Considering a major renovation or custom build?
As a fan of HGTV I’ve seen a lot of episodes of “Love it or List it”. I often turn on the first few minutes and the last five minutes to see the options and try and decide whether I would keep the renovated home or go with a new one that fulfilled the wish list.
What I don’t know is what the current house means to the owners. Hint: If the wife is pregnant she almost never moves. When most home owners look around and decide it is time for a change they don’t usually have the two options handed to them quite so neatly. If you are in the situation where your house no longer meets your needs or you are dreaming of something different will it be renovations or a new home build? Here are a few things to consider.
What is driving you to make changes?
- If you have a growing family is there room to renovate?
- Do you have the property to expand?
- Can you build up or can the layout be arranged to accommodate your needs?
- What are the city bylaws in terms of what you can do on your property?
For some families it makes sense to stay on their property due to nearby family and friends, work, schools and the community. They have good memories in the home and see its future potential. Sometimes adding storage, changing out fixtures, and taking out a wall or two is what it takes to make it work, while other times it ends up being a complete overhaul. Here is where it is good to consult a home builder/renovation specialist to get a realistic budget on what it would cost you to convert your home. They can have an assessment done to check if your home is structurally sound, the roof, siding and foundation, and well maintained. This will help you gauge is renovations or a new build are best for you. He/she can also suggest ways to solve your current issues that you might not of considered.
You may decide that living next to a playground and school is no longer necessary and you’d like a place a little closer to the lake. Then you know it is time to let location help make your decision. This option allows you to revision your living space and have it designed to meet your new needs. Maybe a main floor bedroom is now the focus rather than having everyone on the same level. Having a floor, a sound proofed floor, between you and your son’s electric guitar solos may be just the ticket.
Whatever option you choose it has to make financial sense.
- Building a new home gives you a choice of neighbourhoods.
- You may buy somewhere with less property taxes and less expensive land.
- You know you are starting with a new house that is completely your design.
- Depending on the size and option you control the expenses.
- You can choose high efficiency, green options which will have an effect on operating cost and improve its resale value.
- Also the current interest rates may help determine the scope of work you want to do.
- Can you live through an extensive renovation of your current home, which may also have extra costs depending on the age of your home?
Are you aware of all of the costs involved in building a new home? This is where having a comparison done by a good custom home designer/builder can help you in your decision making.
Whatever you decide, Wescraft would love to help you choose the option that is best for you. We do both major home renovations and build custom homes.
Don’t hesitate to call us and let us help you make your dreams a reality.