Construction

Renovating vs. Building New: Which One’s For You?

When searching for a new home, tons of options await you. If you are very concerned about making your space your own, you’ve likely thought about two options: buying an existing house and renovating it to your tastes, or building a new house that’s exactly what you want. Both can be very expensive, and both have their ups and downs. Here are some things to consider when making your decisions.

Pros of Building New

  • When you build a new home, you can create it exactly to your desired specifications. You can determine exactly how much space you want, what features you need, and where to build it. By finding a great contractor to help you create your home, you have tons of control over the process.
  • You can supervise the entire building, so you get more control over the timeline and can deal with issues as they occur.

Cons of Building New

  • Building a new home on your own can be very expensive. You need to hire your own contractors, and you will need to work with them to determine what materials you will be using and what kind of labor you will need to pay for. You will also need to buy the land itself, which can be expensive in its own right. If you are considering building your own home new, you should start saving money for it ahead of time.
  • Building a new home requires much more responsibility than renovating or just buying a new house that’s been made by a builder. You’ll need to learn about building practices and standards to determine what you want.

Pros of Renovating

  • Although it can be costly, renovating is still usually cheaper than building your own home, particularly if the original purchase price isn’t too expensive.
  • Renovating allows you to take a home that already has character and charm and incorporate that into your life by customizing it to suit your needs.
  • There’s less work involved with renovating a house, as the bones of the building are already there, you just need to work around them.

Cons of Renovating

  • You don’t have nearly as many options for customization with a renovation as you do when building your own home.
  • When renovating an old house, you may end up focusing on fixing existing problems instead of creating changes that are beneficial for you.