You’ve finally reached a pivotal moment for the Renovation vs. New Construction crossroads. Your old kitchen could be from the 80s, your growing family doesn’t fit in your current home or you’ve totally fallen in love with the neighbourhood and can’t imagine leaving but dislike your current home so much that you want to live elsewhere altogether.
The next question is: do you renovate your current home, or completely tear it down and start from scratch?
Homeowners face this dilemma all the time, and to be honest with you, there is no one-size-fits-all solution. So let’s break it down into pieces so that you can decide what is best for your home, your budget, and your lifestyle.
Table of Contents
What Does Renovation Actually Mean?
Improving, remodelling, or updating your house can be classified as renovation. Renovations can include a variety of things, including remodelling your kitchen or bathroom, finishing your basement, adding on, or even just giving your entire house a new look.
Nyce Renos, located in Winnipeg, Manitoba, has been providing homeowners with opportunities to create beautiful and functional spaces that they’d love to live in for over a decade now! We can transform outdated homes into usable spaces. Renovation does require a little more than just painting over existing walls; we also use our imaginations to have the greatest potential for use in an area after it has been renovated.
And New Construction?
When building a house from scratch (new construction), this means creating a completely fresh building — either on an undeveloped plot or after knocking down an existing house. You can start from scratch, building all new components — a new foundation, a new structure, a new inside.
On many levels, this seems very appealing. However, building new homes will take longer than developing an existing home; additionally, the cost of new homes/ construction normally is higher upfront because you must make many more decisions than if you’re merely remodelling the structure of an existing one.
The Case for Renovation
1. It’s usually more cost-effective
Constructing a new building will be costly, significantly more so than a renovation, as you will eliminate the site and foundation expense from the cost of constructing your new building. Renovating is generally considered much more cost-effective than constructing a new building for most families.
2. You keep what you love
Do you like your neighbourhood? Are you close enough to have your children at great schools, work, have your favourite coffee shop, etc? Renovating allows you to remain in the same neighbourhood while simultaneously upgrading your existing residence, thus permitting you to continue residing in a neighbourhood that works for you.
3. Character and charm stay intact
Older buildings by their very nature often have characteristics that you cannot replicate with newer buildings, such as original hardwood floors, solid wood mouldings, tall ceilings and unique floor plans. By renovating an old building, you can retain the character and charm while still making all necessary updates
4. It’s faster (most of the time)
Generally speaking, building a new house would take over a year, but the average duration of an entire home renovation project – regardless of size – typically lasts from several weeks up to a couple of months based on scope.
5. Eco-friendly choice
By fixing a house instead of tearing it down and building a new house, you are creating far less waste as a result of your renovation project compared to tearing down and building a brand-new. Nyce Renos is committed to being environmentally responsible by using environmentally-friendly materials and sustainable practices in all our projects, because large beautiful homes built using environmentally-friendly means retain their beauty while being useful to our planet.
When New Construction Might Make More Sense
Here we provide you with the points where building new is one of the best smarter moves:
- When you have an existing structure with significant issues, the cost of repairing it will often be greater than the cost of creating something new.
- When you require an entirely different layout than what an existing home can provide (many times a home’s “bones” are just not going to work with how you’re going to live, and that can’t be changed through renovation).
- If you have a completely empty lot without an existing structure to work from, obviously the only option is to build new.
- If energy efficiency for the long-term is of primary concern, new construction can easily be built with the most up-to-date insulation, HVAC systems and smart technologies incorporated into them from the beginning.
Questions to Ask Yourself Before Deciding
It is wise to ask yourself these four questions before finalizing your decision:
- What is your budget? Renovating may be a less expensive option than building new.
- Where do you currently live? The location you choose will greatly influence your home’s value in comparison to other locations.
- How good a condition is your current property? If you are not sure, have a professional inspection completed.
- How fast can this be completed? Renovating has a much quicker completion time than building new.
- What are your long term plans for the property? Are you planning to sell at some point? Is renting a potential option? Will you live in the home for an extended period of time?
The Nyce Renos Difference
At Nyce Renos, we think many homes have more potential than their owners even know about! When matched up with the right people, vision and quality workmanship, a renovation can change how a house is experienced, without the stress and/or expensive process of building a new home.
Our team has a great working relationship with each of our clients that starts with the first consultation and ends after the walk through when the renovation is finished.
If you’d like to find out how to see what we can do to help make your home “your dream home”, contact us today for a free consultation to begin building your new dream space!
FAQs
Q1. Honestly, which is cheaper — renovating my home or building a new one?
Renovation is much less expensive than building new. When you build new, there is a cost for land prep, foundation, framing, permits, etc., and all of the associated costs just to build a new building. When you renovate an existing structure, you only have to make improvements; the structure has already been built. The experts at Nyce Renos will work with you to maximize your existing space at an affordable cost.
Q2. My home is pretty old. Is it even worth renovating, or should I just start fresh?
Just because a house is old is not enough reason to leave it. There are many older homes that have good bones (solid construction, character, and unique layouts) that cannot be replicated in newer homes as well as older homes having a better chance of remaining structurally sound. The only thing you need to determine as far as whether or not it is worth your time/money to renovate an older home is if the home has a good foundation and there are no major structural issues. We, at Nyce Renos, can help assess what can be salvaged and what should be removed.
Q3. How do I know if my home needs a renovation or a complete rebuild?
Cosmetic problems, outdated layouts, poorly used spaces or old finishes are all reasons for renovations. If a home has serious foundation failure or has extensive structural damage and it will take more money to repair than the home is worth, then it makes sense to consider new construction. You should always seek advice from an expert when you are uncertain about decisions, especially larger ones.
Q4. Will renovating my home actually add value, or is it just money spent?
Renovating your home can provide tremendous value, improving both your property’s appeal and your standard of living. Kitchen remodelling or upgrading your bathroom, finishing a basement and improving the property’s curb appeal all have strong return on investment. Being thorough with the planning process and using quality craftsmanship are the keys to getting these projects successfully completed, and that’s what Nyce Renos provides on every renovation.
Q5. How long does a home renovation take compared to building new?
Renovation can be completed at a much quicker pace than new construction projects, with most renovations occurring over a few weeks to several months depending on the level of work required. Whereas all types of newly built construction generally take between 12 – 18 months (and possibly more) before being complete. Therefore, if you wish to receive results before waiting for a full year, you should consider performing a renovation-type project.
Q6. I love my neighbourhood but hate my house. What should I do?
If you already love your neighbourhood, find it convenient to access quality schools, work and community, it makes sense to renovate rather than move. Therefore, allowing Nyce Renos to turn your property into a beautiful home you are proud to call home while keeping your existing location makes complete sense.
