Renovations and new custom home building are exciting decisions but are also serious investments that require careful planning. The choices you make about your present living space are often driven by changes in your lifestyle and future investments. Most homeowners searching for a new home do so because their current home no longer fulfills their needs. Perhaps the home is too small, or it needs significant repairs due to its age. When renovating a home, you usually have to decide whether to remodel your existing house or build a new house. Here are some points you need to take into account when deciding between renovating vs building a new home.
Building a home vs renovating
Why Renovate?
In addition to enhancing the aspects of your home you already love; renovations provide you with the chance to add new functions and update outdated infrastructure.
It is often beneficial to remodel an entire house if you are renovating a historic home. This will add functionality while preserving the historical features. By rebuilding the home, you can expand the floorplan and improve the structural integrity.
Why Build a Scarborough Custom Home?
You can even tear down the existing structure and build on the same property if the structural integrity of your house cannot be preserved. Scarborough custom homes are a great option for people who want complete control over their design.
Here are a few points to consider before taking the plunge
Property Age
It simply doesn’t make sense to renovate a house that is on its last legs, such as one with a crumbling foundation, caved-in roof, or water damage.
The remodeling of your home could uncover additional problems and costs if it shows signs of wear and tear. Consult a structural engineer or custom home builders Scarborough if your home shows any signs of wear and tear.
Budget
Do you plan to upgrade multiple rooms? You may end up paying more for a remodeling project than for a custom home building if you dislike most of your house’s features.
Would you consider a new construction project if you had the budget? Costs can add up if you want everything to be brand new and to your exact specifications.
During any renovation vs building a new home, unexpected problems may arise. Keep in mind that current building codes and safety standards may exceed your budget.
Target Timeline
Do you need the changes made as soon as possible? You may be planning a vacation or a long-term business trip and don’t want construction taking place while you are away.
If someone is dedicated to the project and can finish it in a timely manner, renovations usually take less time than a complete home design and build. Take your desired timeline into account when scheduling the project.
Project Scope
Remodeling your kitchen, bathroom, or basement will give you the best return on your investment when it’s time to sell. Adding new rooms to these areas can be expensive if you don’t have enough space. In this case, it might be more cost-effective to build and furnish the rooms from the ground up, rather than just insulating and wiring them for electricity.
When you have unique specifications or need high-end amenities, Scarborough custom homes may be more expensive than a multi-stage remodeling project. Again, it comes down to what you are comfortable spending, what you can afford, and what fits your lifestyle best.
Duration of Stay
It’s not possible for everyone to pick up their lives and move to a location suitable for building a Scarborough custom home. A small improvement to your existing home can help increase its resale value if you don’t want to move and don’t mind some of its older features.
Looking to stay in the home for a short period of time? When you are searching for a forever home, why not design and build it to your specifications? A residence of fewer than 7 years typically warrants a remodel over new construction.
Final Thoughts
The decision between building a home vs renovating is an important one. Define what you want, what’s most important to your family, your budget, and your schedule. A new Scarborough custom home provides maximum freedom to create an environment that fits your current and future lifestyle plans. However, it will require more time, money, and effort. Our team of custom home builders in Scarborough is here to help you design and build your dream home. Contact us today for more information.