Pros and Cons of Renovation vs. New ConstructionSeptember 21st, 2023 | by James Graybill | Posted in Uncategorized | #new home, #renovate
There are pros and cons to renovating and building a new home. We might be slightly biased, but if you build with a good quality builder, it can be the best decision you can make.
Whether it is cheaper to renovate or build new is a tricky question. There are so many factors that can significantly impact the cost of a renovation. Generally, the labor cost is higher for renovation than for a new build. This can sometimes be offset if you purchase the existing home at a lower price. You also run a greater risk of unexpected costs during a renovation. This is because even the best renovator can’t always predict what is happening inside existing structures. If things were not done correctly when the home was built or things had previously been remodeled, sometimes hidden issues need addressing. A renovation can be worth the money if you have a great location and a contractor who can help you make wise decisions.
Building a new home offers several advantages over buying and renovating an existing one:
- Customization: You have the freedom to design the layout, choose finishes, and incorporate features that suit your preferences and lifestyle.
- Modern Amenities: New homes often come with the latest technology, energy-efficient appliances, and modern designs that might be lacking in older homes.
- Warranty: New constructions typically warrant materials and systems, providing peace of mind against immediate repair costs.
- Energy Efficiency: New homes are built with better insulation and energy-efficient systems, which can lead to lower utility bills and reduced environmental impact.
- Maintenance: With everything new, there’s less likelihood of immediate maintenance issues compared to an older home where you might need to address wear and tear.
- Location Flexibility: When building, you have more flexibility in choosing the location of your home rather than being limited to existing properties in specific areas.
- Resale Value: New homes might appreciate more quickly in value, as they start with the latest amenities and designs that appeal to contemporary buyers.