Purchasing a property to live in is one of the biggest decisions a person can make. There are so many factors to consider. Starting a family is often the main reason many enter the property market and there are two choices that families need to consider: renovate an existing home or build a new one with a contractor like Coral Homes. There are advantages and disadvantages to both scenarios and there are many factors to consider when choosing to renovate or build. The three main factors to consider are Location, Budget and Design.
One of the biggest advantages of renovating a home is that you don’t have to buy land and if you are wanting to live closer to the city or in a particular suburb that is well established, purchasing a home and renovating may be the best scenario for you. If you rarely travel to the city or if the commute doesn’t bother you, building out in a newly developed area maybe best for you. The cost of land can be more economical if it’s purchased further out which brings me to my next point.
Purchasing a home towards the city center can be expensive and then when you add the costs of renovating or extending the home to suit your needs, your budget may not cover all the expenses required. The best advice I can give in relation to this predicament is purchase a home that requires little renovating and suits the needs of your family. Or choose to renovate one room at a time to assist with the budget. Another cost factor with renovating is you don’t know what is behind the walls and sometimes, the whole house may require new water pipes and/or new electrical cables. This can be a hidden expense that many don’t factor in when renovating. If you want to avoid renovation headaches like these and prefer to have a new house in one go, building a new home would be the better option. There are often great house and land packages that can be suited to any budget.
Sometimes you are limited in design when it comes to renovating a house because you are working within an existing structure. You may have a grand design in place for an older property but you can come across headaches like structural walls or beams that can’t be moved or a kitchen or bathroom that needs to remain in a similar location to reach the existing plumbing services. Whereas if you build a house, you are generally free to design where you want each room to be or choose a house plan that has a layout you prefer. You can also take advantage of opportunities to build in a way that will maximize a great view or a prevailing breeze which can assist with climate control in the home. If you do choose to build a home, there will be regulations on how far the house has to be built from the footpath which may hamper some of the design process.
I have a number of friends who are in the process of purchasing a new home, renovating their existing home or looking to build a new home to meet the needs of their expanding families.
What did we do? We bought a new display home that ticked all the boxes of what we required in a family home. The best part was the house had been built in an area we wanted to live in and the property itself had extra features that we probably wouldn’t have been able to afford had we chosen to build the same house in the same area.
There are advantage and disadvantages to renovating versus building a new home, but it all comes down to what is going to suit your current and possibly future lifestyle and how much you can afford to spend on getting what you want.
What have your property purchasing experiences been like? Do you prefer to renovate or build a new home?
This is a sponsored post and has been written in accordance to my disclosure policy