With the years of experience we have here at Reid Developments, we are proud to have worked with a multitude of projects. From builds to renovations, our experience has led us to provide expert opinion and feedback to our clients. As such, the topic of “build vs renovate” is often one that lands in our inboxes.
Build vs renovate. If you purchase a property with an existing home, what should you do? Or if you are considering moving, though you love your location, what should you decide? It’s a loaded conversation and one that depends on the individual and their circumstance, though we are sharing our four tips to support a decision you might be making right now.
Build vs Renovate – 4 Tips To Help You Decide
1. It’s all about the location
Let’s say you absolutely love the location of where you are living. It’s near your child’s school, close to the highway and your neighbours are close-knit.
You have just one problem – your home is dated, you’ve been dreaming of a new, open space kitchen and you’re ready for something fresh.
What should you do?!?!
When it comes to your location, this is something that you truly cannot beat. Real estate value is built on a number of factors, with location being one of the primary measures. If you are on the fence about building versus renovating, take location into great consideration. In this case, a renovation could be your desired option.
2. Can you handle the stress?
While there is certainly stress in a new build, there can be additional stress in a renovation. With renovations, it is important to remember that you will likely be living in your home while navigating through updates throughout your living quarters. Are you comfortable with working from home while your kitchen is undergoing major restoration? How about not having access to said kitchen for a number of weeks while your cabinets are being rebuilt or your dishwasher is being replaced.
In this scenario, while we always work to ensure that the impact on your day-to-day is minimal, there will undoubtedly be a disruption to your home during a renovation. Take this additional stress into consideration.
3. Consider the resale value
Before you make a decision on whether to build vs renovate, it is always a good idea to consider out the costs of renovating versus the costs of building. At times the cost of renovating could potentially outdo the resale value. Ensure you are not wasting your money on a renovation, when you could find more value for your dollar in a new build.
4. Timelines can also play a factor
There is no doubt that the timeline to build a new home is significant (read our blog on the stages of a new home build here). If you are on a timeline, from either a living or budget perspective, this can have an impact on your decision. Can you afford to wait upwards of one year for your home to be constructed, or is a renovation within your existing home a better option for your lifestyle?
Whether you decide to build vs renovate, there is no doubt that the decision is a challenging one. Ultimately, along with these four considerations, it depends on a variety of factors that are unique to you. When the time comes to make a decision, Reid Developments is here to support you along every step of the way.