If you already have a home, you may decide to renovate and modernize it or build a new home altogether. But the two options have a cost implication that may influence the decision you make. Also, when your family grows, you will feel that they no longer fit in the available spaces. Therefore, adding new rooms to the existing structure or building a new home could be the options you have. So, should you renovate an existing home or construct a new one? This post delves into the things I must consider before making the decision.
1. The duration
The scope of the project will determine the duration it takes to accomplish it. Also, look at the current condition of your existing home. It will help you determine the scope of the renovation and how long it may take to complete the job.
Constructing a new project will take more time due to the amount of work involved. Besides, you will need time to draw and have the plan approved by the authorities. Also, you will need to lay utilities and take more time building the structure.
Therefore, renovation could be the quickest option for you if you do not have a lot of time. Note that the existing structure has a few needful elements and utilities. So, it may not take a lot of time to renovate or add new rooms to the structure.
2. The benefits
When you renovate or build a new home, you will derive some benefits from each of the processes. A new building has a warranty, and so it saves you from the need to carry out regular repairs and maintenance. Also, it allows you to use the latest technology such as air proofing to make the house efficient. Besides, you are likely to have a good layout and choose a floor plan that works. But this may not be the case if you decide to renovate an existing home.
Renovating a home will also come with some benefits. Firstly, it allows you to retain the home you love and which you have special memories for. Also, renovating can help reset your clock on the age of the house. Further, small-scale renovation may not require that you find an alternative place for your family. Lastly it allows you to update the home with environmentally friendly products such as energy savers, which can help drive energy bills down.
As a result, look at the benefits you get from each option and consider one that gives you the most benefits.
3. The budget and location
Finally, your budget can help you decide whether to carry out residential construction
or renovate the existing one. If you do not have enough money to use to construct a new home, you may consider renovating the existing one. Also, if the location of the existing home includes things like good accessibility. You may still consider renovating the home instead of building a new one.
Of course, there are plenty of things that may help you decide whether to renovate or build a new home. But the budget, the time and the benefit are the most important ones. Also, if it is too close to hazardous materials and other disruptions, you will have no option other than building a new home.