Although renovated homes tend to have a better location and increase their price on the market, many people wonder if it is worth renovating a home or if it is better to build a new house.
And it is that, sometimes, tearing down and building again ends up being a more comfortable and profitable option.
According to the Newmarket renovations experts, if you want to improve the facilities, or change the kitchen or bathroom, making a reform is the best option for comfort, time, and price.
However, if what you need is to considerably expand the space, completely change the layout of the rooms or make other changes that may affect the structure, it is best to tear down the house and build it again.
Pros and Cons of Building a new house
The main advantage of building a new house is the possibility of personalizing it. When starting from scratch the possibilities are endless, and you will be able to adjust to your budget more easily by reducing meters of construction and “leaving open” the possibility of future expansions.
Regarding the disadvantages, the most notable is time. Tearing down and building a new house is slower and you have to adjust to project, design, and execution deadlines.
To the investment of time, we must add the economic investment, which implies adding more waiting time for the granting of loans and mortgages.
It will also be necessary to wait for the granting of demolition permits and licenses, which in some municipalities take time to obtain.
Pros and cons of doing a reform
Generally, older houses or homes have a better location, which increases their value once renovated. Or, at least, it gives greater advantages for the negotiation before a supposed sale. In the same way, doing a reform is usually cheaper than building a new house.
Regarding the cons, the reforms, especially in old houses, can result in the discovery of structural problems whose repair can make the work more expensive.
Reform vs build a new house: 4 key elements to take into account
As you have seen, reforming and building a new house has advantages and disadvantages. Therefore, before making a decision, we advise you to reflect on these issues:
Sometimes, we want a comprehensive reform and we enter into aspects such as structural changes, the replacement of electrical and plumbing installations, the replacement of doors and advantages, an improvement in insulation, etc.
If the reform is very radical, perhaps we should consider the possibility of building a new house.
The architecture of the house
If we have bought a house for its architecture, its details on the facade, or its high ceilings, it is worth making an effort to preserve it.
If, on the contrary, the facade and the house lack charm or historical value, tearing it down and building it again may be the most comfortable and affordable option.
Remember that reforming, in itself, implies respecting or keeping certain old elements; while building from scratch is betting on more modern elements and designs.
Making a reform is usually easier and also cheaper. However, a house under construction implies a series of responsibilities and inconveniences, and you should know if you are prepared to assume them.
Although the initial investment is higher when building a new house, the maintenance costs in the medium-long term are lower, something that should be taken into account.
In addition to energy savings, building a new house is synonymous with a better structure and a minimum percentage of problems.
Are you considering making a reform? The Renovators of Canada provides kitchen renovation, basement renovation, and bathroom renovations in Greater Toronto Area (GTA).