It’s the fundamental question that plagues homeowners everywhere: is it better to renovate or to tackle a new build entirely from scratch?
The short answer is, it depends. Your circumstances are unique, so there are a few factors that should influence that decision for you. With no one-size-fits-all approach, it falls to you and the builder you’re partnering with to evaluate what you’d like to see from your project, weigh it against your budget and time constraints, and come up with the best course of action.
This leads to our longer answer, in which we try to do exactly that. Read on for our full comparison, in which we pit renovations and new builds against one another across a few different dimensions like cost, control, and design freedom, all to help you make the right call for your unique needs.
If budget is your main concern, renovations will probably seem like the most cost-effective choice, especially if you’re only updating one or two rooms, like your kitchen or bathroom. A renovation lets you hold on to your existing foundation and structure, shaving off all the costs associated with building these up.
That said, some renovations can come with hidden costs. Once you start opening up walls and floors, you might uncover issues that need fixing, especially if you’re using an old home as your skeleton.
While you’re almost always signing up for a higher upfront cost when you tackle a new build, you’ll always get full control in exchange. Design, layout, and materials they’re all in the palm of your hand when starting from scratch, whereas with a renovation, you have to get creative with the layout you’re basing your changes on. For some people, this can feel restrictive, so it’s worth the higher cost of the new build.
A quick budgeting tip: Always include a contingency budget of at least 15% when building or renovating to account for any unexpected expenses that pop up.
Renovations work with your existing home, so they’re faster by default, especially if you’re addressing cosmetic changes rather than structural ones. However, renovations can run across delays if unexpected issues like asbestos, rot, or outdated wiring join the party.
This is why it’s very important to partner with a building company that will thoroughly inspect the property ahead of time, so any timelines you establish are watertight.
On the other hand, a new build will almost always take longer than a renovation. There’s a lot of paperwork involved, and outside of waiting for consent, there’s also the preparation of the land to consider. Constructing a new home from the ground up is no mean feat, but once all approvals have gone through, these builds tend to go smoothly.
Modern building practices ensure there are generally fewer unknowns to deal with here than if you’re dealing with an older home’s existing structure.
Renovations are fantastic if you love the bones of an existing building but just want to make some cosmetic or minor structural changes. Working within the existing structure can limit your options, but this can be a major positive for someone who wants a framework to project their design choices onto.
If, in the planning stages, you’re noticing that any renovation you consider winds up requiring major structural changes, it might be time to consider a totally new build. But if you love the idea of stripping your home back to basics and building it back up from there, a renovation might be for you.
The main reason people choose to build a new home from scratch is to grant themselves the ultimate freedom. You get to design your home exactly as you want it, right down to every square foot of floor space. No pre-existing structure to restrict you, this is the choice if your fundamental driving forces are flexibility and free will.
With this much freedom, it can become slightly overwhelming to plan a home. That’s why we recommend partnering with an experienced builder and architect who will help you capture a snapshot of the perfect home for you, one that will suit your needs both now and in the future.
To make a long story short, here’s how we see the balance between renovations and new home builds:
With all these factors in play, you might still be tossing up between your two choices. That’s okay! This is a big decision, and you might need to talk through your options with a team that can guide you through what’s best for your unique circumstances.
Whether you’re jumping into extensive renovations or kicking off a new build, the team at QBS is here to help. This is your chance to create a space that truly reflects who you are and to do that, you need licensed builders with the ability to carry out your vision. After years of providing this service to hundreds of satisfied homeowners around Auckland, we’re ready to help you execute.
Ready to begin? Enquire today about partnering with us for your next project.
