Should I renovate my home or create a new designer home?
This is a frequently requested question by homeowners. There are several moving components to the debate over renovation vs. new house construction, and the decision is entirely dependent on your unique situation. As a result, the best option for you is determined by what is most essential to you.
To make the best decision for your budget and requirements, start with a few questions, then consider what you want to achieve, the state of your current home, and any local restrictions that may apply to the project. Your money, needs, and situation should all play a role in making your final selection.
Continue reading for advice on evaluating if it is preferable to renovate or rebuild.
Which is more cost-effective?
If you’re short on budget, renovation is always a good option.
For example, you may begin by refurbishing a bathroom and then go to other rooms as your money and time allow. It may appear natural that beginning with a new plot of land and creating a new structure will be the more expensive alternative. In exchange for a clean slate, you will be responsible for all site work, utility installation, and structural building from the foundation to the outside finishes.
The average cost to build a house is about $300,000, not including the cost of land. With housing trends ranging from upcycled shipping containers and self-sustaining homes to sophisticated smart houses with luxurious tubs, it’s no surprise that new builds range from $30,000 to several million. How much you’ll pay for your dream home depends on your taste, location, and demand for labor and materials. Consider budgeting in a 15% contingency fund to cover unexpected costs or upgrades that crop up during construction. (Abraham, 2022)
Which one has a shorter project duration?
Most renovation tasks may be accomplished while you are still living in your house. This can be beneficial in terms of both cost savings and convenience. A whole rebuild will need you and your family to make alternative, temporary living arrangements while building is underway. Consider the additional costs associated with having to move out of your house for many months if you opt to rebuild, which is an essential element to consider when deciding whether to remodel or construct from scratch.
In a perfect world, depending on the site and zoning classification, it typically takes from three to six months to build a house. However, given the current state of supply chain slow-downs, labor shortages, and increased building demand, it’s more realistic to factor in a few months of delay.
So before you invest in that spacious lot with stunning views and mature trees, it’s wise to consider the time it’ll actually take to build the place you’ll be living in—especially considering supply chain issues and overall construction delays caused by the COVID-19 pandemic, which are expected to last through 2022. (Heidenry, 2022)
What are your long-term plans for your house?
Even if you modify your present house, it may still not fulfill your long-term needs. You may never achieve the qualities that fresh new construction intrinsically delivers, such as an open-concept floor design, improved energy efficiency, and an overall higher degree of comfort, with a whole-house makeover.
Is the main ceiling height always going to be too low? Your goal is a great room with openness, but can’t get that with a remodel. It’s time to start considering a new build if you’re going to spend a lot of money, time, and effort yet not get the house you want.
If you want to live in the house for a long time and then sell it, it is typically better to rebuild. You reset the clock in terms of longevity and energy efficiency, including things like appliances, roofing, siding, and other expensive upgrades or replacements. When it comes up for sale a few years later, you’re selling a home that is only a few years old rather than one that is 50 years.
To summarize, the scale of your project will determine whether you should build new or renovate. This is a big decision that requires careful consideration. If you need help weighing your options, please feel free to reach out to J&M Construction.
Working with a highly qualified partner helps assure that your home remodeling project goes smoothly. No matter what you have in mind, choosing the right company to handle your project is key to a successful build. Schedule your project with J&M Construction & Remodeling. Our staff works hard to understand your needs and get things right the first time. Call us at (281) 359-3550 to get started.
- Abraham, R. (2022, May 2). How much does it cost to build a house in 2022? Forbes. Retrieved May 3, 2022, from https://www.forbes.com/advisor/home-improvement/cost-to-build-a-house/
- Heidenry, M. (2022, April 1). How long does it take to build a house? Real Estate News & Insights | realtor.com®. Retrieved May 3, 2022, from https://www.realtor.com/advice/buy/how-long-does-it-take-to-build-a-house/