Renovate or Build what should you do?
To build or renovate that is the question?
So you have lived In your house for 10 or so you bought it at an affordable price. Now you have had a family who are now growing up and need more space to live with.
Or your house which was built in the 80’s has become very outdated. You need to do something so what is the better option for you Build or Renovate?
One one hand to get everything build to your specification with a new home but on the other you can keep the character or memories by renovating and existing building, with this in mind lets take a look at both options.
Renovating – If you have been living in you home for quite some time and feel it needs updating, renovation is the main option this should be kept in mind if you like the area you live in. For example you have it might not make sense to got build in a different area which may be further from schools, shops and other conveniences, do you have a good relationship with your neighbors. Probably the biggest consideration for most people is the memories and attachment you have for that home.
New Build – However building a new home is a good idea if you find a neighborhood you like or a new sub division you have been waiting to open up. Similarly the cost to renovate your existing home might be more then a new build due to the amount of alterations you want to do. In this case it makes more sense to build a new home. Finally you might want some new features in your new home that your existing just haven’t got potential or space in your existing.
Final Words – So at the end of the day there is no right or wrong. it all comes down to your unique situation and you need to weigh up the pros and cons for you and your family, if you have to many memories and attachments to your existing home then renovation or extension is your answer you would probably find it hard or even regret leaving. if its between a new build and a new renovation without the attachment then finances will play a major role.
Its also worth mentioning to look at current land and house values in your current area compared to where you might be looking to build are there lots of projects homes going up this is a major factor in lowering house prices in the area, if you live in an older home closer to the city center you are generally sitting on valuable land and renovation will only increase the value of your home, and new build in a bad area might have a lower value.
Its a big decision and one not to be taken lightly you will need to go through the pros and cons so be sure to weigh up everything before jumping in.