An ever-growing family, lack of space or extra money in the bank are a handful of reasons to think about changing your home. Whether you are deciding between building a new house or renovating an existing one – there are several key points to consider including cost, time, and impact on your day-to-day life.
Listening to expert advice first ensures you make the right decision without blowing the budget. Renovating can be challenging for homeowners but with small, manageable projects can be easily achieved. However, you can risk over capitalising on your investment which is why more people are choosing to save time and stress by building new – but this is only an option if you have the funds, right?
Deciding which option to take will often depend on your circumstances – availability of resources, time and money all play a big part in the decision so a Pro & Cons list is a good place to start to see which option would suit best before taking the leap.
It is important to make sure your dreams match your budget, so we don’t move past Developed Design, until we get assurance that the costs are within your budget.
RENOVATION
Staying put in your home while renovating towards a vision can be a hugely exciting prospect as you try your hand at a range of skills from design, through to construction If you have the know-how, this is a brilliant option for you, however, sometimes the reality of the process could turn out to be less than ideal.
RENOVATING PROS
- Renovations are a journey of reinvention! If managed correctly by yourself with some professional help, it’s a fantastic way to make your existing property a place that feels more like your own on an affordable budget.
- Original bones in most older homes are solid – made of brick, stone and timber, they are built to last decades. This offers a valuable selling point in future if you want to sell your house.
- You have the flexible option to start on a small scale with one room then move to other spaces as time and budget allows. If your wallet is taking a bit of a hit, you can put things on hold until you’re ready to restart your renovation and move to the next stage.
RENOVATING CONS
- Be prepared for hidden costs which will only become apparent when you begin the project. Updating a colour palette may be your initial intention – but discovering the need for new plumbing, earthworks, electrical and roofing can make the scope of potential costs wide and largely unforeseeable.
- Older homes may have toxic components involved in their construction with substances like asbestos and lead paint, so it pays to get it checked first – another unfortunate expense to budget for.
- Living in a construction zone isn’t for everyone – waking up the sound of drills and navigating around tools can be a challenging space to live in for you and everyone in the family. Can also cause issues with your insurance, so beware.
NEW BUILD
Building from scratch can be a large cost at the beginning, but generally there are very few things that can surprise you during a building process. With the help of professionals who know their industry backwards, you can build your perfect dream home – but it can be a huge financial outlay to begin with.
PROS OF NEW BUILDS
- Rather than compromising your ideas to fit an existing structure, you can design and build the perfect home from the ground up. This is usually why people choose to build from scratch, the budget is set right with no surprises and the guarantee of achieving exactly what you want.
- There are a lot of benefits to knowing precisely what’s behind the walls of your home during a new build. For years to come you’ll understand exactly what your house needs in terms of upkeep, and there won’t be any nasty surprises or potentially dangerous materials lurking in the walls, roof, or floor.
CONS OF NEW BUILDS
- For many, this is a financially daunting prospect, as the initial cost is large and may need to be paid before work is finished.
- Working on a project like this can evoke a lot of stress – after all, it’s a lot to take on! You can negate this by making sure you work with industry professionals who know their business and, more importantly, have your best interest at heart.
- A new-build generally means your inconveniently located elsewhere while the project is underway – you may be paying rent in another place or lodging in with family or friends which has its own set of challenges.
Both renovating and buying new have their pros and cons. The decision depends on what feels right for your situation. Think about your budget, how much change you want and where you see yourself in the future. Remember its about making a space feel like home, whether it’s the one or a new one.
For either option – renovation or new build – drop us a message or call, as we offer a free 1 hour design consultation and then can provide you a fee proposal to get the process underway.
