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Is It Better to Renovate or Build a New Home?

Most homeowners who are looking to buy a new home are doing so because there is something – or several things – that no longer work about their current house. Maybe it’s a lack of space, or the home is old and needing more significant repairs.

Whatever the reason, the question usually arises as to whether you should renovate your existing home, renovate a different home, or build a brand new home; one that’s personalized to your needs.

Challenges Of Renovating Your Home

Building a brand-new home may seem like a big step when you could potentially renovate your existing home. But there are challenges that come along with renovation projects that need to be considered.

Living In A Construction Zone

If you’re renovating your house and you’re unable to move out for the duration of the project, you and your family will have to find a way to live in the construction zone. Sometimes this means you’re without water or power for a short period of time. You may have to wash dishes in your bathroom sink for a while or have your kids share a bedroom.

Unexpected Challenges

When you’re renovating an older home, it’s very common to encounter issues you didn’t realize existed once you start tearing out walls or flooring. If the home was previously owned, you might discover some DIY work that was done incorrectly which will need to be corrected and updated.

You may be replacing shingles and find the roof boards are rotting, adding an unexpected cost to your project. Worse yet, there could be major foundation issues that need to be fixed.

Toxic Materials

If you have an older home, some of the materials used in constructing it at the time can be toxic and will require specialty services to remove. Things like lead and asbestos are common in older homes and must be handled by professionals in order to be removed correctly and safely. This can add costs to your renovation project.

Floor Plan And Square Footage May Be Limited

If you need to change the actual floor plan of your house – ie tearing out a wall to make an open space – you could be limited by load-bearing walls or support systems. You may need to expand the square footage, meaning you’ll have to build a costly add-on that can create energy efficiency issues where it attaches to your current home.

Why Building New May Be Your Better Option

A brand-new home means so much more than just a new structure. This is where you can make almost anything you’ve dreamed of come true. Additionally if you are comparing cost per square foot, renovations are significantly more expensive due to less economies of scale. Working on smaller spaces is inherently pricier for each item involved.

Everything is New and Under Warranty

When you build a brand-new home you’ll gain peace of mind knowing your investment is covered by a warranty program. Most homes will come with tiered coverage that warrants certain components of your home for up to ten years.

In a brand-new home, you’ll be protected against material and product defects, improper installations, and other things that can cost you thousands of dollars without warranty. You won’t need to worry about paying for major repairs or replacing appliances for quite some time in a new home.

Your Home Will Be More Energy Efficient

Building codes and minimum energy standards have come a long way. Your new home will be constructed and designed to today’s standards, maximizing the energy efficiency in your home. You’ll save money on utility bills and enjoy a more comfortable home.

You Can Include The Bells And Whistles

When you build a new home, you can add in modern technology. Things such as smart-home technology, sound system, alarm system, and other premium features can be built into your new home and included in the overall purchase price.

Personalize Your Floor Plan And Design

Maybe the best part of building a new home is that you can choose a floor plan that is most ideal for your family’s needs. Build your home with all the right spaces, just the right square footage, and on the specific lot you wish.

Not only will you have a floor plan that’s perfect for you, but you can also design the home to fit your family’s unique style. Choose your own finishes and materials to create that dream home you’ve always wanted.

While it costs less in the overall price to renovate an existing home, the changes and updates you make to the home may never be entirely suited to your needs and on a price per square foot the cost will be significantly higher. Renovating is ultimately a temporary fix, and you may find the home still doesn’t meet your needs after a few more years. Building new gives you full control to create a home that fits your family’s needs, is energy efficient and modern, and will last for many years into the future.

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