The True Cost of Home RenovationJanuary 24, 2022

People move for plenty of reasons: relocating for a new job, moving closer to family, finding the ideal place to retire and more. They also move simply because their house is no longer functional for their family’s lifestyle or priorities. Once you’ve come to terms with the fact that your home isn’t working for you, there’s a few options to take. 

The team at Mungo Homes knows that buying new construction is often the simplest and most cost-effective way to find a house that’s energy-efficient, backed by a home warranty and designed to be stylish and functional. However, some people assume remodeling your current home, or purchasing and renovating a resale home, will save you money in the long run and give you similar results—but in today’s market, that couldn’t be further from the truth. 

While the new-construction industry has faced its own challenges, there are similar issues if you choose to do a renovation or remodel. 

Shortage of materials and labor 

The COVID-19 pandemic has obviously had an impact on available materials and labor for the housing industry, but there were shortages even before March 2020. According to Forbes, the United States has seen a shortage of tradespeople available to complete remodeling projects since 2018. Even if you have an “in” with a local tradesman to help you accomplish the work, material availability—and their rising prices—may prevent you from actually being able to get the job done. 

Working with a builder means they’ll handle every small detail, relieving you from the stress of navigating competitive labor markets and pricey materials. While Mungo Homes isn’t immune to the challenges every builder in the industry is facing, our strong financial backing has helped us weather the storm while still bringing new-construction homes to beautiful communities. 

Unexpected roadblocks

Aside from the lack of labor and materials, many homeowners also struggle with what they uncover in their homes during a remodel. Whether you’re renovating your existing home or one you just purchased, making structural changes can open you up to a laundry list of building code requirements, outdated systems, insect or water damage, faulty electrical wiring and more. All of these issues require more help, more time and more money than you probably budgeted for—and when the average cost of home renovation is already over $46,000, every penny counts when it comes to building (or buying) a home that’s functional for your family. 

Uncertain process and schedule

Renovating a house is a long and complicated process, which is only made more stressful by the responsibility of managing it all yourself. Your predicted timeline can be thrown off by any of the issues mentioned above, as well as a myriad of other problems. 

Buying a new-construction home from Mungo Homes comes with almost 70 years of experience in the industry. Our team has worked hard over the decades to perfect our building process, while still reevaluating to ensure we’re up-to-date on the latest in building practices and techniques. 

This long history, as well as a team of industry experts, help to make the idea of buying a new-construction home an easier one. The process is completely managed by us, giving homeowners the chance to prepare for their move and explore their new neighborhood. 

The true cost of home renovation 

While renovation might seem like the easier choice in today’s market, Mungo Homes wants homeowners to be aware of the hidden cost and stresses that are often overlooked. 

Instead of struggling through a home renovation, consider waiting for the right new-construction home or community to be available. The team at Mungo Homes is working hard to develop new neighborhoods throughout our markets in North Carolina, South Carolina, Georgia and Virginia—stay tuned for more information. In the meantime, contact us online or give us a call at your preferred regional Mungo office to learn more.