How To Determine Whether Renovating Or Rebuilding Your Home Is The Right Move

Renovating or Custom Rebuilding: Which Is Most Cost-Effective?

 

When it comes to constructing a home, the decision often boils down to the most cost-effective option. Of course, this can be difficult as many factors come into play. But, there’s no doubt, when deciding between building and renovating, money matters a lot.

The Cost Of Rebuilding

If you want to build new, then you can expect to pay more for the privilege. Of course, you’ll have a clean slate starting from scratch when it comes time to build your dream home, but with that freedom comes all of those other costs like site work, utility hook ups, and construction materials. A major benefit of building a custom infill home, or rebuilding your dream house on a peice of land you love is that it's easier to calcuate your possible future return based on what new homes are going for in the area, or city you live in. For example, in Kelowna in 2021 the home cost per squre foot will vary greatly due to a number of factors, but you can get a clear idea based on what is happening in your neighbourhood before you build.

The Cost Of Renovation

The price of renovating an existing building can be substantially less than a new build, sometimes even cheaper per square foot. But with a home renovation comes the risk of what you may find when you start removing drywall and tearing out bathrooms. If your home is older you need to prepare for the possibility of finding something that was not planned for. Another big consideration of a renovation, remodel, or extension is often there will be upgrades that need to happen to bring your home up to code by the City - so factor those costs into any renovation plan too!

A benefit of a custom design renovation is you can have the feel of a new home again without having to completely rebuild and start from scratch which reduces the timelines to completion drastically. Another big benefit to renovation over building new? Depending on your personality, you might find that working with a custom builder for a home renovation to upgrade what you already have feels like a smaller task, and therefor more enjoyable than the idea of starting from a completely blank slate for a home build.

 

To Renovate, or Build New: Consider your Timelines

 

When deciding what route to go to get your family into a new and updated space, a big factor to consider is the duration of the project. It goes without saying that rebuilding your home will be greater in time than that of a renovation due to the sheer amount of work that needs to be executed. Firstly, the planning stage can take anywhere from 3 to 18 months depending on the intricacy and scale of the project. After design and planning is finalized, and permits have been approved, your home builder can then begin carving out a site and foundation for the building with new construction from the ground up, complete with finishes.

Should you choose to renovate your current home, there are many time saving options that work in your favour such as a big decrease in planning time, shorter permitting applications, your utilities are already in place, and most often the work that needs to be done is superficial - meaning less coordination therefore getting you into your home faster.

In comparison to rebuilding, even the most elaborate custom design renovation is without a doubt the faster option. In addition, it is often more cost-effective to renovate an existing building than to build a new one because planning and construction costs can quickly add up. It may not make sense in certain situations, but for the most part, this will hold true. After all, time is money!

 

Which Option Creates A More Functional & Attractive Design?

 

If you are looking to design a home that will impress, consider how its appearance communicates the mood of those within. Whether sleek and modern or plush with soft furniture, an aesthetically pleasing house can convey a number of feelings at first glance. So, when debating between two options for your construction project--be sure to choose one option whose looks align well with what it's meant to communicate.

Renovating a building is often the best solution, but it’s not for everyone. With renovations, you can be limited to what an old structure provides in terms of space and architectural design elements. The possibility of an extension, expansion or layout remodel are always there, however, with a new construction you can plan your home how you want it from the get-go; You can build your vision from scratch when constructing something brand-new so that everything will be exactly how you want it - size, layout, and energy efficiency included.

 

Build vs Renovate: The Verdict

 

Whether you choose to rebuild or renovate an existing building depends on your project's scope and your hopes and plans for your new home. New construction gives you more control of the design, but it could also be costlier and take longer than renovating a moderately old one. FLR Custom Homes Kelowna can help many clients make this important decision, weighing out the pros and cons, along with realistic estimating and timelines, a thorough consultation to talk about your needs and goals can find the right path for you. Call our team at (778) 721-5791 or by filling out the form below.