Sometimes, your home stops working for your family. Maybe you’re expecting another baby or an elderly parent needs to move in and you need an extra bedroom. Maybe your children have moved out and you don’t need as much room as you used to. You need to move, but you love the area and don’t want to. To avoid moving, you’re thinking about renovating or knocking down the house and rebuilding the whole house. But how do you know which is the right choice?
Start With The Budget
If you’re considering renovations or bringing in a custom home builder, you need to start by doing the sums.
What is the average sale price of homes in your area? What would it cost you to buy a different house nearby? Add in legal costs too, as well as the cost of the house and removals.
With that budget, could you renovate the house to achieve what you need? What would a renovated house fetch if you sold it? Would it be a good investment for later on?
Rebuilding can be more expensive, but if you’re planning to live there long-term, is it a worthwhile investment for you to create your perfect home in an area you know you love?
Benefits Of Renovation
When you renovate you can pick and choose how you want to change your home without the time and expense of knocking down the whole house. Depending on what the renovations are, you might be able to stay living in the house too, which causes much less upheaval to your life and saves you the expense of somewhere to stay while work is being done. Renovations like a larger kitchen or an extra bedroom can add to the value of your home too, making this a sound investment.
Benefits Of Rebuilding
If you choose to completely rebuild, you can stay where you are in an area you know suits your family, but you can live in a house that has been designed for you and has all the latest modern advantages of a new build.
Unlike renovations, there’s no compromise required, so you can choose exactly what you want. Everything is new, which means you can worry less about maintenance and other costs. With the right design, you can also build a house that will have a great resale value, protecting your investment.
Which Costs More?
Renovating can be a simpler and cheaper option, but in the long run, it can end up costing you more thanks to hidden extra costs or further changes being needed later on.
A rebuild can have a great sale price and has the advantages of allowing you to create a home that is perfect for what you need.
Both options have advantages and disadvantages, so it can be hard to choose between the two. Get quotes for both options and take some time to weigh up your options and work out which choice is going to work best for you and your family.