There are many factors to consider when looking into these projects. From upgrading appliances to building a new home from the ground up, different projects will work better for different people.
While buying a home is an exciting life step, it can come with the stress of a major financial and emotional commitment as you invest in your future. Many questions come into play, such as the more obvious factors of determining the location, size, and yard space that’s best suited for your lifestyle. Another big decision is whether you’ll go the route of a new construction or potentially renovate an older home.
According to Chandler Fox a real estate agent for Sotheby’s Realty, there are two types of builds spec and custom. Spec building means that a builder will buy a lot without yet having a buyer, “speculating” that they will be able to sell the house for a profit when the build is complete. Custom building involves building what a customer wants using their money and budget for a home built to their specifications.
You have three main choices when it comes to a building project: build new, renovate your current space, or acquire and renovate a new space. Deciding between these options will have a huge impact on your project’s budget, schedule, and the resulting structure.
The option that’s right for your project will depend on your goals and the building or property itself. As with most things, both new and old homes have their pros and cons. We put together a list to help you decide what’s best for you:
Many first-time building owners don’t know the difference between a restoration, renovation, or remodel, yet it’s critical to understand the scope of each before you start your project. That way, it’ll be easier to plan your project and know exactly what needs to be done to complete it.
Difference between Building New or Renovating
Renovation is the process of renewing a building or structure by fixing what’s already present and in some cases, adding new components.
At times, renovations are done in conjunction with restorations. For example, someone may decide they want to restore their bathrooms. But to make it a bit more modern, they added a shower component to the tub, which would make it a renovation project as well.
Building New is a term that denotes new construction as opposed to the renovation or refurbishment of existing structures. A new build can include newly constructed structures of all types such as houses, apartments, office blocks, hospitals, stadia, and so on. However, the term is often used in association with the building of new homes.
In the new build, the percentage of new work will be greater than any existing work. So, a new building that uses the foundations of a previous building would still be regarded as a new building. In the case of an existing multi-story office block that has three new floors added to increase lettable floor space, the building overall would not be regarded as a ‘new build’.
Pros and Cons of Building New and Renovation
Building Pros
- Updated safety: All electrical wiring, plumbing, and fire codes meet current local and national building codes.
- Can design the perfect home for your family
- Modern design and amenities: New homes offer today’s highly desired curb appeal and interior features.
- Government building grants
- More longevity Building from scratch means you have all the newest materials.
Building Cons
- Unknown housing infrastructure:
- Time-consuming
- Homes are identical
- What to do with your current property
Renovation Pros
- Add value to your property
- Larger yards, more privacy, and established landscaping
- You can pick and choose what stays and what goes
- Diverse architecture
Renovation cons
- Outdated curb appeal
- More costly
- Smaller closets and less storage
- Smaller closets and less storage
Now that you understand the difference between these terms and have an idea of which route is right for you, it’s time to start making plans for your building. The planning part can often be the most difficult, so it’s good to enlist some help. Contact us when you’re ready to get started.
