Are you planning to buy an old building to leveraging the comparative cost benefit against buying a ready-to-move apartment? There is a likelihood that you will be unsure whether to demolish and rebuild the house from scratch or renovate it by fixing small changes? This article delves into the pros and cons of each situation and shares some expert tips to keep in mind.
The choice of building an existing home from scratch or renovating the structure can be hard. Experts share that one must keep in mind the current market situation, lifestyle, and financial stability before making the decision.
According to Rohan Agarwal, Managing Director, Geopreneur Group, “There is always a need to plan before any project. Therefore, plan to rebuild or renovate is essential.”
Sumeet Aggrawal of HomzKraft reiterates that the age of the property plays an important role in deciding whether to rebuild or renovate the existing home. A new home would be complete with modern amenities and necessities. Nevertheless, if the existing home can have an economical renovation, one should opt for it.
Hence, before you make your final decision, you need to measure the pros and cons of both the choices and your own requirements:
Build a new home
Some home buyers prefer to take part in the design and build process, and the feeling that they have imprinted on their own home by implementing their own designs. Other benefits include:
- You can get the type of home you need and can choose the type of designs, fittings, and appliances, adds Agarwal
- You can enjoy the personal satisfaction that comes from being involved in your home’s design and build process
On the contrary, the building process usually takes a lot of time and effort and can prove to be stressful, adds Agarwal. Also, if you plan to manage the project on your own, you may have to be physically present at the site to make sure work is done in a proper way and be in constant touch with the builder, designer, and architect.
Some building projects may go smoothly from start to finish, but be ready that it may take longer and cost more than your budget. Further, once the house is finished, you may need to landscape the section.
Renovate a home
Renovating your home can be a lot of fun and also let you include the features and styles you have wished for. Similar to building the home, the process of renovating can also be at times stressful or the final outcome may be different from what you have initially planned. Also, if you are planning to sell your home, some well thought-out renovations could add value to its “ask” price and make it more appealing for potential buyers.
However, depending on the extent of your renovations, the cost can vary too. In addition, there are high chances of an old property to get dilapidated, adds Agarwal. Further, if you are renovating some parts of the house, you may be required to find an alternate accommodation which can add to the existing cost.
In order to help you make a decision, Agarwal shares some of the below parameters to consider:
Although there can be other factors to consider in addition to the above, your requirements and finances are the two factors that matter most. Hence, experts opine that a holistic review of your own requirements should help you make a wise choice between building and renovating.