Renovation vs New Construction: What to Consider

By March 18, 2019 Uncategorized No Comments

Why Build?

Sometimes a large renovation will end up costing more than building a brand new home, even though minor fixes and upgrades seem more cost effective than investing in a whole new build. Renovating doesn’t add as much value to the property as building new would. With a new build comes many new upgrades including higher ceilings, open floor plans, ensuite bathrooms, energy efficient products & materials, and new technological features. Newly built homes will have a significant resale advantage if it comes time to put your property on the market. Many minor fixes can add up very quickly when renovating, and unforeseen circumstances can arise and unplanned expenses may end up pushing you way over your budget. With building a brand new home, you start from scratch. You get exactly what you envision in your home – your ideas and concepts are planned for YOU. Upon completion, you get to live in your dream home and won’t ever have to settle for something you don’t absolutely love.

Other factors to consider when thinking about building:

  • Building lots are available in your neighborhood or a neighborhood you really like.
  • The cost of remodeling your home will outpace its resale value.
  • You want a home with changes that can’t be added to your current home.
  • A new home is less likely to have the health concerns/toxic materials of an older home.
  • New addition to homes will have to meet all modern building codes.
  • New homes can be more energy efficient than older homes.

 

Why Renovate?

If you’re home has special value to you because of the old age and period features it contains, you may want to consider a renovation rather than building new. You want to restore or enhance the home but not take away from its unique beauty and history, so it is a good idea to consider keeping with the original design and craftsmanship of the house. Perhaps people of great significance once lived there or substantial historic events happened there. Perhaps you have lived there your entire childhood and are now raising your own family there. Sometimes even if it is not as cost effective to renovate, it is worth the extra expense because it is special to you and to history. From a sustainability point of view, cities prefer to see people maintaining as much of their homes as possible, rather than demolishing the whole house and sending piles of that waste to the landfill.

Other factors to consider when thinking about renovating:

  • You love the neighborhood you currently live in.
  • There are no building lots available in your neighborhood.
  • You would rather invest money in your existing home than in building a new home.
  • Property values in your neighborhood are rising.
  • Your home value is not at the peak for the neighborhood.

 

Leave it to the experts! Contact Van Manna Homes today if you are thinking about building your dream home or a major home renovation.