Everyone seems to be joining the renovation train these days. While renovating may not be as scary, with less potential for things to go wrong, it can be a difficult process.
While a new build might seem daunting, it also may be more suitable than carrying out renovations to an older house. The best way to work out what is right for you is to compare your requirements, and the costs involved with each.
Renovating Your Home
If you love the existing house or if most of the work is fairly cosmetic, then a renovation might be a rewarding way to go. As long as it is structurally sound, rebuilding and modernising any outdated and impractical areas will be the biggest and best improvements you can make. Renovating can be more cost-effective up front and is usually completed in stages, which means you may still have somewhere to live during some or all of the construction phase.
While it may seem like a more affordable option, renovating may not be the best choice when compared with long-term goals or other factors. Be sure you completely understand everything involved, carefully plan it all out, and allow for an overestimate on each of the costs so that you have some wriggle room in your budget for surprises. Consider whether you will be doing some of the work yourself or will you be relying on tradespeople?
With renovating you should always be prepared for the possibility of uncovering both minor and major problems during the process. Consider getting some professional advice on the plans you have in mind. An architect may be able to identify layout issues, outdated design, or structural damage from termite infestation. Some of these factors may mean renovation becomes more costly or complicated than building.
Building Your Own Home
The biggest advantage of a new build is that you get to choose everything you would like in your home. Every element of your new dwelling is yours to decide, from the architect to the builder, the paint to the patio, the drapes to the door knobs. This reason alone is enough for many to choose building their home over renovating, but there are often greater advantages.
A new home won’t have any health concerns caused by toxic materials found in older houses, such as asbestos, lead paint, or mould. Building a new home is also much more energy efficient because new houses need to pass current building codes for heating, ventilation, cooling, insulation, and air filtration. Not only is a more efficient home good for the environment, but it will also save you money on utility bills.
Drawbacks to building your home may be the longer time-frame and higher costs. For example, you would need to be living somewhere else during construction so the cost of rent is an additional expense. Whichever way you decide to go, you might recover some of the costs through salvaging and recycling construction materials.
The best way to reduce the risk of going over budget or over time is by choosing a reputable builder as well as ensuring the foundation of your contract is as rock solid as the foundation of your new home. You should always make sure you are working with qualified and experienced professionals. This is the way you can ensure the whole process goes smoothly.
If you want to find out more about financing your new home or renovations, learn more here.