To renovate or to build a new home…that is the question. Sometimes it’s easier to renovate your home rather than tear it down entirely. Renovations can be great to target specific areas that need more work than others.
Surely there are positive and negative aspects to each choice, so here are a few considerations;
One of the great things about being classified as a renovation is that existing windows and other features can be grandfathered into the finished product. In a new build you may not be able to put existing features in the same place (due to zoning and building permit concerns).
Renovations are typically the best bet if the outer shell of your home (roof, structure, plumbing and electrical) are in decent shape.
Remember, if you upgrade your furnace, plumbing and electrical fixtures or appliances (or make improvements to benefit a senior citizen living in your home) you may be entitled to a government tax credit.
On the other side of the coin, sometimes it’s more trouble than it’s worth to try to save parts of an existing home. That’s where a new build might be a better choice.
You may be able to purchase an older, run-down home in a good area for less money. This cost savings will help pay for things like a new foundation, and new service lines that will be necessary. With renovations, there can be unexpected and hidden expenses.
Image Credit Photo-Dean
Building a new home is starting from scratch. Sometimes this can be a blessing in disguise. You can hire an architect and design team to translate your needs and wants into the perfect set of drawings without working around the constraints of an existing home. It can be less expensive to build a new home than to purchase a fully renovated or newly constructed one.
New builds are more straightforward projects and there’s less chance for surprises when you start from the ground up.
Many new builds come with a Tarion warranty (if you hired a builder with Tarion). This coverage can be claimed for those non-routine repairs as a result of any oversights or errors on the part of your builder. This is coverage that does not apply to renovations.
Whatever route you choose, be sure to check reviews on your chosen builders and contractors like those found at EiEiHome.com. Browse our home improvement blog and articles to become informed and aid your choices.
Research your area to determine what types of homes are being built, bought and sold. A well informed choice is the first step towards living in your dream home.
By Shelley Kanitz