Renovating vs. Building New: Which Is Better?
There is nothing like being a homeowner. You have the security, freedom, and commodity no other place can give you. Still, owning a home comes with constant investment. Whether it’s minor fixes or big ones, maintaining a house is mandatory if you want to have the best living conditions. But sometimes we wonder if the renovation is enough, especially when there is a need for more space. Deciding between renovating vs. building a new house is not an easy choice to make. Both options are great if you have the necessary budget. However
to find the best solution for your demands, explore all the factors and possibilities these two projects offer.
Renovating vs. building new in favor of building
Building a house from scratch has its perks. You get to pick the design and layout of your dream home and watch it rise from nothing. That gives you a unique feeling of accomplishment and a bond with your home.
Your new building project is a blank canvas you get to create your masterpiece on. However, the more customized a house is, the price of building it will go up. That means building a new place can be pretty expensive if you’re not ready to settle with traditional designs.
The new location can offer you more than the current one
For example, you have a great piece of land with plenty of potential at your disposal. This means location, surroundings, and nearby amenities. If you believe your new site will benefit your quality of life, building a new property might be a great idea.
Your old home is beyond repair
No matter how much we love our current home, sometimes that just it’s not enough. If the house you’re currently living in is beyond repair and renovation won’t make it better, consider building a new one.
Owning a second house is great
When money is not an issue, becoming an owner of a second house can be a good investment in the future. You can use one house as a rental, and soon you will be able to renovate your other place as well.
You get the pick the contractor
Starting from scratch, you get to pick the best builders in the business based on their reputation and recommendations. It’s essential that you feel satisfied knowing the construction is in good hands.
When choosing a building firm, it’s wise to go with industry professionals. But before hiring them, make sure you’re on the same page. Every newly-built home should be a combined product of your possibilities, needs, desires, and contractors’ skills.
Cons of building new
The reason why most people are apprehensive about building a new home is the higher initial cost. Not many people can afford to invest a great deal of money at once.
Starting something new can be very stressful and risky
It is a tiring and stressful process. You have to know what you are getting into before embarking on such a venture. Inform yourself about all potential problems and risks building a new home can bring to avoid any surprises.
It will probably exceed the estimated budget…
If you’ve set up a budget, you can forget about it. There will most likely be additional costs and changes that will require a bigger investment. It might be the change of material or a possible delivery delay but be prepared to go over the estimated price.
…and the deadlines
And even though contractors provide a deadline when building a property, it will take a while before it’s done. Make sure to arm yourself with patience and find ways to make the process less stressful.
Renovating vs. building new in favor of renovation
Renovation is a fantastic way to personalize and customize your existing living space. There are no limits if you can afford it. From small remodeling projects to expanding your home by building an addition, the options are plenty. Renovation should always be your first choice if you love your home and its location.
Also, if your home has good structural integrity and the desired architectural perks, investing money in upgrading it is always smart.
You can control the budget
Unlike high initial costs when building a new home, you can handle the budget more easily when renovating because you get to pay in stages and find your desired pace. Sure, this might take longer, but it’s definitely less stressful than having to think about money all the time.
Remodeling an underpriced house could save you money
Remodeling can be an excellent investment if you buy an older or neglected property that needs fixing. They are usually pretty affordable, and simple remodeling can do wonders.
Still, you have to carefully estimate the necessary budget for the fixes. You don’t want to invest in something that will require a more significant amount of money than building a new house.
Your home is familiar and full of memories
Instead of having to deal with problems that may come with new construction, remodeling your existing home is familiar. There shouldn’t be any big surprises. You’ve picked your home for a reason. Use the opportunity to optimize it to its full potential.
You like your neighborhood
Living in a safe neighborhood with familiar friendly faces around you is a critical factor in your quality of life. When debating between renovating vs. building, this might be a deciding element. Ask yourself whether a new home would be worth leaving all that behind.
Upgrading a home with energy-efficient solutions is smart
Simple additions and upgrades can give your home a boost when it comes to energy efficiency. For example, just by upgrading wiring and lighting, you will significantly decrease the use of energy. That can save some money in the long run.
You might not have to move during the process
You don’t have to move from the house during more minor renovations or bathroom and kitchen remodeling projects. It might be a bit noisy, but nothing that can’t be handled easily if you make the necessary adjustments.
It will add more value to your property
The remodeling process will take off some years from your home and add resale value to it. Even though you might not plan to sell it, knowing that your home would do great on the market helps.
Consider additional upgrades
The impression your house exterior gives will be significantly enhanced if you work on the area around it. Whether it comes to upgrading your porch, patio, or backyard transformation, maximizing usable outdoor space and turning it into functional or leisure areas is a game-changer.
Before deciding, contact professionals
Even if you think you have the answer to renovating vs. building new, it’s essential to hear a professional opinion regarding the possibilities and budget of your future project. Hiring reliable contractors can help a lot in finding the best solution.
A great solution for temporary storing of your possessions
The renovation project can last for a while. Therefore you will need to store your items to avoid any potential damage. However, keeping them just anywhere won’t do because you will most likely need some of your stuff during the process.
One of the best options for a handy solution for household items is a portable storage container. It comes in many sizes, and having them installed in your backyard will mean the world because you will have easy access to all necessary items.
Cons of renovation
Sometimes the cost of remodeling can be as high as building a new home. This will mainly depend on the size of the renovation project and the state of your house.
The potential presence of hazardous substances
Asbestos and lead can be present in homes built before 1974. Finding these materials during renovation can result in additional expenses and delays.
You are bound to the existing structure
Even though you love your house, you are bound to adjust to its limitations when it comes to remodeling. Still, some contractors offer different kinds of additions that can easily overcome the problem of the lack of space.
You might need to temporarily move
This option will depend on the size of the remodeling project. If you are planning to do big structural changes, moving from the site is a must. Hence, temporary relocation can cost you more money if you don’t have a place to stay in the meanwhile. On the other hand, the team behind Number 1 Movers Canada argues that there are ways to cut costs on your move, so this doesn’t have to be a considerable expense.
And the winner is…
So, renovating vs. building new – which is better? If we consider all of the factors mentioned above, there are a lot more pros when it comes to home renovation. If there is any chance your home can be optimized to its full potential, we’d recommend going for it. The solution is more budget-friendly and not having to start from the beginning is smart, especially if you don’t have previous building experience. But whatever you decide after you weigh all the pros and cons of both options, you will make the right decision. After all, your home should satisfy your needs, so finding what works best for you is all that matters
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