Short answer is – it depends. Although home renovations are known for being less expensive compared to building a new home from scratch, building new gives you several benefits such as a fresh start that you cannot get with a renovation.
The only way to make an informed decision is to first assess your situation and then compare the two options side by side to find out which one best meets your needs, within your budget. Here’s a quick outlook of the pros and cons of each option to get you started;
Pros and Cons of Home Renovation
The key advantage of home renovation is that you get to retain your beloved home. Many homeowners are so emotionally connected to their homes that the thought of packing up and moving out can be unbearable. Renovation means you don’t have to leave the current location. Just make the home additions you need or renovate your kitchen or bathroom, and then continue with your life in the same home. Another advantage is the lower cost. Unless your renovation is quite extensive, it will most certainly cost less than building a custom home.
There are a few downsides, however. First, not all renovation costs are the same. Some home renovations cost in excess of $100,000. Making major renovations to a multi-story home, for instance, can be rather expensive. In such situations, a new custom built home would be a better investment. Another potential problem is deep lying structural issues. If your home has a sinking foundation, for instance, quick renovations might not fix the problem. If the issue is serious, building new would be your best option.
Pros and Cons of Building a New Home
There are several advantages of building a new home. As we’ve already mentioned, it gives you a fresh start, perhaps in a new location. If you’re excited by this, then building new would be a great option. Another perk is the ability to fully address and forget about any structural issues in the old property. A new, custom built home will have a new, strong foundation, strong walls, and a solid structure in general. Finally, a new custom built home also allows you to finally adopt modern architectural styles.
As for drawbacks, the biggest impediment to building new is the cost. Building a new custom home costs hundreds of thousands of dollars. Luxury homes cost even more. Unless you have the budget, this can be a huge problem. Additionally, starting over in a new location is not something everyone is excited about. There are homeowners who can’t imagine themselves somewhere other than their present home. Finally, a few mortgage plans don’t allow owners to rip up their old homes until they’ve repaid the mortgage in full. This too can put your plans on hold.
Speak to a Professional
To build a custom home or renovate your existing home is a very personal decision, but it’s important to factor in some practical aspects when making your choice. Alair Homes is here to help. Contact us today to speak to an expert.