At Paterson Project Management, we offer both full service new builds and renovations. From design and planning to permitting and construction, we take care of it all. Therefore, we are confident that regardless if you go with renovating, adding on to your existing home, or building a new home from scratch, you can create a home that is uniquely you.
Still, that doesn’t make it any easier to decide between building a brand-new home or renovating an existing home.
6 Things to Consider When Deciding Between Building a New Home or Renovating
We are here to help break down the options with the following considerations everyone should make before deciding to renovate an existing home vs build a new home.
First thing’s first, make a wish list.
We recommend starting out your decision with a wish list that includes all of your ideas, wishes, wants and needs. Break them up into different categories – including must-haves, and things you can live without (but don’t want to!).
That way, you can get an estimate for what it’ll cost to bring your vision to life. This will help you decide if it is more cost effective to renovate or build new.
Can You Live Through a Renovation?
People often think they can save money renovating a home because they can live in it while the renovations are ongoing. Yet, do you really want to live in a home that is undergoing renovations?
It’s loud, dusty, dirty and workers are constantly coming in and out. You may also be without key features of your home for months on end – like a functioning kitchen or master bathroom. Oftentimes, people decide to rent a home or apartment to live in while renovations are complete.
Can Your Home Support the Renovation You Desire?
Not all homes can support a second story or moving walls may require the addition of new support beams. Make sure to consider all of these possibilities before making the decision to renovate a space.
This brings us to another important point of consideration…
Renovating Within the Current Footprint
On average, it costs about 50% less to renovate a home within its existing footprint. That means you’ll need to ask yourself if it is possible to get everything you want out of the house without adding on additional square footage.
Some people decide to convert the garage into additional living space but be careful that this will add value to your home. In some neighborhoods, the garage is preferred to the additional space. Plus, it may be more cost effective to build on additional rooms than it will be to convert the garage. Consulting with a professional can help you to decide.
Does the Home Have Good Bones?
The worst thing is starting to renovate a home only to realize it doesn’t have very good bones, and there are a lot of additional upgrades required to get the home in good shape, other than that new kitchen and master bedroom add-on. A good architect can help you answer this question before you ever begin renovations.
How Long Do You Want to Wait?
Renovations typically take less time than building a new home from scratch, but this isn’t always the case. It really depends on how extensive renovations are. Although, generally speaking, it should take more time to construct a home from scratch. Always ask for a general timeline for how long things will take if that’ll factor into your decision.
Still unsure? Contact us today, we are here to help!