Which Is Best For You? Renovating Vs. Building

Want to know whether you should knock down or rebuild your home? When it comes to building projects, homeowners have three options– buy a new property, renovate their existing homes or build a new one.

Building up from the ground or renovating a home isn’t as easy, as shown in The Block: Big Renovation Challenge. And acquiring a new one when you already have acres of estates isn’t feasible.

More so, it requires a hefty sum of money, which not everyone can afford. So, if anyone’s confused about whether they must renovate their living space or build it from the ground, this article is for you.

In this short yet informative guide, we’ve gathered all the information regarding renovating and building your home so that you can make an informed decision. Now, let’s dive straight into the details!

Renovating Vs. Building An Existing Property

Renovating or building an existing structure is a big decision and, of course, a costly one. Your budget, structural integrity of the space and needs play a crucial role in determining which option you should go for.

More and more homeowners are renovating their existing homes because they have developed an emotional attachment to their living spaces. But renovating an older home isn’t always practicable because you’re limited to the existing structure. As a result, you can not incorporate all the elements you want.

Renovate An Existing House Or Build A Dream Home: The Pros And Cons

A home isn’t only where we live; it’s where we make tons of memories with our partner, children, furry friends and other family members. If you’re attached to your home, renovating it will be a perfect way to spruce up the interiors while preserving memories.

On the other hand, building a new home is best if you have a growing family and your current home is small.

Pros Of Renovating Homes

1. Renovating An Existing Home Will Add Significant Value To Your Property

Many homeowners who live in sought-after locations prefer to make renovations in their new homes.

Even though time-consuming and costly, a home renovation adds significant value to any property, increasing its resale value. Of course, the kind of renovations you make depends upon your financial situation.

To increase the face value of your property, you can hire an interior designer to add elements and furniture that are in vogue.

2. Remodelling Existing Building Saves You From The Stress Of Relocating

Whether revamping a particular area of your home or the entire space, the good news is that you need not evacuate the building. Renovating projects are intended to give your home a facelift, so you don’t have to start from scratch.

Therefore, you can stay in the same place and transform your space with modern elements. Also, no management authority is involved in home renovation projects so you can communicate directly with the builders.

3. Home Renovations Allow You To Remodel The Space As You Want

Everything is in your hands when renovating your space, from significant upgrades to minute details. In contrast, if you move into a new area, there is a high possibility that you’ll have to make amendments to it.

Want to build your preferred home by incorporating modern elements with a touch of vintage in the design of your home? Then, the best renovation experts will transform your dream into reality.

Cons Of Renovating An Existing Space

1. Home Renovations Aren’t A Cost-Effective Option

Most homeowners believe that renovating a space is a cost-effective option. Although the homeowner completely controls the costs of home renovations, it’s tough to avoid overspending.

That is to say, if you wish to incorporate customised elements or the latest designs, you’ll have to fork out extra cash. Other than that, there are a few more things that homeowners need to take care of while renovating their space:

• Renovation fees are paid to your local council, depending upon the size of the project
• Delays in receiving the materials or organising tradesmen can cost extra
• Damp damage, termite infestation and other such damages can prolong the duration of the project
  
  
  

2. Loss of Construction Warranty

Most builders provide a construction warranty covering defects for the first 5-10 years when building new homes. However, when you renovate an existing home, you lose that original builder’s warranty. This leaves the homeowner fully responsible for any defects or issues that arise during the renovation. Without a warranty, the financial burden falls on the homeowner if the renovated areas develop problems like cracks, leaks, or foundational issues. This is a crucial downside to be aware of.

Pros Of Knocking Down And Rebuilding A Building

1. Building A New Home Saves You From Stamp Duty

If the building you reside in is over five decades old, knocking down the old structure and constructing a beautiful new home on your ancestral property is financially wise.

As with a new location, homeowners must pay stamp duty for the construction process to start. But you need not pay any stamp duty for a knockdown rebuild because you own the land.

2. Knockdown Rebuild Ensures More Longevity

Another perk of building a new home is building it from scratch to incorporate the latest innovations, modern elements and other factors into your new house.

For example, you can go for highly durable steel so it won’t warp or twist over time. Likewise, you can install furniture made of termite-proof wood rather than those crafted from Medium Density Fibreboard (MDF).

3. Constructing A New Structure Allows You To Design It As You Want

When building a new home, you’re starting from scratch, enjoying complete freedom to personalise everything.

You need not compromise on anything, be it the aesthetics or elements like water and light fixtures you wish to incorporate. From the flooring to the patio decor, you can customise every nook and cranny of your new home.

Cons Of Knockdown Rebuilds

1. Building A New Home Requires Council Approvals

One of the downsides of knocking down an existing structure to erect a new one is that you’ll have to start the construction process after notifying the local council. The process is stressful and time-consuming, and the regulations differ from one council to another, making it more challenging.

Also, the council can approve or reject your proposal, so be prepared.

2. Knockdown Rebuilds Requires Relocating

Another essential factor you must remember is that you’ll have to move out of the space to build a new home on an existing property. Depending on the size of the project, it may take eight to 12 months to build a new home. Thus, a new build may significantly disrupt your lifestyle and increase your living costs.

Choosing Between Renovating & Building

So, are you ready to create your dream home? Whether you renovate your existing home or build a new one depends on your long term needs, lifestyle, financial situation and budget.

Whichever route you take, hire a reliable renovation expert or a home improvement company to walk you through the procedure step-by-step. And ensure you are in complete control of your new build or renovation.

And now, we’ll call curtains for the day. This guide helped you decide whether you should renovate or build. Bye for today!