If you’re looking for a completely customized home, a common question is whether to renovate an existing home or build a new construction home. While both options can provide close to complete customization, both paths have pros and cons. Read on for factors to consider when deciding between a renovation or new construction.
Investment Range
One of the most critical factors in the decision will be how much you’re willing to invest in the property. A renovation often costs less if the home has a solid foundation and structure. However, if it’s an older home, you may run into unexpected issues that will drive the cost up and even exceed the cost of new construction. With new construction, the costs can be more predictable, depending on your finish selections, barring any material fluctuations. Additionally, new construction is often associated with less maintenance costs in the first few years, versus an older, renovated home.
Timeline
You likely don’t have unlimited time if you’re searching for a home. Renovating a home can be a shorter process, and in some cases, you may be able to live in the home during the renovations. However, unexpected structural issues and issues that can only be uncovered after removing walls can delay the timelines—in some cases significantly. While building a home will have a longer upfront timeline, new builds will likely have a more predictable timeline.
Customization
New construction is often better if you want a fully customized home. When building a home from the ground up, you can control the layout, materials, selections and features, ensuring the home includes every feature on your must-have list. While you can get close to your dream home with a renovation, you may encounter structural and size limitations, such as load-bearing walls, foundation issues or zoning regulations.
Structural Integrity
Consulting with a knowledgeable inspector can provide insight into a home you’re considering renovating. A thorough inspection will reveal any potential foundation, plumbing, electrical or roofing issues. All these factors can impact the overall cost and timelines of the project. In this case, you may choose to build a new home. However, if the house only needs cosmetic updates, this may be the better choice for your situation.
Location
Location is a driving force of most home sales. If you want to live in a particular location, you may not have a choice whether you renovate or build. For example, if you live in an established home with older homes, you may need to renovate a house due to zoning or historical restrictions. Or, if you want to live in an area where teardowns are common, a new development community or buy a plot of land, you may have the opportunity to build a new home.
