How To Decide Whether To Build A New House Or Renovate An Old One
RH Business Marketing Solutions
Building your dream home is an exciting time in your life, and you can go about it in many ways. From breaking ground and building brand new to purchasing a home with good bones and renovating it. But how do you decide which is best for you, your family and your budget? Doing research, and speaking with home builders and contractors regarding your wants and needs is incredibly important. If you are torn between renovations and building a completely new home, here are some considerations that will make the process easier allowing you to do what is suitable for your circumstances.
Warranty Considerations
When you build a new home, it will often come with a new home warranty, that would not be included with a renovated home. Home builders such as Novus Homes will offer warranties to cover the builds, so if you encounter any problems after taking possession, the builder will generally repair them under warranty. Different builders will offer different warranty items, so it is important to research this before making your decision. If you want to have a builder design and construct your home from scratch and have it offered with a warranty, then a new build is a great way to go for your family.
Budget
While home renovations may seem expensive, they might not be as expensive as purchasing land and building from scratch. You can buy a house that is already existing, and put a healthy budget into renovating it if you don't have the means to build a new home from scratch. These projects can come with some unexpected expenses if you don't fully inspect and plan out the renovations before purchase, so ensure you are doing your due diligence before making your decision. If you find an older home that is in good condition, and just needs a few tweaks to make it your dream home, then renovations may be the way to go.
Another budgetary concern is if you will be able to qualify for a mortgage on a new home. If you find that you cannot, then your best option will be to renovate your existing home to make it feel fresh and new. Renovations don't have to be extensive, if you are looking to freshen up your home you can do so with a coat of paint, new window treatments and changing out some areas of the floor. If your budget doesn't allow for a new home purchase and build, then consider renovating the home you currently have. Not only can it make you feel like you are in a new home, but it can increase the property value of your home. You can renovate and sell your home or renovate and continue living in it, the choice is yours.
Floorplans
Renovating your home comes with certain constraints unless you want to completely gut the house and start from scratch, which can often come with prohibitive pricing. Building a new home rather than renovating an existing one will allow you to be part o the design process and ensure the floorplan meets all your needs. If the price of renovations to completely remodel an existing home is prohibitive, then you are better off building a new home to your specifications. This is one of the biggest deciding factors when it decides between building and renovating. If you want a bungalow, but currently live in a 3-story home, then obviously your dream floor plan will not be met with simple renovations. Deciding what you want in your home, and how you can achieve it, either thru renovations or a new build, will give you a better idea of which avenue to take to achieve your dream. There are more options available to you when building new as opposed to renovations.
No matter what your dreams are for your home, they can be achieved in many ways. When deciding between renovations and a new build, you need to research all avenues and decide which option is best for your family and your budget. Ensuring that you can achieve all you want through your renovation or build and laying out the budget and floor plans will help you decide. If you feel renovations may be more than you can handle, consider speaking to a builder and seeing if they will be able to offer you what you need. This is a personal choice and with the right advice and research, you will be able to decide which course of action is best for you.