This is a question that only you can answer but there are some ways to decide what the right move is for you. My first suggestion is to make a list of needs and wants. New flooring? Cupboards need upgrading? Need more room or hoping to downsize a bit? Need curb appeal? House has good “bones” but is seriously in need of modernizing?
Next, look at your neighbourhood. Is this where you want to stay? Are the amenities you need close at hand? Have your neighbours done renovation work or would a reno make you stand out? it’s not always favourable or good for resale to invest in a fading neighbourhood. Location really is a crucial point as surrounding home values will have an impact.
Consider your lifestyle—has the area you live in become busier and you’d prefer a quieter community? Do you want to be closer to nature or closer to restaurants and urban life? Is living close to the school no longer important as your children have grown?
Determine whether the renovations you need are cosmetic like paint and lighting or whether you’ll need to replace wiring, remove load-bearing walls or add structural reinforcement. Will making that room larger mean major demolition? Sometimes it’s more cost-effective to build new with purpose than to renovate to re-purpose.
Consider the age of your home. New building codes can add cost to a renovation as can stumbling across potential hazardous building materials such as asbestos or lead paint in the middle of a renovation. On the other hand, if your home is ten years old and you’re tired of that dated cabinetry and flooring a reno could be just what you need to make your home right for you.
Do your renovation dreams include work to upgrade energy efficiency? Again, this is something that is usually more cost effective in building a new home than in upgrading an older one. New home construction is very adept at ensuring energy efficient and eco-friendly building materials to allow you more control over maintenance costs. New home warranties also protect you and building new may be important if you want lower maintenance costs for the future.
It’s important to assess all your options for your investment whether you decide to renovate or build a new home. Don’t forget to factor in things like moving costs or if you can live in your home while it is being renovated. And lastly, speak to a professional to help guide you to make the best decision for you and your family. At Levi Rio Custom Home Builders we’ll help you make sure you live in the home that’s perfect for you.