A home is usually the single biggest investment you will ever make. Most home owners spend a lot of time planning their ideal home, so it pays to weigh the pros and cons around the question of renovating verses building new.
Of course your situation is unique and your project will have its own set of variables that you will need to consider. Both building new and renovating have their advantages - and both have difficulties. There is no correct answer, but here are some broad considerations before committing either way….
New Build Homes
Building a new home can be an extremely rewarding experience. There can be enormous satisfaction in being a part of the design and build process.
- From the ground up, you are able to choose a house design, or plan with an architect, a home that will meet your lifestyle and space requirements. (See the stunning house plans from Kit Markin Homes)
- You can choose a house design to match your budget.
- You can match your piece of land to your house design and situate your house perfectly on the site.
- You are able to specify all the final finishes, fixtures and fittings.
- You are able to take advantage of new building materials, technology and integrated systems that may require less maintenance in the long term.
- A new build is less likely to disrupt your day-to-day home life.
- You can landscape your property exactly how you want it.
- The building process can be stressful and if you choose to project manage the build, you will have to manage relationships with multiple building professionals and suppliers.
- As with any building project you need to be prepared for cost over runs and time delays.
- Land costs are in addition to the build cost of the new home.
- You may have to cover interim rental costs while you are building.
- There is a larger financial outlay all at once.
A renovation project can breathe new life into an existing home. Not only can it make an older home more modern, but you can also customise the existing structure to better accomodate your lifestyle.
- You can modernise an older home and improve its comfort, flow and usability.
- You can retain a period home’s existing character and ambiance
- Well thought out renovations can add buyer appeal and value to a home on the property market.
- You don’t necessarily have to renovate the entire house at once, you can do the work in stages.
- If you love the town, city or street where you live, you can alter your existing home and still stay in the same location.
- There is a high risk of cost and time over runs due to unforeseen structural or design issues.
- Renovations can be very disruptive if you intend to live in the home while work is taking place.
- Be cautious about taking away rooms or features that add value to the home - such as bedrooms or features like baths.
Additional things to consider:
- Do your research - before you undertake any project it is worth understanding what the property values are in your area and what your existing home is worth (if you are renovating). You should avoid over capitalising on either a new home or a renovation in an area where you are unlikely to get your money back if you were to sell.
- Budget is key - whether you renovate or build new, a solid budget is always your best friend. Again, doing thorough research at the start will enable you to undertake your project with the confidence that you will be able see the project to completion.
- If you are considering a new build home, Kit Markin Homes has a range of beautifully designed, modern homes to suit your family and lifestyle - see them HERE.
Whichever way you decide feel free to contact us today for an obligation free quote!
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