How to decide to Renovate or Build New
If you’re weighing up whether to renovate your home or start from scratch and build new, either way, it’s an exciting time! But which option is going to be the most cost-effective in the long run?
Ultimately, the decision to renovate or build comes down to your individual or family needs, your wish list, site and budget. We’ve compiled the pros and cons of each, so you can consider each option in more detail and decide which path is right for you.
Renovating
Pros
If you choose to renovate your home, you’ll have the opportunity to add value to your existing residence and potentially sell your home at a profit down the track. But the question remains whether this added value will be more or less than if you decide to demolish and build a new home in its place. And there’s also the chance you may over-capitalise on your property.
You can put a new stamp on your old property by creating a new floorplan to accommodate your family’s needs. You can choose to carry out a full-blown gutting of your property, using the bones of the old home as a new road map, or you can choose to complete isolated renovations whereby you remove or add walls, update the kitchen and bathrooms only, for example, to breathe new life into the home while still giving a nod to the previous dwelling.
Cons
While renovating a home may seem like a more cost-effective option than building new, as there is no upfront pricing, like there would be with a new build, costs may have the potential to blow out over time. And with recent delays due to extreme weather events and the pandemic, the length of time estimated to complete a renovation may also take longer.
Before beginning any renovation, you’ll need to ensure your renovation proposal passes council regulations. You’ll need to determine whether any restrictions, such as heritage listings, apply to your property.
If you already run a busy household, there’s the question of whether you have the capacity and time to manage a project of this size, on top of everything else?
There’s also the inconvenience of having to live through the renovations and unsightly mess, which not only will be noisy but also stressful, especially with children at home. While carrying the work out in stages may help minimise this, there’s still the chance you may not have a working kitchen or bathroom, for example, for a time. If the renovations prove too difficult to live through, you may need to seek alternate accommodation which, if you don’t have obliging friends or family, could come at a cost.
The renovation may also uncover asbestos in the roof or may require significant rewiring and plumbing, or structural underpinning, which again, would be costly.
When keeping some old elements of a home and adding some new, increased labour and costs may be required to seamlessly blend the old and new.
Building
Pros
Building a brand-new home is the chance to start afresh and ultimately, create your own castle, tailored exactly to your family’s needs.
You will have the opportunity to maximise your block, utilising every square metre as you like. Your existing residence may only be capitalising on a portion of it, for example.
When choosing to build new, especially with a reputable home builder like Coral Homes, the upfront costs are made clear, there are no hidden surprises as there are with renovating.
It is also known that the cost per square metre of a new build is generally cheaper than that of a renovation, which is welcome news.
Starting from scratch may also mean that the home is completed faster than a renovation.
Choosing to build a new home means you value the neighbourhood, whether it’s close to schools, amenities or friends and family. Building a brand-new residence in an established area is going to bring increase value to your property for a long-term investment, with great resale value in future.
You’ll have the chance to have a functional and stylish home design with an open-plan layout, and the chance to incorporate sustainable products into your home for an eco-friendly touch.
To maximise street appeal, you’ll be able to choose a Modern façade on your home, or any aesthetic you like to put your personal stamp on the neighbourhood.
Imagine walking into your sparkling new home, complete with all new modern fixtures and fittings, freshly painted walls and ceilings, and brand-new flooring such as carpet and tiles. There’s no other feeling like it!
Cons
To build a new home, you’re going to need finances behind you to cover the various costs.
For example, you’ll be up against costs to demolish your existing property, gain council approval for the proposed new dwelling, clear land and trees, and additional architectural costs to build on a sloping block, for example.
Regarding council approvals, you’ll need to ascertain whether there are any building restrictions in the area, if the existing home is subject to a preservation order, or whether there are any height restrictions, for example.
You’ll also need to secure alternate accommodation for a period of at least six months, which may prove challenging as the rental market is currently very competitive. If you do secure a rental, it may not be large enough to house all your belongings, so additional storage costs may be required.
As with renovating, you’ll also need to weigh up whether you have the time and energy to be taking on a project of this scale. Managing builders and tradespeople and being aware of the likelihood of materials shortages and delays.
We hope this comparison of renovating versus building new gives you some clarity and allows you to choose what is best for you and your family in the long-term.
Remember, if you do opt to build new, Coral Homes has over 190 floorplans to choose from along with a plethora of facades from Modern to Hamptons, to help bring your dream home to life.
Be inspired by our stylish and affordable home designs here