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The top 5 Factors When Deciding Whether to Build or Renovate

So, you’re ready for a change with your home. Since last year, the home has been the most important space in our evolving lives. When it comes to creating a home that’s right for you, there are many different factors to weigh up. Whether you’d like more space, a nicer kitchen, a bigger backyard, or you just want to improve the overall liveability of your space, it can all be achievable with realistic budgets and goals.

One of the biggest questions when deciding how you’ll go about changing your home and living situation is whether to build or renovate. It may seem overwhelming to figure out what will be best for you. We’re here to help with reasons for and against when it comes to both options and you can decide what suits you best.

Should I build or buy a home?

Either option is equally as exciting when choosing whether or not you’d like to build or renovate. A great place to start is having a look at your budget. It is recommended to properly look at your finances so you know what you can and can’t afford and commit to. Research into which option suits you and there’s always experts from financial advisors to North Brisbane Builders locals rely on to speak to as well.

Once you’ve got your budget sorted out, consider the land you may already have compared to the land you may want to buy in order to build. Weighing up the costs as well as factors such as the size and slope of both blocks of land, the soil type, and the price difference between buying a new piece of land or utilising the space you already have are all factors you have to consider. For example, after some further research you may realise that you may need stronger foundations, or your unique layout will require an extra cost.

If you properly plan the concept and layout of what you’d like to achieve, you’ll also be able to set in stone your budget and no what your limitations are and if you have any specific requirements. This is important whether you decide to build or buy a home to renovate.

One last aspect to consider is location. Whether it’s where you are currently or it’s a potential new piece of land, existing and future local developments such as schools, supermarkets, easy access to public transport and hospitals are important to factor in when deciding on buying or renovating.

Make sure to weigh up all of these options when asking yourself, should I build or buy a home to renovate?

Benefits of renovating your home

There are many reasons why renovating your home is the preferred route for many people in comparison to building a new home.

A popular choice by many, renovating allows you to either stay in the area that you’re currently already settled in or allows you to buy a home to renovate so that you don’t have to settle on location or the home itself. By giving you the best of both worlds, renovating allows you to go at your own pace so that you can spread both your time and budget according to how you want it done.

There are many great benefits of renovating your home, from adding value and space to your property, creating more potential investment opportunities and it can be cheaper than buying or building a brand-new home. Another great advantage is the possibility of lowering your energy costs. This can be done, for example if you were replacing old windows and doors to improved replacement ones which won’t lose heat and allow your house to be more energy efficient.

If you’re one of the many who don’t have a house yet and are tossing up between the options, a reason that many opt to buy a house to renovate could also be for the rustic, character and heritage style, incredible location or simply for the fun and challenge of a makeover. Although it can seem like a daunting or uncertain process at first, there are renowned renovation builders Brisbane residents constantly depend on to help them achieve their dream home.

Advantages of building a home

Out of all of the advantages of building a home, creative control is one of the biggest factors as to why people decide to build instead of renovating. Depending on how old the home is, the general maintenance can sometimes cost a lot to repair and when you’re building you have the option to create a home that is environmentally smarter with all of the latest materials and technologies.

Also, let’s not forget that new home smell and feel. Nothing beats knowing that blank canvas is completely yours, is brand new and is exactly how you designed to be what you wanted. There’s also the positive for potential future investments with a newer property that has only had one previous tenant and is newer on the market.

Lastly, we’ll leave you with our last few advantages of building a home such as paying less for stamp duty, heaps of government incentives and not needing to renovate.

If you’re deciding whether to build or renovate, get in touch with our expert team at Award Winning Group who will help to answer any questions you may have or to help get you started with your dream home builds or renovations.

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