You have come to the realization that you are ready to move and purchase a new home. However, you are now faced with a new decision: do you build a brand new home or purchase one and renovate it? There are plenty of things to consider when making this decision and the option that is right for you will depend on your personal goals. Here we will take a closer look at some of the major factors that might influence your decision as well as the pros and cons of each. This will help you decide which plan best fits your family’s needs and budget.

Consider Your Budget

Cost is usually one of the most influential factors when deciding between building a home or remodeling. We all want to get the most out of our money, so when choosing between building or renovating, the decision is often influenced by which ones make the most financial sense.

The Cost of Building a New Home

With the cost of lumber and other materials going up, it is likely that building a new home will be a bit more expensive than renovating. In addition to all of the building costs, you will also have to pay for the land, the sitework, the installation of all the utilities, and the construction of the structure itself. In most cases, building requires a more complex scope of work and more man hours which causes it to be more expensive. In some instances, however, you might find that renovations can be more expensive.

The Cost of Renovations

The cost of renovations depends on the extent of the project. If the project requires structural or foundation work, you can expect the price to jump. On the other hand, if you are simply making cosmetic changes, it can be much cheaper than a new build. Keep in mind that with renovations you will be responsible for the cost of building materials as well as upgrading the existing building to meet required health and safety codes. Generally speaking, the older the home, the more it will cost to renovate. You should also keep in mind that renovations also leave room for the unexpected, meaning your construction team might run into surprises once construction begins.

How Long Will the Project Take?

The duration of the project will be another important factor. This is where your personal needs will come into play. Are you in a rush to get into your new home or are you willing to take as much time as needed?

The Duration of New Construction

In most cases a new construction project will take longer than a renovation because the workers are starting from scratch. They will need to lay the foundation and build an entire home, which can take several months to complete.

The Duration of a Renovation

Renovations are generally quicker than building a new home because you are not starting from scratch. Many of the building elements are already in place and can be integrated into the new renovation.

Which Option is More Attractive and Functional?

Finally, you will certainly want to consider the aesthetics and functionality of the end result. You want to have a home that meets all of your needs, from size and layout to functionality and beauty. When you are building a new home, you get to design the entire home so you have complete control over the size, look, and style of the home. With a renovation, you are a bit more limited by the confines of the existing structure. That said, renovated homes can often have a charm and unique character that is not easily matched with new construction. At the end of the day, you will need to consider which option will best suit the specific needs of your family.