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Build New or Renovate: Which Is Right For Me?
It’s an age-old real estate question. If you are a homeowner and your existing living space just doesn’t work anymore, should you do a gut renovation of your current home to suit your changing needs, or start fresh and build new?
Of course, at EG Home, we believe that building new is almost always the right answer, but we also know that there are situations where a renovation is a family’s best option. In this article, we’ll weigh the pros and cons of each. In the end, if you decide that building new in 2022 is right for you, then connect with us; we’d be honored to be your home builder!
A new home looks great, works perfectly, and heck, even smells good, but it’s got even more going for it than meets the eye.
More Control — You’ll have more control over your project, from the design and layout to how it flows and functions.
All-New Everything — We’re talking about what’s in the walls — insulation, wiring, plumbing, and systems.
Up to Code — Everything in your home will meet or exceed existing building codes — no retrofitting involved.
Predictable, Streamlined Process — Once your design plans are set, sit back and let the process unfold.
Fixed Cost — Once selections are made, there’s no danger of going over budget.
Built-in Resale Value — New homes are built to appeal to a wide audience, so it’s easier to sell years from now if necessary; the value is already built in.
More Expensive — A common misconception is that a new build is always more expensive than a gut renovation. When you build new, you get to decide up front exactly what your costs are and that doesn’t always mean more money.
Longer Timeframe — Another misconception. Most of the time, especially in the current environment, a renovation takes longer than anticipated. Conventional wisdom says to take the estimated timeframe and double it.
If you’re in a neighborhood that you love or absolutely must stay in (for the school district or to be close to family, for example), doing a gut renovation of your existing home may be the best choice. Our advice is to plan ahead, prepare for the unexpected, and over-budget since renovation projects are notoriously unpredictable. But there are a few pros, too.
Add Value to Your Home — If done properly, a gut renovation can add to your existing home value. But you have to be careful not to spend more than what the max value of your home is.
Perceived Shorter Timeframe — Small renovations can be done in a short time frame, but gutting and rebuilding takes much longer than anyone ever thought. Just ask anyone who has ever done it!
No Moving — Stay in the neighborhood without having to relocate.
Less Control — There are more design restrictions because you’re bound by the size and structure of your existing house.
Unpredictable — You can never be sure what you’ll run into once you start tearing down walls and ripping up flooring.
Costlier Than Expected — The older the building, the more costly it is to renovate because you’ll need to bring everything up to code. There may even be mitigation work required if there is lead paint or asbestos involved.
Inconvenient — You may need to move out of the home or lose the use of an important room for a time — like the kitchen or a bathroom.
Overwhelming — If the homeowner assumes the role of Project Manager and is managing the process and contractors, it can get overwhelming very quickly.
May Not Add Value — The renovation may not always translate to increased home value, especially if the design is too personal or the use is too niche.
Easy To Go Over Budget — According to the 2020 U.S. Houzz & Home Study: Renovation Trends, one-third of renovations go over budget.
At the end of the day, you’ll make the decision that’s best for you and your family. And if that decision is to build a new home in New Haven County that’s personalized to your unique lifestyle, EG Home is ready to offer you a home designed to your heart’s content! Contact us to learn more about our building process and customizable features.
We always knew there was no place we’d rather build our new homes than beautiful Connecticut. Outsiders might define this state by spectacular scenery, quaint towns, and high-end amenities, but we know that the secret to Connecticut’s magic is not just its outer beauty, but its inner beauty — the people that live there. It’s people like you that make building homes in this one-of-a-kind place so unspeakably special. Thank you for choosing Connecticut as your home.