Renovating vs. Rebuilding: Which Option Is Best For You?
Does your current home fit your lifestyle? What would have to change for that answer to be “yes”? Just a few rooms? The entire layout? Whether you purchased your current home decades ago or whether you made large compromises during a particularly competitive seller’s market, you may find yourself longing for substantial changes in your home. From shifts in life stages to the natural evolution of styles and preferences, the things you wanted – or compromised for – in your home when you purchased it may not be the same as the features you want now.
Trends move quickly, and home technology sees upgrades each year. Regardless of whether you bought the home of your dreams decades ago or whether you settled for the best you could compete for, after a few years of homeownership you may be ready for things to shift. However, once you’ve decided it’s time for a change, there’s still another decision ahead of you: is it best to renovate your current home, or to build a new home? Here are a few key aspects to consider.
Renovating Your Current Home
At first glance, renovating your current home may feel like the easiest solution. Depending on a few key factors, this may very well be the case! One of the overall benefits of renovating your current home is that a renovation is generally a cheaper and less time-consuming project overall. Because you’re not starting from scratch or paying moving costs, you can generally save money by renovating instead of rebuilding.
Another common reason for a homeowner to choose to renovate instead of rebuild is an attachment to their current neighborhood. If you’ve built a sense of community with your neighbors and grown fond of the views, parks, or amenities surrounding your home, then making upgrades and renovations to the home itself is likely a better route than building somewhere new. Not to mention, depending on the current housing market, it may be difficult and time-consuming to try to sell your current home. In the same vein, if your home is appreciating quickly, it may still be a good idea to stay put and double down on your investment.
On a more emotional level, it can be very difficult to part from a home. Whether you raised children there, grew up there yourself, or simply have special memories in the home and feel a strong connection to it, making the decision to move away can feel complicated and negative. By choosing to renovate, you can keep the aspects of your home you’ve always loved and preserve that special connection, while also integrating the updates that match your current needs and style.
Building a New Home
On the flip side of each of the signs that renovation may be the best path are reasons why a building may be best! If instead of holding happy memories and special connections, your current household's difficult memories and moments you’d rather not relive, it may be time for a completely fresh start. If you’re unhappy with your neighborhood or even your town overall, then renovating your current home isn’t the answer.
Another common reason to opt for a complete new build instead of a remodel is that, in terms of price per square foot, a rebuild project is the cheaper option. In addition, some homes cannot be remodeled due to structural and zoning details, and some simply won’t be possible to renovate in the exact way you’d like. Plus, many people shy away from large home renovation projects because the prospect of effectively living in a construction zone while the project is completed sounds stressful and daunting.
Overall, choosing to build a new home means gaining full control and customization. You choose the location, the style, and the materials, creating a home that matches your lifestyle and your priorities. With all new materials, a newly constructed home is likely to see better longevity than a renovated one that still has some old features. Plus, building a new home with eco-friendly materials and climate-conscious systems can make a positive difference in your energy bills and the environment.
Get Started Today!
Location details, lot availability, budget, and personal preferences will all play a role in your decision whether to renovate or rebuild. Taking stock of these key aspects can help you better understand which option is best suited for your current situation. With the right team by your side, either remodeling or rebuilding your home can be a low-stress and highly rewarding process. The team at DeLeers is dedicated to helping you create the home you truly want. Get in touch with us today!