Every homeowner has a vision of what the perfect home looks like. When you moved into your current home, you probably felt like it was the perfect fit for you and your family. Over time, it can start feeling cramped, or maybe you'll get tired of the same outdated finishes. Eventually, you'll be asking yourself: Should I build a new home or remodel?

Remodeling

Whether you're planning to remodel your current home, or you've always dreamed of restoring the worst house in a great neighborhood, there are pros and cons to consider before deciding.

Pros

Create Exactly What You Want

The best part about taking on a home renovation is that you get to pick the flooring, countertops, tile, lighting and cabinets.

Location, Location, Location

Homes in need of renovation are often found in established neighborhoods. Think larger lots, with mature landscaping.

You Can't Put A Value on Character

There are certain features in older homes that can't be recreated in new builds. Choosing an older house makes it easier to find a home that matches your personality.

Cons

Hidden Costs

Faulty wiring, asbestos, leaky roofs, foundation problems and damaged pipes are just some of the problems that might become apparent during a renovation.

The Timeline

Inspections and unexpected problems can easily turn a six-week renovation into a six-month renovation.

Living in A Construction Zone

Are you concerned about breathing in plaster dust? What about intermittent water and power outages? Living in a house that's being renovated is not for the faint of heart.

Building

You've worked hard, saved money and researched the best builders in your area. Before you break ground on a new home, consider these pros and cons.

Pros

Brand New Everything

Every feature in your new home will be brand new.

Warranties Cover Major Repairs

A good warranty gives homeowners peace of mind.

Energy Efficiency

It is much easier to insulate a home while it's being built. You'll also be able to choose energy efficient appliances and electronics. Consider adding a solar roof to your building plan to save money and the environment.

Cons

Waiting to Move In

It can take as many as 16 months to build a custom home. Where will your family stay in the meantime? Can you afford to pay rent, a mortgage and the expenses for two properties at the same time?

Every House Looks the Same

Homebuyers often use the phrase "cookie cutter" when describing new builds. Home builders tend to use basic materials and bland finishes to appeal to more buyers. If you're looking for a home with character, a new build may not be your best option.

Say Goodbye to Your Budget

Custom finishes, fences, decks and landscaping are usually not included when you're building a new home.

Should You Stay or Should You Go

Every situation is different, and there are so many factors that will play a part in your final decision. Just remember, there is no right or wrong choice, and any house can be made into a home.