If you’ve decided your current home is too small or doesn’t work for your unique needs, you have two options: build a new home or renovate your existing home. These are two starkly different approaches to getting the home you want. At Prince & Sons, we typically work on home renovations where we take an existing home and make it more desirable and functional for a family. As of late, we’ve been working on a new construction project where we’re building a new home from the ground up. This new construction project has brought up several pros and cons of new construction versus home renovations, and we thought it would be helpful to compare the two different options to help you decide whether new construction or renovating may be best for you and your family.
Pros of Building a New Home
- Blank Canvas – When you decide to build a new home, you are starting from the ground up. You have a completely blank canvas to work with to design and build a home that fits your needs perfectly.
- Modern Amenities – When building a new home, you’ll be able to integrate all of the latest energy-efficient systems and new technologies that could be hard to incorporate into an existing home. These new technologies also bring other benefits, such as reduced energy bills and increased comfort over the long haul.
- Low Maintenance – When you build a new home, you may have a warranty period where certain repair items are covered. In addition, a new home will likely have a new roof, new HVAC system, and new plumbing, all of which should last for many years.
Cons of Building a New Home
- Cost – There’s no doubt that building a new home is expensive. You’ll likely pay higher upfront costs, and there may be budget overruns or unexpected expenses that can be hard to predict.
- Time – Building a new home takes much longer than renovating your existing home. The construction process can be time-consuming and stressful, so it’s best to go into the process knowing there will be challenges you’ll need to overcome.
- Location Limitations – If you’re working with a local general contractor to build a new home, you’ll need land to build your home. This limits where you can build your home. As the Triangle becomes more popular, the availability of land continues to drop while the cost to acquire land increases. In addition, depending on where you build, you’ll have to deal with any local zoning or regulatory restrictions that may contribute to delays and added stress.
Pros of Renovating Your Existing Home
- Lower Cost – Renovating your existing home will likely cost much less than building a new one.
- Stay in Your Existing Location – Many of our clients love their neighbors and neighborhood and can’t imagine living elsewhere. Renovating your home allows you to stay in your home and simply upgrade it to meet your needs.
- Preserve the History of Your Home – You likely have decades of memories in your home, and it can be hard to reproduce this level of warmth and community that has taken so long to create.
- Faster Construction Completion – Typically, home renovations can be completed much faster than a new home construction project.
Cons of Renovating Your Existing Home
- Structural Limitations – Unfortunately, certain structural limitations may dictate the size and scope of your renovations.
- Design Constraints – While most home layouts can be shifted, certain features and layouts in your existing home may be challenging to modify. This can then limit your design options, which could be seen as a negative compared to a new home project.
- Hidden Problems – Sometimes, hidden problems arise during a home renovation. This can cause budgets to shift and timelines to be pushed back. In some ways, you can look at these hidden problems as both a pro and a con because if they weren’t found during a renovation, they could lead to even more significant problems down the road.
Tips When Making The Decision on Whether to Build a New Home or Renovate Your Current Home
Now that we’ve laid out the pros and cons of building a new home versus renovating your existing home, it’s time to assess your priorities and determine what is the best option for you and your family. This discussion should be had both with your family members and with a licensed general contractor with experience in both new home construction and home renovations. These discussions should be frank and open, especially regarding budget and the need for a thorough evaluation of both options.
Reach Out to Prince & Sons for Help Deciding Which Option is Best For You
The team at Prince & Sons has been licensed general contractors in the Triangle area for decades. We have experience in both new construction and home renovations. We would be happy to talk more about your needs and help consult you on which option might work best. Call us today at 919-383-0888 or fill out our online intake form to help us learn more about your project.