With interest rates edging up, homeowners planning to rebuild this year are exploring both their financing and new construction options.
Over the past two years the rebuilding trend has been particularly strong in the older urban Oahu neighborhoods such as Palolo and Kaimuki, where Homeworks Construction has completed numerous custom rebuilds over the past two years. They also have projects underway in St. Louis Heights, Manoa and Kapahulu, where a new home — replacing a 79-year-old structure — is now in the framing stage (see photo). Several of the single-family home rebuilds include accessory dwelling units (ADUs).
Homeworks Construction president and chief administrative officer Marshall Hickox notes that there are several ways to finance a remodeling or building project depending on its scope and the homeowner’s financial resources.
“New construction may require a construction loan, which has specific terms and guidelines,” he says. “To go forward with the financing for a building project of any type or scope, an assessment of the cost will have to be obtained from the general contractor. So, it’s essential to choose a licensed company with good references, preferably one with experience in similar projects.
“Many of the requests we get for consultations and estimates are from residents of neighborhoods where we have projects in progress or have completed a new custom home. We offer construction consultation on a no-fee basis at the jobsite or at our office and showroom in the Homeworks Building, where we can take them on a video tour of a wide range of new custom homes.”
Typically, the priorities of homeowners planning to rebuild on the site of their existing home are more space, a more functional layout, maximizing natural light and ventilation, and taking advantage of views. With homes built as much as 80 years ago — often the case in Oahu’s older neighborhoods — the household may include two or three generations, so privacy will also be a consideration in designing the room layout. Although most of the old single-family homes are replaced by two-story structures, many owners opt for single story layouts in the interest of convenience and accessibility, which was the owner’s choice for one of our recent rebuilds in Kaimuki (see photo).
“Creating a family home is really a collaboration process involving the owner, the designer and the builder … all working together toward the mutual goal of a unique new home that will serve the family’s needs for generations and represent a solid investment in their future,” Hickox adds.
Homeworks Construction was chosen as one of Hawaii’s “Best Construction Companies” in Honolulu Star-Advertiser’s “Hawaii’s Best” awards program for three consecutive years and was named “Builder of the Year” by the Building Industry Association. The National Association of Home Builders designated the company a “Built Green Professional” and “Aging in Place Specialist.” To make an appointment for a consultation call 808-955-2777 or visit homeworkshawaii.com.
ADDRESS 2111 S. Beretania St., Honolulu