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Should I Renovate or Rebuild?

Many homeowners are faced with the decision to either renovate their home or tear it down completely and build a new one. Perhaps your home is too small, outdated, or simply not designed for your needs. Whether you have a century-old home in a desirable neighborhood or a well-worn cottage on beautiful land, here are some factors to consider before you make your decision.

Considering the Difference in Cost

Homeowners often assume that renovating their existing home is more cost-effective than building new. However, this is not always the case. Depending on the condition and age of the home, costs can balloon due to unforeseen circumstances. A bathroom remodel may turn into a complete redo of your home’s electrical system to bring it up to code. Or a basement renovation can reveal structural issues that require extensive remediation. When issues arise, it can blow your budget. A rebuild, on the other hand, has a set budget so you can be confident that your money won’t be stretched.

A rebuild is an all-or-nothing option when it comes to costs. After the demolition, you are committed to building a new home. A remodel is preferable if you want to change the look of your home in stages, or if you are hesitant to take the big one-off financial leap of starting over.

Your Timeline

If you want professional and high-quality workmanship, both a whole house renovation and a rebuild will take a fair amount of time. A home build typically takes 12 months from the excavation to the final walkthrough.

A full gut and replace of every major room in your house is highly dependent on the condition of the building envelope, i.e. major components like the foundation, walls, and windows. If there are issues, adjustments need to be made to the construction plan, which may also involve additional permitting. If repairs are needed before the remodeling can begin, it can slow down your project considerably. However, if your home is in great shape, a whole house remodel may only take a few months.

A Second Timeline to Consider

Beyond the timeline for construction, time should be considered in another way – the age of the home. If you remodel a 40-year-old home and then sell after 10 years, you are selling a 50-year-old house. While the new interior may look great, buyers may still be wary of the condition of the underlying structure. If you tear down and rebuild, the new home will be built to today’s standards and will be much easier to sell in the future.

Is the Layout Workable?

Many homeowners want new features that can be difficult to retrofit to an older structure. For example, if ridding yourself of a sunken living room while simultaneously raising the height of your ceiling is on your wishlist, it’s easier to start with a completely new home and layout. However, some older homes are workable depending on what you want to add (or remove).

Are you ready to renovate your home, or build a new one? Contact us today and we’ll discuss how we can help you get the home of your dreams.