The Pros and Cons of Building a New Home vs Renovating Your Existing House
Is it time to show some love to your home? Or is it time to say your goodbyes and move on to pastures new?
While the grass may indeed be greener, you might not have considered all the renovation possibilities open to you in your current property.
Or perhaps the opposite is true. Maybe you have renovation plans with spiraling costs and are now wondering whether to cut your losses and build a new home instead.
Either way, we’ve got you covered. This short guide will explain the pros and cons of building a new home compared to renovating an existing house.
Pros of Renovating a Home
What are the notable benefits of a home renovation? Let’s take a look:
It Adds Value
Adding an extension or remodeling will increase the asking price if you decide to sell your home. In a hot housing market, you can potentially make a healthy profit.
It Adds Style and Beauty
Do you want a kitchen that looks like it featured on the cover of an interior design magazine? A renovation puts you in control to get the style and look you want from your home.
It Gives Your More Space
Perhaps you want to care for an elderly relative. Maybe your teenagers constantly tell you how much they hate sharing a room with their siblings.
A home remodeling can give you the house your family needs, whether that’s an annex, extra bedroom, or an extra bathroom.
Cons of Renovating a Home
Before you get renovating, it pays to know the drawbacks. Here are some reasons why renovating your existing home might not be the best option.
Even the best renovation plans don’t always go smoothly. And when something goes wrong, that often means added costs. Spiraling renovation costs are always a risk.
Do you have the space for an extension? Do you have a basement or loft you can renovate? If not, an expensive renovation won’t add much square footage.
You can have the World’s most beautiful house, but you can’t change the location. If you don’t like your surroundings, a renovation might not be the right choice.
Pros of Building a New Home
Perhaps you plan on building your dream property. Here are some of the benefits of building a new home:
The Perfect Layout
Even a significant extension often means some compromise regarding room layout. That’s not the case with a new home. You can get the design that’s perfect for you.
A new home allows you the chance to build a house that is energy efficient. That’s great for the environment and will save you money on energy bills.
Cons of Building a New Home
What about some of the cons of building a new home? Here are a few you’ll need to consider:
It’s not just the cost of land you need to consider. It’s finding suitable land and the correct location. It’s rare to find undeveloped land in the perfect spot surrounded by beauty and amenities.
It’s not enough to know how to build a new home. You’ll also need to understand planning regulations. That could slow down the process and potentially increase your build costs.
New or Renovated?
Building a new home is undoubtedly the dream for most people.
But before you jump headfirst into a home design, take a look at your existing home. Perhaps your ugly duckling can transform into a beautiful swan with a little bit of TLC and a renovation.
Get inspired with your dream home design by checking out our real estate section before you go.