If you’ve been living in your home for a while, it might not be working as well for your family as it used. Maybe you need more space for a new baby or elderly relatives who need to be cared for. Maybe you’re living in a house that feels too large after your children have grown up and moved away. You could move, but if you love the area you live in, you might not want to.
Instead, you have the choice of renovating or rebuilding your home. How do you make the right choice?
Work out What You Can Afford
If you’re debating whether you should renovate your existing home or use a custom home builder to rebuild entirely, you need to do the math first.
- Look at the average value of homes in the area you live in. What would it cost you to buy the sort of home you need. Add in the costs of removals and legal costs too.
- Use this number to compare to the cost of renovations. Would it cheaper to renovate than to move? With the renovations, what would the value of your home be if you resold it later?
- While rebuilding can be more expensive than moving, it can be a worthwhile investment if you’re going to live there for the long-term in your perfect home.
Benefits of Renovating
If you do choose to renovate then you can choose all the changes that you make to your home without the added expense and time of knocking down the entire house and starting again.
Some renovations can allow you to stay in the house while the work is being done. This is obviously less expensive than finding somewhere else to stay during work and causes much less upheaval to your life. Another bonus is that many renovations, like extra bedrooms or a larger, more modern kitchen can increase the value of your home, making renovating a smart investment.
Benefits of Rebuilding
If you do decide to completely rebuild your house, you get to stay living in the area that you already know you love and that works well for your family life. You also get to live in a house that has been designed just for you and has all the advantages of a modern building.
When you rebuild instead of renovating, you don’t need to compromise to work around the existing house, so you can choose whatever you want. A new house requires less maintenance, which saves money and can have a great resale value later on.
Which Costs More?
Renovating can be a cheaper option than rebuilding, but if you need to make further changes later on and are surprised by hidden costs, it can cost more in the long run. A rebuild protects your sale price, as well as giving you the advantage of building your dream home. Get quotes for both options and take some time to weigh up your options and work out which choice is going to work best for you and your family.