Build or renovate? Decisions, decisions
Can’t decide whether to build a new home or renovate your existing one? Before you make a decision, it’s vital you consider several key factors:
• Evaluate your budget to understand the financial implications of each option.
• Examine the condition and potential of your current property.
• Research local planning and building regulations.
• Assess your long-term goals and needs, such as space, location, and customisation.
• Assess the potential impact of construction on your daily life.
• Consider the market value of your renovated home versus a new build in your specific area.
• Reflect on the emotional attachment to your current home and the appeal of creating something from scratch uniquely tailored to your preferences.
When it comes to budget, it's crucial to be realistic and account for all expenses associated with both options. This includes initial construction costs, ongoing maintenance, utilities, and potential resale value.
The condition of your existing property is an essential factor in making this decision. Consider hiring a professional to conduct a thorough inspection and provide an estimate of any necessary repairs or upgrades. This will help you understand the potential costs involved in renovating your current home, as well as its overall structural integrity.
Researching local planning and building regulations is a vital step, as these can vary significantly depending on where you live, and they also change over time as councils rework their policies. These regulations may dictate what types of renovations are allowed, the size and height of any new construction, and other factors that can impact your decision.
In terms of your long-term goals and needs, think about the space you have now and whether it meets your current and future needs.
Do you need additional bedrooms or a larger kitchen? Is the location still ideal for your daily commute and access to amenities? These are important considerations when deciding between building and renovating.
The potential impact of construction on your daily life is a biggie. Building a new home may involve more disruption and inconvenience compared to renovating, particularly if you intend to move out of your home while you renovate.
However, even the best-planned builds and renovations can go awry, with sometimes unavoidable delays due to a range of factors, including bad weather. And if you have young children, or work from home, the potential challenges are even greater..
When weighing the market value of a renovated home versus a new build, it's essential to research the local real estate market and consult with a professional appraiser. They can provide insight into the potential resale value of your renovated home versus a new build in your area.
Finally, it's crucial to reflect on any emotional attachment you may have to your current home, versus the appeal of creating something perfectly tailored to you. This aspect may hold significant value for some people and should not be overlooked in the decision-making process.
Ultimately, deciding whether to build or renovate depends on a heady combination of practical considerations and personal preferences. Carefully evaluating each factor and seeking professional advice can help you make an informed decision that aligns with your budget, goals, and lifestyle. So, take your time, weigh all options and make a decision that feels right for you and your family.