Building a new home is a big decision, especially if you have years, investment, and memories tied to a property you’re not sure you want to leave. Globally, home improvement and remodeling is a $1 trillion-plus industry.
But before you decide to go that route, it helps to weigh the pros and cons. And as you’re about to see, that can vary greatly depending on what your tastes are.
Pairing Down Vs. Starting Over
Whatever advice about building a new home or renovating that you take, be aware of the creative and financial resources involved. With renovation, you get the creative opportunity of pairing down your existing possessions.
It’s a perfect chance to eliminate the clutter from your life while deciding what you will keep and build around. Building a new home, on the other hand, means starting over from scratch. That said, it could be considered a “pro” if you feel ready for a fresh start.
Adding Vs. Creating
Look over any guide to building a new home, and you could find yourself overwhelmed with the possibilities. You have to make every decision right down to the crown molding.
What is your preference: creating a new vision or adding to an existing one with which you’re already familiar? How you answer that question will decide which of the two choices are a pro or a con.
Familiarity Vs. Adventure
One of the big advantages of building a new home for the adventurous is that you get to start over in a new location. That could mean a new city or state or just a new part of town.
Of course, that may not be your intention. You might want to stick to renovation as you get to enjoy the benefits of staying in the same neighborhood with the same neighbors and traffic patterns.
New Vs. Old Building Materials
When you build a new house, you take advantage of the newest building materials and techniques. The result is a well-built residence that will be standing for years to come.
You can take advantage of these same opportunities with a renovation, but keep in mind that parts of the home that go without renovation will continue to weather and age without proper attention. That said, a quality renovation can revitalize your home for quite some time.
Hot and dry conditions can cause the soil underneath a home to pull away from the foundation, creating cracks throughout the foundation slab. Wet and rainy conditions will alternatively cause the soil to expand and push against the foundation walls. This process can cause your foundation to shift and settle into the ground. Using the right foundation repair system can counteract the above conditions.
Single Tasking Vs. Multitasking the Market
One thing new home builders may have to deal with that renovators do not is multitasking the market. In other words, you have to go through the dilemma of what to do with your old home while you’re building your new one.
If renting, this may not be such a big deal. But if you own your current home, you’ve got to balance selling and getting out of the home by a certain date that will, hopefully, line up with your move-in date at the new home.
Renovators can stay in their existing property or on a mobile home parked on the same lot. There’s much less multitasking involved as the work continues, and that’s why home builders like Mills Eloge Homes report that many will end up choosing renovation over building a new home.
Whether Renovating Or Building A New Home, There Can Be Many Challenges
Building a new home is an adventure worth taking up if you’re in the mood for a fresh start. However, it’s not the only solution that makes sense.
Decide whether building new or renovating an existing property is the right call based on your individual preferences. And for more real estate information and articles, check out some of our additional posts!