Your reality is that for the price of a used home, you could get yourself a brand new one. Renovating, on a per square metre basis, is usually much more expensive than a new build but both options have their merits in the right situations. What do you need to consider?
If you choose to build from scratch, there are many benefits to be had. You can gain a highly efficient, well insulated, modern home for you and your family. New build homes are also easier to maintain. You can ensure that the latest and greatest of gadgets and energy efficiency technologies are installed for your comfort and use. Building practices and regulations are also much better now and a new home will come with the added peace of mind of a warranty on your construction.
There are many factors that influence why people choose to build new. You might want to build on a section in a newly opened subdivision. Sometimes renovating your existing home will cost more than you could make in resale value. Other reasons can relate to you wanting to add changes to your home that it simply will not accommodate.
Building a new home is a lot of work. On top of budgeting for your builder and contractors you also need to consider non-building costs like architects, financing, lawyers costs and moving expenses. However, new homes can be built to ‘turn key’ stage, where all you need to do is turn the key, walk in and enjoy.
On the other hand, if you choose to renovate, your builder and contractors are forced to work within the existing structure. Where walls are removed or opened up, extra work must be completed before they can be rebuilt. Old openings have to be closed up on both the exterior and interior. Problems that already exist in the home can force your builder to make compromises in order to connect the old and new portions of the house together. Renovations can mean that you should always count on surprises and all surprises cost extra money.
So although renovating might sound like something you would want to steer clear of – why is it a good option? Renovating is a great choice if you love your neighbourhood. It means stability and consistency of routine remains once the renovation has been completed. If there are limited or no available sections to build on then renovating your existing home is your best choice. You may have an emotional attachment to your home and memories and that attachment need to be made all over again in a new build. A good time to choose to renovate is when property values in your neighbourhood are rising. In New Zealand’s current home climate – this is a given in almost most neighbourhoods.
If you work full-time or are raising a family, you need to ask yourself whether you really want people in your home every day while the work is being completed. Renovating can be very disruptive, often requiring you to move out of your home for a period of time for your health and safety.
Renovation costs can blow out, due to unforeseen problems that arise along the way. One of the upsides of building a new home is you can ask your builder for a fixed price contract. This means that within the constraints of their contract, everything you agree to, will be provided to a completed standard for the one price. This does give you an element of control if your budget is tight.
Deciding on whether to renovate or rebuild is a big decision and an expensive one. Whichever way you go, it’s vital to do your homework first. Talk to one of our team members today about how we can personalise your renovation or new build and make the experience be enjoyable and exciting!