To build or to renovate?

2018-07-19 06:00

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Building a new home from scratch or renovating your existing one can be a great way to get the home you’ve always wanted.

Building

Some people really enjoy the opportunity to participate in the design and build process, and the feeling that they’ve stamped their personality on their own home. Others may find the experience a bit more challenging.

So before you decide to build, consider the advantages and disadvantages. Also create a budget, this is relatively straightforward.

Advantages of building a new home

•You get the kind of home you want (within your budget).

•You choose the house, fittings and appliances you want.

•You can enjoy the personal satisfaction that comes from being involved in your home’s design and build process.

Disadvantages of building

•The building process takes time and effort and it can be stressful. If you decide to project manage the build yourself, you may need to manage a variety of relationships like the builder, designer, and architect.

•Some building projects may go smoothly from start to finish, but be prepared that it may take longer and cost more than planned. Its best to factor in a contingency for cost and time overruns.

Renovating

Renovating your home can be a lot of fun and lets you incorporate the features and styles you’ve always wanted. As with building a home, renovating can sometimes be stressful or the final result may be different from what you originally planned.

So before you decide to renovate, consider these advantages and disadvantages:

Advantages of renovating

•If you like the area you live in, renovating your existing home is a great way to get the type of home you want while staying in an area you know and love.

•If you’re looking to sell your home, some well thought-out renovations could add value to the sale price and make it more attractive to potential buyers.

Disadvantages of renovating

•Depending on the extent of your renovations, the cost could be very expensive. Working around an existing structure has its own challenges as opposed to building from scratch.

•You may run into delays or extra costs due to unforseen problems (e.g. structural issues) that could not have been anticipated before you started. Renovating certain parts of the house may mean you have to move out for a while which can add to the cost.

Other things to consider

•How are you adding value to your property?

•Improving flow – this makes it easier to get around your home, which can be appealing.

•An indoor-outdoor flow is also a much sought after feature.

•Landscaping – utilize your land with lawns, gardens or entertainment areas to make a big difference to how others perceive your home.

•Better lighting (including more natural light) – this makes your home feel more inviting and spacious.

(-Source: ANZ)

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