Taking on extensive renovation projects can be challenging, those who have been through this process will joke about how much easier it would have been to knock down and rebuild. While there may be some truth to this, weighing the financial and practical ramifications of remodelling versus rebuilding can be difficult, especially if this is your first time.
If you're currently facing this decision, we can assist you in determining if renovating or demolishing your existing home and creating a new custom design and build home is the best course of action. We can help you accomplish the home of your dreams while keeping your budget and goals in mind, thanks to our expertise in both restorations and new construction.
In this blog post, we'll explore the advantages and disadvantages of each option and offer advice on how to choose the best one for your situation.
Renovating Your Home: Pros and Cons
Renovating your home can be a great way to update its look and feel without having to start from scratch. Here are some of the advantages and disadvantages of renovating your existing home:
Pros of renovating
- More affordable: Renovating is often cheaper than building new, but this heavily depends on the scale of the renovation. You're more likely to spend less money over all as the structure of the home is already there.
- Retain character: Renovating allows you to preserve the character and charm of your existing home that a new build may not be able to achieve.
- Faster turnaround: Renovations can often be completed more quickly than building new, as the foundation and structure are already in place.
- Increased resale value: Renovating can increase the resale value of your home, especially if you upgrade key areas like the kitchen and bathrooms.
Cons of renovating
- Limited design options: Renovations are limited by the existing structure of your home, so you may not be able to achieve your desired design aesthetic.
- Hidden costs: Renovations often come with unexpected costs, such as fixing hidden structural issues or bringing the home up to code.
- Disruption to living space: Renovations can be disruptive to your daily life, especially if you're living in the home during the process.
- Limited return on investment: While renovations can increase your home's resale value, the return on investment may not be as high as with a new build.
Knocking Down and Building New: Pros and Cons
Knocking down and building a new custom design and build home offers the opportunity to create your dream home from scratch. Here are some of the advantages and disadvantages of this option:
Pros of building new
- Customisation: Building new allows you to completely customise every aspect of your home, from the layout to the finishes.
- Energy efficiency: New builds can incorporate the latest energy-efficient technology, which can save you money on utility bills in the long run.
- Higher return on investment: Building new often results in a higher return on investment than renovating, as buyers are willing to pay a premium for a brand-new home.
- Reduced maintenance: New homes require less maintenance than older homes, as everything is brand new.
Cons of building new
- More expensive: Building new is typically more expensive than renovating, as it requires a complete rebuild.
- Longer turnaround: Building new can take longer than renovating, as everything has to be built from scratch.
- Limited budget: Building new may not be an option for those on a tight budget.
How Location Homes Can Help
Your house may be in a beautiful location, but it simply does not work for the way you live. Perhaps your family is expanding, a parent is moving in, or you are now working from home. Whatever the reason, having a house that meets your needs and fits your lifestyle is essential.
Depending on the scope of your renovation plans, removing or demolishing your old home and constructing a new design and build may make more financial sense. This allows you to increase the value of your property, reduce energy expenses through improved insulation, heating and cooling, and position your home for optimal sun and warmth. A new build also allows for improved flow, storage options, and the opportunity to better suit your family's demands. Building new may even allow you to subdivide and realise even more value in your existing land, even covering the majority of the expenditures of your new build, depending on the size of your section.
If you're interested in building new, we can work with you to create a custom design that meets your budget and lifestyle needs. Our team can handle everything from site preparation to construction, assuring a smooth operation from start to finish.
If you're thinking of renovating, we can help you come up with a design that maximises your space while also complementing your taste. From picking finishes to working with contractors, our team of professionals can walk you through the whole renovation process.
If you're weighing up the decision between renovating and building new, it's essential to carefully consider your goals and needs. Our team at Location Homes can help guide you through this decision-making process, offering expert advice and guidance to ensure you make the right decision for you. With our expertise in both renovations and new builds, we can help turn your current house into the perfect home or build a brand new one that suits your needs and lifestyle. Contact us today to meet for a free no-obligation consultation.