It is no doubt that homes that have been renovated appear much more pleasing to the eye. Not to mention the upgraded lifestyle it brings to its homeowners, from its technology to its functionality. Though in order to achieve such an upgraded lifestyle, homeowners must be 100% committed to the whole journey, one that is quite long and even tiring. If you’re at a crossroads deciding whether it's the right move for you to renovate, the following list of pros and cons may help you decide whether you want to build a new home or renovate your old one.

Pros

More Room, Less Cost

Do you need more room or more rooms? That’s a crucial question to think about when in the process of renovating a home. If you are in need of more space in your home and you believe that renovating would be cost constricting, then you should build. 

However, if you actually need more rooms, like adding a guest room for instance - you have plenty of options. For example, you could split one master bedroom into two smaller ones. Or you could turn your attic or basement into a spare bedroom. The price for these upgrades could cost you a lot less than adding extra buildings to your home.

Emotional Connections

At the end of the day, your house is your home, a place where you form a deep-rooted connection. As such, it comes with an abundance of memories that a newly built home won’t come with. Your home is your sanctuary.

It’s also the place where your kids grew up, where you held barbecues with family, and where you experienced significant life events - birthdays, anniversaries, and more. For some, It’s extremely difficult to leave these experiences behind. If you know you can’t, then it would be better for you to renovate your home rather than build a new one.

Location

You may already know it, but It costs a lot to live in some neighborhoods. If you already live in a desirable neighborhood, one that you enjoy and love, it may be more financially feasible for you to stay put and to renovate your home rather than trying to build a new one. Not to mention the community that you surely do not want to leave behind. Sometimes it's about the connections we form that make or break our decision. 

Cons

Cost 

According to recent statistics, a single-storey home costs about $200k to build. If your combined plan of renovation is even close to this number, it may be a smarter move to think about building a new home. 

The cost of renovation, at times, surpass that cost of simply building a new home. Cost wise, it may not be the most effective move for you, however, if you think that renovating could assist in the purchase of your home, then you should consult with an honest real estate agent. 

Here are some questions you can ask to help you decide:

• If I do decide that selling house is the best option, what renovations will give me the best ROI (Return on investment) at closing time?
• Is it better to sell my house or to renovate it if I want to do X,Y, and Z renovations?

 The answers to these questions should give you a cost breakdown of each possibility. From there, you can make an informed decision about which option will serve you best.

Time consuming 

To be completely honest, completing a renovation project can take a long time. It’s not unusual to have a home in a state of repair for months to even years, depending upon the complexity and the intensity of the renovation project. If you’re exceptionally busy, you need to ask yourself if you have the time necessary to deal with a home renovation. 

Renovations don’t just require a proper financial budget; they also require a proper time budget. If you’re in the stage of life where your kids are young, for example, a renovation may not be your best option. On the other hand, if you are newly married and have an alternative space for living while the project is taking place, than it could work out great for you. It really depends on your family situation and the stage you currently at in life. 

Takeaways

The renovate vs. build question is one that many homeowners face throughout the course of their lives. Clearly, both options come with some pretty significant advantages and disadvantages. If after reading this article you are still unsure in your decision, then we suggest you consult with a real estate agent or a construction company, like us, to receive the most honest and appropriate opinion. Give us a call at (305) 904-7277 and we would be more than happy to assist you in your dilemma.