The choice between renovating vs. building a home often depends on many different variables. Both options have their pros and both of them have their cons as well. Therefore, the best choice is the one that will serve the bigger picture. So, renovating vs. building a home, who wins the battle? Let’s weigh in.
Renovating vs. building a home – An overview
Building a new home means you’ll design and built a house from the ground up. So, and everything will be newly built and installed. Renovating a home means you’ll make changes to an existing structure for different reasons. But, here’s an overview of both options:
- Building a new home. You and your team will collaborate to make decisions about every element of your new home.
- Renovation. When renovating, your wishes need to accommodate a space that is already built. You can use tips to organize a full home renovation, but since the frame is already built, you’ll have borders.
Pros and cons of home renovation
Home renovation has these pros:
- You’ll retain your existing home that’s full of memories.
- Profit. If you learn how to organize your house renovation and perform it, you’ll add value to your home. So, when you come to sell, you could make a good profit.
- You can make your house environmentally friendly and energy-efficient.
- Make your mark. For many people, home renovation is a lifelong goal.
But, before you start to make any change to an existing home, you need to know these renovation cons.
- Ongoing costs. A home renovation project may go wildly off the rails in terms of price. Plus, there are hidden costs that will only become apparent when you start digging into the project.
- Unseen issues. Renovating is a process full of twists and turns.
- Renovation is time-consuming and there are many questions to consider. Such as will you be able to live in the home while renovating or you’ll have to rent somewhere else? Can you afford that? What will happen if the project runs over on time or/and budget? Do you have the time to commit fully?
Pros and cons of building a home
Building a home brings these pros:
- Everything will be new and under warranty. So, the maintenance cost and repairs should be minimal.
- Opportunity to use sustainable materials and build an environmentally efficient home.
- You can plan for new technology.
- You have endless options in design. There is no layout or structure to try to fit your ideas into.
- Opportunity to choose the layout and floor plan that works for you.
- You can locate and design to have the best natural view. You can learn how to decorate your garden and everything will be up to your taste and needs.
However, building a home also has some cons. Here are them:
- Higher cost. So, make sure you consider this carefully and try not to blow your budget.
- Difficulties. Just because the home is a new build, it doesn’t mean that there will be no problems. Also, there is always a chance of nasty surprises popping up later on.
- Longer wait time. On average, it takes about even months to construct a new house. But, that’s without planning and approval stages.
- Where you’ll live until the home building process is done?
So, before making your final decision, make sure you carefully weigh these pros and cons.