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Is It Better To Renovate Your Home Or Build A New One?

Is Better to Renovate home or Build New One

Is Better to Renovate home or Build New One

Are you deciding whether or not you should renovate your home or just build a completely new one? There are various conditions that you must consider when it comes to choosing either option including your budget, space, intended use, resources, and more.

If you are still undecided on which is better – renovating or building – then please explore your options with us below.

Building A New Home

Building a custom home of your own definitely has its own benefits. One of the main benefits is that you will be able to live in a home that completely feels like your own. 

Additional benefits include that everything is both new and under warranty. Maintenance and repairs should be minimal and you’ll have the chance to utilise sustainable materials for an environmentally efficient home.

Expanding technology such as upgrading your electrical system is also an option when building a new home. Design is very flexible as you can choose a floor plan and structure layout that fits you and your preferences. 

Some conditions where you can consider building a new home include:

1). There Are Available Lots

If you love the neighbourhood you are in, and you don’t like the house you’re living in, and there is an available lot, then you could consider building a new home. 

2). Unable To Make Changes

If you want to make changes to your existing home but can’t due to limited space or unapproved permits, then you may consider building. Some neighbourhoods can be strict with renovation changes, so building a house can provide more flexibility at your end.

3). Stress

Living through renovations may be stressful, so if you are unwilling to put up with this then building a new home may be the best option for you. 

Renovating Your Home

While there are certain conditions and benefits of building a new home, renovating your home is also something you should consider. In fact, the benefits of renovating your home can actually match the benefits of rebuilding a new home.

For example, one benefit of building a new home is that you can customise your home’s structure and layout. However, this benefit also applies to renovating your home. You can make your existing home feel more personalised by customising your home and adding simple touches.

Likewise, a similar benefit that renovating has to building from scratch is that they both allow you to upgrade your home in various ways, whether it be to install the latest home technology or to improve your home’s interior design. 

Clearly, most of the benefits of renovation and building are quite similar. However, one primary importance of renovating is that it can be much cheaper than having to build a whole new home for yourself. 

More importantly, by renovating you are able to retain a home that already is full of so many memories and has served as your comfort zone in previous years

The conditions in which you can renovate your house may include:

1). Location

If you already love your current neighbourhood, then renovations are just for you. Location is a big factor in choosing the right home, so why leave your neighbourhood when you can simply renovate your home?

2). Increasing Property Value

You can make a bigger return on your investment if the property value is increasing in your neighbourhood considering your initial financial outlay. Checking with a realtor so that they can advise you on what the market is like within your neighbourhood can help you decide if you should renovate or sell. 

3). Emotional Attachment

Of course, emotional attachment is a big consideration when it comes to renovations. If you have an emotional attachment to your home, and cringe at the idea of moving, or don’t have enough money to build a new home, then renovating is the way to go.

However, it is important to ensure that the renovations you plan to make align with local policies. Consulting with a professional can help clarify these requirements for you.

Is Better Renovate Your Home Or Build New One

4). Time-Efficient

Building a new home from scratch can take a lot of time. If you do not have a lot of time to spare, renovating is the best option for you. Renovations are generally shorter in time compared to building new houses depending on the amount of work you want to be done. 

Final Thoughts

There are individual benefits to both renovating your current home and building an entirely new one. However, many benefits of building a new home match the benefits of renovating your current one. The difference is that there is a high chance that renovating your home is a more economically viable option.

If you are looking for some home extension or renovation ideas, then please speak to us at Period Extensions & Designs. Our award-winning designers have a plethora of experience when it comes to designing extensions and renovations from period-style homes, right through to contemporary structures.

We will listen to what you want and use our knowledge and experience to turn your vision into a truly exquisite design, which we will then bring to life.

Whether you need help with the design or the actual extension and renovation itself, please call us today at Period Extensions & Designs on (03) 8658 1340 or contact us through our contact form.

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