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Renovate or Build a New Home? 5 Key Considerations

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Buying a home is something of a time-honored tradition. After all, people ponied up for over 5.6 million of them in 2020 alone. Of course, buying a home almost always means some renovations or even a lot of renovations.

For people who have lived in a home for a while, though, there is often a push-pull between the option to renovate a home or build a new home. They see the advantages of building a new home, but not necessarily relish the idea of giving up the home they already own.

If you’re in that situation, keep reading for five things you should consider before you decide to renovate or build.

1. Timeline

The timeline for building a new house is often quite long. It depends a bit on your location and the contractor but can take more than a year for a single-family home. The more unique features you want and overall size can also add to the timeline.

Unless you plan on gutting a house completely and starting over more or less from scratch, renovations typically move faster.

2. Customization

One of the big benefits of building a new home is the level of customization you get in the process. Assuming you work with a company that specializes in custom home building, such as https://millseloge.com/, you can get just about any customization you want.

Renovations must typically work around elements of the existing structure, such as load-bearing walls. That can limit the amount of customization you can get.

3. Location

One of the reasons to build or Furnishing a New Home and an advantage is that you get near-total control over the location. If you find the perfect piece of land and buy it, you can control the view, the proximity of neighbors, and potentially even things like school district.

With a renovation, you must work in the existing location of the home.

4. Cost

You must also consider the cost. On a straight comparison, building a new house is often more expensive than renovation.

On the other hand, if you must buy the house and then renovate, building a new house can end up costing about the same or even less.

5. Living Situation

With a new house build, you must maintain a residence away from the build site for the duration of the building process. With renovations, you can often structure the process so you can live in the home while renovations happen.

Build a New Home or Renovate?

The question of whether you should build a new home or renovate isn’t always an easy question to answer. Building a new home provides advantages in terms of customization and location. You can quite literally build your dream from the ground up.

Renovations offer benefits in terms of length of the project, cost, and potentially your living situation. If you already own a home, renovations may make more sense. If you don’t own already, building a home can prove a practical alternative.

Looking for more real estate tips? Check out the posts in our Finance section.

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