Before you decide between renovating your existing home or building a new one, you need to consider the options.
Both options have pros and cons. Let’s take a closer look and find out more about what you need to consider.
Pros and Cons Of Renovating Your Existing Home
Pros of Renovating
Renovating an existing home is often more cost-effective. Of course, it depends on the condition of your home.
Changing the Layout
For instance, if you like the layout of your existing home, you may just need to make minor tweaks. That could mean painting the walls and replacing the floors. You may also want to add more windows and make your home more energy efficient.
Retaining the Character
One of the advantages of renovating your existing home is that you can retain the character. The team at Roe and Co Builders speak to many homeowners who like their homes. They just don’t like the “vibe.”
If so, there are many things which can be done to help you to fall in love with your home again.
Customisation
“My home doesn’t feel like me anymore.” This is something else many of our clients say to us. What has changed? Perhaps the kids have moved out and you want to change your home to fit in with your current needs. You can call it customisation if you want.
We find many homeowners like the neighbourhood they live in but don’t feel their home works for them. In that case, a customisation renovation may be for you.
Better Resale Value
Listing your home when it has seen better days is not a smart thing to do. Often you find you get a better resale value for your home if you bring it up-to-date. It sounds counter-productive, but it does work.
We have even had clients who have fallen in love with their homes again and stayed on.
Cons of Renovating Your Home
As with any process, there are cons to renovating your home.
Limitations
It is not always possible or cost-effective to change the existing layout of a home. Even if you dream of knocking down walls or putting up new ones, it may not be possible.
Discuss the possibilities of totally overhauling the home or renovating it with a professional builder.
How Long Is It Going To Take?
Living in a home undergoing renovation is challenging for some families. Before we start knocking down walls, we always tell you how long it will take.
Can you put up with a builder disturbing your peace and quiet for a longer period of time? This is an important question you need to ask yourself.
Hidden Problems
Older homes often have hidden problems. They may not rear their ugly heads right away. Instead, they often wait until you’re halfway through the build.
Problems can include anything from dampness to more serious issues such as subsidence. Hidden problems can cause time delays and also add a strain to your home renovation budget.
Pros and Cons Of Building A New Home
If building a new home is something you have always dreamed about and you have the budget, why not go ahead and do it? Once again, there are pros and cons which need to be considered.
Pros of Building A New Home
Customisation
When you build your home from scratch, customisation is less of an issue. You don’t have to work your way around quirky features and layouts.
Instead, you start with a completely blank canvas and go from there. Working with an architect is interesting and eye-opening. They may come up with customisation ideas you would never have thought of putting into place.
Energy Efficiency
One major advantage of building a new home is energy efficiency. Modern energy-saving features and materials have come a long way in recent years. Using the right materials can mean you can save money on future energy costs.
Lower Maintenance Costs
Maintaining and repairing an older home is often costly. Thanks to new building materials and better layouts, new homes often require less maintenance.
Along with saving money on energy costs, reducing your maintenance budget is a huge advantage of building a new home.
Warranty
Most builders offer a warranty when it comes to new home builds. Discuss the terms and conditions with your builder. You may find this is another advantage of having a new home built for you.
Cons of Building a New Home
Cost and Budget
If you plan on building a new home, you must keep an eye on the costs.
Unless you inherit a plot of land, you have to buy. You also need to add costs for drawing utilities such as water and electricity.
Timeline
How long will it take to build a new home? You need to ask yourself that question.
While we are busy building your home, where are you going to live?
Land Availability
It often seems we have lots of space in Australia. We do but not all of it can be built on.
First, you need to find the area you want to live in and then you want to find a plot. It is often a bit of a chicken and egg situation. Which comes first?
Final Thoughts
Let’s wrap it up and let you know how Roe and Co Builders look at the situation.
Renovating is great when you want to preserve an existing structure. Perhaps you inherited your home and you want to preserve it for future generations.
Building a new home allows for customisation. Take your time and think about your long-term goals while considering your budget and time involved.
