Should I Renovate or Build New?

Is it better to renovate or build new? This is one of the most important questions you’ll ask yourself when taking on a home project. Both options have pros and cons, but the best choice for your home depends on several factors. 

This may make you wonder: should I renovate or build new? 

The answer depends on your timeline, style preferences, budget, and long-term visions for your home. We’ll go over the advantages and disadvantages of renovation and building new below, so you can decide what’s best for your home.

Advantages of Renovating

Let’s start with the advantages of buying and renovating an existing home. 

Saves You Money

It’s true, renovating an existing home can help you save money! Owning a home involves spending money on wear and tear, like wall paint, flooring, and furnishings. If you hire the right contractor who uses quality materials, you won’t need to replace your home’s amenities that often.

For example, installing a new, high-quality carpet which won’t deteriorate after a few years won’t need to be replaced as fast. If you don’t need to replace your home’s furnishings as much and make the most of your upgraded home furnishings, you’ll save more overall. 

Can Increase Home Value

Whether you replace the roof tiles or completely redo your kitchen, home improvement projects improve your property’s appearance, safety, and comfort. This can make your home more appealing to potential buyers, which typically means you can sell your home for more money in the future. 

Keep in mind that home renovation projects differ in value. For instance, upgrading your kitchen is estimated to add up to 10% of your home’s value to your property, but a loft conversion that adds floor area can add up to 25%, which is significantly more. 

The ROI will also depend on the location of your property, so if you’re renovating to increase your home’s value, home project trends around your neighbourhood before making renovations. 

Chance To Fix Problems

All homes run the risk of problems that affect the property. Some problems can go ignored or undetected, which makes them evolve into a larger issue that’s harder to fix. 

Homeowners can protect their property by fixing any issues during a renovation. You can address any serious problems, like cracked roofing, damaged home foundations, mould, or humidity. 

For instance, addressing a damaged foundation can prevent water damage in the future, while addressing mould can improve indoor air quality, reducing health risks of damp and mould in the home

Homeowners can identify and address any serious problems during a renovation, like cracked roofing, damaged home foundations, mould, or humidity. 

Disadvantages of Renovating

Though renovating has its advantages, it does come with its drawbacks. 

Initial Cost

According to Checkatrade, the average cost of renovating a three-bedroom house is between $43,530 and $110,350. Large home renovation projects typically have big expenses, like hiring the right contractor, knocking down walls, or purchasing materials. 

Even if you begin with a budget, unplanned expenses can come up out of nowhere. You might find hidden issues, like outdated wiring, plumbing problems, or rotting wood, which can add more time and expense to your project. 

Disruption

A home renovation is noisy by nature. This can be hard to live with, especially if you’re living in the same space that you’re renovating. 

Moving around tools, dealing with dust, and the sound of power tools can disrupt your everyday routine. Regular tasks, like showering, preparing meals, or simply relaxing can be hard to do. You may need to find somewhere else to live, which can be inconvenient. 

Moving around tools, dealing with dust, and the sound of power tools can disrupt your everyday routine.

Stress

There are endless choices to consider when renovating a home. From furnishings to wallpaper colours, all of these decisions can be overwhelming, particularly if you’re clashing over decisions with a partner. 

Additionally, watching your property get torn apart, despite best intentions, can be stressful. Choosing a good contractor can help with this issue, as you can make sure they’re on schedule and in line with your expectations for the project. 

Advantages of Building a New Home

Now let’s get into why building new can be a good idea.

Personalisation

Renovations can limit you to the boundaries of an existing building. You may be able to add to the building and move walls around, but you won’t be able to see your vision come to life. 

Building a new home means you have total control over how the result will look and how your home will function. You can design your home so it meets your vision and lifestyle needs. The flooring, cabinets, layout, and furnishings are all new and custom-picked by you. 

Little Maintenance

Building your own home typically involves less maintenance than renovating an existing home. This is because most of the materials and appliances in a new build project are completely new or under warranty. 

New homes also need to have modern, updated technology and need to meet building regulations. This means that you typically won’t have huge concerns over maintenance problems or repairs for your first couple of years, like leaking roof tiles or failing boiler systems. 

Lower Energy Costs

The Home Builders Federation state that new build homebuyers save over $400 million a year in energy bills. New properties generally have modern energy-efficient materials and appliances, which helps lower your energy bills. 

If energy efficiency is one of your top priorities, you can add features like double-glazed windows or smart home technology to your home as it’s being built. You can also opt for renewable energy sources, like solar panels, which lowers utility costs even further. 

Disadvantages of Building A New Home

Building a new home gives you a fresh start, but it has drawbacks that are important to consider.

Lack of Character

A common drawback of building a new home is when properties follow typical designs that prioritise cost-effectiveness over architectural design. Despite offering a ‘blank canvas’ for home decor, the structure gives little leeway in terms of personalisation.

However, this isn’t the case for all new build projects. You can work with a home construction specialist to ensure your home design meets the style and functional vision you have in mind. 

At Rose Line Premier, our team of interior designers, architects and construction managers can help you build the home of your dreams. 

Want to know more? Get in touch to discuss your ideas, or check out our projects to see what we can do for you. 

Time 

Property Registry claims that building a new, custom-designed house can take between 10 and 16 months to complete

On the renovation side. Zoopla states that the average kitchen refit takes between 4 and 5 weeks, while the average bathroom update takes around 6 weeks to complete. This is a lot less time compared to what’s needed to build a new home from scratch. 

Property Registry claims that building a custom-designed house can take between 10 and 16 months to complete, which is a lot more time compared to most home renovations.

Price

Building a new home means that you’ll have to purchase a new plot of land in addition to building a new structure. This also requires more man hours, more materials, and skilled workers, which typically cost more than renovating an existing building. 

However, renovations run the risk of finding problems or surprises in an existing property. Fixing wiring, plumbing, or mould issues can add time and expense to a renovation construction project

New build homes don’t run this risk as everything starts from the ground up, so all systems are built to current code and standards. This involves fewer maintenance issues and unexpected costs in the future. 

Should I Renovate or Build New?

Renovations can be faster and cost-effective, particularly if you like where you live and don’t need to expand too much. A renovation is best for those who want to retain their current home’s character and make a few important improvements. 

Building a new house gives you total control over your home’s design and functionality, but it comes with longer timelines and a greater expense. Building new is better for people who want a fully customized home which meets all of their preferences, equipped with modern, energy-efficient technology. 

To decide what’s best for your home, think about your budget, timeline, future plans, and the level of customization you want. Thinking about these factors can help you make a choice that meets your needs the most. 

There we have it! If the question, “Should I renovate or build new?” was on your mind, we hope this post helped you decide which is best for your future home.

How We Can Help

At Rose Line Premier, we’re skilled in both home renovation and new build projects. Our team of experts can give you bespoke advice and support to ensure your project, whether new build or renovation, goes smoothly. 

Contact us today to discuss your vision, or check out our services to find out more about what we do. 

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