Why Is Renovation Better Than A New Build?

There is a lot to consider when weighing up the reasons to renovate over and above a new build. Quite often it can feel like a toss of the coin: should you stay in your current home and put more time and effort into making it look better or should you knock it down and start from scratch. The decision making process can cause many sleepless nights, so we have decided to help make it easier by giving you some choice tips.

Working within your budget

If money was unlimited, then making decisions such as this would be simple. But as it’s not, unless you are one of the fortunate few, you have to work within your budget. So let’s look at your options.

If you sold your house today, how much would you get for it? Now work out how much it would cost you to purchase the house of your dreams in a similar area. Deduct that and any legal fees from the profit. What are you left with? Could you renovate on the same budget to achieve similar results or are you better off starting from scratch on your current block and building a brand new home? Weigh up all the pros and cons to see how it tallies up.

Another factor you have to take into consideration is whether the money you invest in your current home would ultimately increase the sale price should you decide to stay?

Always seek professional advice

While much of your decision-making may be made via your gut, you will need to seek out the advice of a professional at some point to bring your goals to fruition. You may be surprised what can be achieved on a minimal budget particularly by experts who know how to create something at a fraction of the price.

Professional architects and designers will also be willing to give guidance to help you decide whether to renovate or whether to build. Sometimes getting advice from someone who can be objective is all you need to firm up your decision. After all, deciding to tear down or even move from your family home can be a huge choice particularly with all those emotional attachments. As they are able to look at it from a practical perspective, the decision you ultimately make will be well reasoned and thought out.

Character homes are priceless

While it is easy to put up a new build, sometimes the characters and quirks of your current homes are worth persevering for. No one wants their home to be a replica of their neighbour’s, and having an original home will ensure it gets noticed, particularly at sale time. You may also be presented with a piece of land that makes a straight knock down and build problematic or even more costly than you originally anticipated. Your architect will certainly be able to guide you on these points so there are no hidden surprises.

Also, don’t forget to consider all the logistics such as where you are going to live once the rebuild or renovation is underway. A renovation may only give you days or weeks of issues but a new build could mean that you need to source alternative accommodation for a longer period.