There are several reasons why home owners decide to renovate or build a new house. It may be that the house no longer suitable for a growing family, the house is out dated or many just feel it is time for a change.
But the question is, do you renovate or build a new home?
Major renovations or new construction
Many home owners decide to renovate their existing property either because they are in a good location close to shops, work and school but their house is small, out dated and not as functional. At other times, it may be that there are no other suitable houses or vacant land areas available for purchase. But before you decide to leap into renovating, pause to consider what you are doing and make sure it is the right course of action for you.
First of all, let’s consider some cautions.
• Renovations involve disruptions. If you are living in the home that is likely to include a bunch of very challenging lifestyle situations that might be avoided by simply building a new home.
• Unexpected things are to be expected. That’s true of building as well however it tends to happen more often with renovations.
• A renovated old home is still an old home. With age things generally deteriorate, and a home is no exception.
• You don’t always gain market value by changing things. To remove the old and create something new is going to cost more than creating the new where there was nothing. If the old also had some value, then the increase in value is going to be less.
Although there are several cautions to be wary of when renovating, there are some good reasons to consider it:
• Location. Often times the most desirable spots already have homes built on them. Adding value to a property may be easier if it is already in a good location.
• Taking advantage of a natural ‘value add.’ If the property has great views but the house doesn’t take advantage of them, that’s a good reason for renovation and may even possibly increase the market value by more than the cost involved.
Although building a new house and starting from scratch may sound like a lot of work, there are several advantages:
• You get to start with everything being brand new and under warranty.
• The focus tends to be simply how you want it to be. With renovation you have to weigh up the cost of major structural changes for a slight difference in how something will be used.
• If you are a stickler for detail, you can have it that way right from the start. No need to worry about grease stained garage floor. It’s brand new, and you can keep it that way if that’s important to you.
•Every aspect of house design tends to impact upon other aspects of the design. If an additional metre of space is needed in the kitchen, it may not be a big deal in a new home. Moving everything over a meter may be a simple drag and drop on the computer. But if the home is already built, that is a huge issue. One small change in the kitchen requires everything else to change. It’s wonderful to make the design changes on paper before anything is done, making necessary adjustments to allow everything to fit together in harmony.