Is It Cheaper to Renovate or Build a New Home?

Renovating an old home might be cheaper than building a new one, but it’s important to consider the whole picture. Some people think that building a new house is cheaper than renovating. Others maintain that renovations are the better deal. The truth lies somewhere in between.

Stop and think for a minute about what your life would be like if you lived in a new rather than an old home. Sure, the place might look pretty, but it probably won’t have much character. In fact, it’ll probably resemble every other house on the block.

On the other hand, when you renovate a home, you take a piece of the past and infuse it with your personality. Maybe you take an old staircase and hang it in a different part of the house; perhaps you install custom cabinets rather than prefabricated ones. Whatever you do, though, you make the space uniquely yours – something that no one else can claim.

As home renovation companies know, renovations aren’t a one-size-fits-all proposition. For instance, you might find that rebuilding a particular section of your house is vastly more expensive than putting in new ones. In that case, it probably makes sense to tear out the old and go with something that costs less to produce.

If you’re trying to determine whether it’s better for your bank account to build a new home or renovate, consider getting an estimate from home renovation companies like Kavaleer Renovations.

Cost Considerations

Naturally, no two homes are alike. This means determining whether or not it’s more cost-effective to renovate your home or build a new one is a difficult question to answer. For example, building a mansion will cost more than renovating a bungalow, but building a bungalow will cost more than renovating a mansion. With the amount of variance in renovation and building projects, it’s best to think in general terms.

Building construction, wood framing new home under construction roof being built

Building construction, wood framing new home under construction roof being built against blue sky

The Cost of Building New

You may be thinking that starting with a fresh plot of land and building a new home from scratch will be the more costly option, and generally, you’d be right. That’s because, in exchange for a clean slate, you’ll be responsible for all the site work, the installation of the utilities, and the construction of the structure itself, from the foundation to the exterior finishes.

Since building new typically includes a more complex scope of work, more labour hours, and more materials, it’s likely going to be the more expensive option. However, as mentioned earlier, there are some instances where renovations can become more expensive.

The Cost of Renovations

When you use home renovation companies to upgrade an existing space, you’re only responsible for the cost of changing what you want instead of the entire home. Some of the features from the existing building can be left as-is, depending on how extensive your renovations are. This limited work can help keep the cost of renovating lower than most new builds.

Summary

The cost of renovations can add up quickly, but depending on the size and scope of your renovations, the odds are that you’ll be spending less than you would by opting to build a new home from scratch. The route you decide to take is entirely up to you, but before making any final decisions, consider getting an estimate from home renovation companies so you can get an accurate idea of what your project will cost.

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