowledgeable professionals who can help you make the decision you feel comfortable with, homebuyers and homeowners will find that there are a lot of options open to them no matter if they plan to buy, build or reimagine their Photos: Shutterstock.com existing property. n
RESOURCES: First Federal Savings Bank,
574.453.1096 Teacher’s Credit Union, 574.850.3569
