A lot of clients ask us about the pros and cons of building from scratch compared to renovating an existing home. Here’s some of the things you need to weigh up before making your decision.
If your current home no longer fits your needs – perhaps you have a growing family – and you are in love with the area, what should you do? Location is one of they reasons people choose to renovate.
It is important to do the maths – thoroughly. How much could you sell your current home for and how much would it cost to rebuild? Don’t forget about stamp duty and conveyancing fees. Compare that budget to the cost of renovating. There can be lots of hidden extras in a renovation, so its important to go through your plans carefully with your builder and ask for an accurate cost estimate.
Research resale values in your area. Consider whether you will be able to recoup the cost of renovations if you want to sell your house down the track. This will help you decide if a renovation is good investment.
How significant are the renovations you would need?
Think about what your needs are. How much extra space do you require? Are the changes you need structural? If renovations are extensive, it may be more economically viable to build a new home.
Pros and Cons
Renovating gives you the power to keep the things you love about your home while upgrading those things that need it. And you won’t have to move to a new location and uproot the family. On the other hand, building a new home gives you complete control over every design element.
For some people the history of a home is important. They love the quirks in their home and the stories it holds. For these people renovating may be the right option. Others love the freshness of a new home where everything is brand new and where they can shape the home they want from scratch.
There are pros and cons to both building a new home and renovating an existing home. We would advise you to get quotations on both options to help you decide the best path to your dream home.