Renovating Versus Rebuilding

You’ve found the perfect property. Perfect location. Exactly the neighborhood you’ve been dreaming of! The actual house? Less than what you’d call your dream home. You can forget the whole thing because you’d rather find your “dream home”…or consider your options: renovate or rebuild. Both have upsides and downsides. Timeline, budget, and design are all important considerations. On average, starting from scratch will be the more costly option but there are always exceptions. Materials and labor are the biggest percentage of your budget when it comes to renovations. And, as we are all very aware of, the cost of materials has not gotten lower. When you’re looking to renovate your existing home, or a newly purchased home, it’s important to decide what needs to be done and what is good as is. Kitchens are the most expensive room to renovate (bathrooms being a distant second) but also yield a great return on your investment if you’re looking to sell in the future. 

There is no one-size-fits-all answer to this question. There are, however, crucial questions to help you land at the answer for you:

  • How long am I planning to live there? 
  • Is there equity in my current home? 
  • What are my financing costs? 
  • What is a livable timeline for my family to wait for the project to be finished? 
  • Are there permitting issues? 
  • Will my family be growing? 
  • What are the current market trends? 

We find it helpful to make a list. Write down your needs, wants, and everything that’s essential to you in the process. Our team has dealt with renovations, rebuilds, and everything in between. We have vast experience and expertise in this regard. It’s crucial to speak with someone you trust, and who can guide you, in this matter.