When it comes to creating your dream home, many often weigh the differences between a home renovation versus building a new home. Both options have unique considerations as you choose your best path forward:
Home Renovation:
Ties to Community: Renovations allow you to update a home while staying in your current neighborhood and community.
Contingency Fund: While the costs incurred may be less than new construction, it’s encouraged to set aside a contingency fund in the event of hidden, costly issues arising mid-renovation.
Expanding Footprint: You are not confined by the existing property’s structure as certain renovation financing programs support projects that expand the home’s footprint.
Temporary Lodging: Based on the renovation’s timeline and scope, you may need to budget for temporary lodging.
New Construction:
Customization: High level of customization so you can tailor the home’s features and floorplan to your specifications.
Lower Utility Costs: Smart home automation and energy-efficient home designs reduce utility costs.
Approvals and Permits: Process can require various approvals and permits extending the project’s timeline.
Peace of Mind: Comprehensive home warranties for added peace of mind are often provided by the builder.
When evaluating a home renovation project or new construction, contemplate your needs, budget, and future goals. No matter the path you choose, it’s important to work with experienced experts who will walk alongside you and help make your dream come to life.