We’ve outlined some of the potential pros and cons that come along with renovation and starting a new project:
RENOVATION
PROS:
- Stay in your existing home and neighborhood
- There’s no hassle of selling or renting the existing home
- Can be more affordable than buying a new home, depending on the scope of the project and cost of the new home
- Can provide a totally customized solution
- Can be more manageable if the scope of work is contained to a smaller portion of the home
CONS:
- Inconvenience of living in a construction zone
- Possibility of discovering unexpected issues when opening up walls
- Timeline may be longer depending on the amount of work done
- May not be able to achieve certain things on your ideal home wishlist, such as the size of the plot of land or neighborhood amenities
NEW CONSTRUCTION
PROS:
- A fresh start in a new home can address lots of concerns efficiently, such as if you want a totally new design style
- New homes may provide opportunities for features existing homes don’t have, such as a view, pool, or no shared walls
- With new construction, there are no unexpected issues related to an older building
- The new home may be more energy efficient
CONS:
- Undergoing the moving process • New construction may cost a premium compared to renovation
- Limitations to floor plans and material options, unless if opting for a custom home build
- Buying new construction may mean increased property taxes, depending on location
- The availability of new construction homes may mean limitations on the location of your home
When homeowners are looking to achieve their dream home, some may be inclined to remodel their existing home, while others feel purchasing a new construction home would better fit their needs. Here’s a tool you can use to help potential clients evaluate the benefits and drawbacks of remodeling and new construction to help them select the best option.
Source: Renovate or Build New? | Houzz
