So, you’ve decided it’s finally time to upgrade your space (congratulations!). But now you have to decide which makes more sense - do you build a new home or renovate your existing one? While you already may be leaning more towards one option than the other, there are several factors to consider when deciding whether to build or renovate a home, which go beyond financial considerations (although that certainly is a large factor!). In this article, we take you through some common considerations when choosing whether to build or renovate a home, so you can make a decision once and for all on which option is best for you.
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Let’s start with the project duration - does building a home really take longer than renovating? Well, that depends on the complexity of the renovation. While building a project from scratch will usually take more time, this may not always be true for older and historical buildings.
Horst Construction tells us more about what needs to be considered when it comes to project duration:
“When compared to new construction, renovations can often be the quicker option. Because you’re not starting from scratch, and many of the necessary building elements are already in place and can be integrated into the renovated building, your construction team will have much less work to do. That said, there are some instances where this won’t be the case. Particularly with older and historical buildings, project durations can span beyond the time it would have taken to build new. Especially if there are harmful building materials that need to be mitigated.”
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There are several questions that you need to ask yourself when deciding whether building or renovating makes more sense for you financially. These include what your current home’s net worth is, how much will it cost to renovate it, and could your renovations end up being a total waste of money if they don’t add value to your home?
ICFHome.ca gives us more considerations to take into account when it comes to finances:
“Can you qualify for a mortgage loan to finance a new home? Can your current home raise enough equity loan amount for renovations? Moreover, if you sell your old home today, how big will the real estate commissions be? All these factors put together will tell you which option will work best for your case.”
No matter which option you choose, you want your home to be in a location that you love. But what about when you can’t find a plot of land in your desired area? If you can’t find a new building lot in an area that you love, building a new home may not be your best option.
Pine Creek Homes tells us more about factoring location into your decision when it comes to building or renovating your new home:
“Sometimes it’s difficult to find a new building lot in the area where you’re hoping to live. In fact, this is the primary reason why most people chose to renovate rather than build. Many people love where they live, but would like more space or perhaps an updated look. An addition/renovation may be the answer to this space dilemma. If you like the neighborhood you’re in, and there are no available lots to build on in the area, then a home renovation can definitely make more sense.”
We at JA Custom Homes Inc are here to provide you with a full-service custom home building experience, so we can turn your dream home into a reality. We offer high-end planning, design services, and renovations to help you construct your perfect space. Contact us today so we can get started!