At Thompson Creek, homeowners often ask us about choosing between a remodel vs build. Should they renovate or start fresh with a new home? In answering the question, there are important practical matters to consider, with the cost of renovating vs building a new home being the most significant one.
And of course, there are also your individual needs and desires and what your goals are with your new home. It’s a complicated question that deserves a closer look.
An Overview of Renovation vs Building a New Home
Building a custom home is a significant undertaking. It requires careful collaboration between you and a team of architects, builders, and even interior designers. From your new home’s construction style to how it’s situated on your lot, you have a plethora of decisions to make. While this gives you total freedom, it’s also a lot of responsibility.
Renovation, on the other hand, involves making changes to your current home. This can be anything from gutting and completely redesigning the interior to an overhaul of a single room. A renovation won’t give you the freedom that a new build will, but your vision still guides it.
A New Home: Cost of Remodel vs Build
Personal preferences aside, the deciding factor for many is cost. From this perspective, renovations are usually the more cost-effective way to get the feel of a new home. Hiring an expert team to architect and build a new home is already a significant investment, and that’s not considering other expenses, such as site work and utility installation.
There are also unforeseen expenses that you have to plan for, too. While most people start new builds with a budget in mind, new builds rarely stay within these limits. Market forces such as increased timber costs can inflate the budget. There’s also the possibility of unplanned incidents that can delay construction efforts.
Even remodeling isn’t immune to unplanned expenses. When renovating older structures, unplanned requirements can inflate costs. But on the whole, unless you’re tackling a dilapidated structure, renovation is more cost-effective.
For both approaches, it’s also worth looking at ways to lower costs over the long haul. Using high-quality, energy-efficient windows and doors with insulated frames will lower your energy costs, and this is something you’ll want to factor into your budget.
Other Considerations
At the end of the day, the decision largely depends on each individual situation. A new build promises a glamorous new floor plan tailored to your vision, but renovation might be enough to give you what you need in your existing home. Of course, you also need to consider the other key factors:
- Any timeline constraints you may have
- Your needs, preferences, and current situation
- What your future goals are for your home
The desire for your dream home might lead you down the path of a new build. But if you love your existing home, renovation might be more preferable. Weighing these factors carefully and thoughtfully will lead you to your final decision.
Thompson Creek Windows Can Help
When it comes to figuring out whether to build a new home or remodel your current one, it’s not an easy decision. It requires careful consideration, figuring out precisely what you want and need from your home, and balancing those desires and requirements with the realities of your situation. Whatever your final decision is, Thompson Creek Windows Company offers a variety of high-quality doors and windows along with best-in-class roofing and siding services to make your final decision renovation a great one. Get in touch with us today to find out how we can help.