Build Versus Renovate

By: Darryl Frankfort (owner)

It’s the greatest dilemma of home ownership, especially once that home starts becoming too small, or simply too expensive. Is it better to buy again somewhere else, build something new or extend and renovate your existing home?

But which choice is right for you? There are a number of factors to consider and you need to decide whether it is time to expand your present home or build your brand new dream home.

Building new is a time-consuming but very rewarding process. You get exactly what you want. And it can be well worth it for those who own a home on a large enough property, so research your local market carefully. Imagine being able to customize your surroundings and create a luxurious home with all the space you need.

The renovation option is easier in a large home with plenty of land around it. It is important to determine the suitability of a home before you decide to renovate versus build new. Renovation can be relatively simple if you are doing small projects such as updating kitchens and bathrooms. Anything that requires wall removals can lead to unexpected obstacles, comprises and sometimes even delays.

The following are the most requested renovations and, coincidentally, those providing the best payback. The top four are:

• Kitchen renovations – even as small as upgraded countertops and backsplashes can make a tired kitchen look fresh and new.
• Bathroom renovations – potential purchasers must be able to imagine taking a shower or bath in your bathroom! Mould in the grout is easy to fix and paint on the ceilings do wonders. The cost is low and the payback enormous
• Landscaping & exterior painting adds great curb appeal.
• Interior painting and decorating in neutral colours, upgraded mouldings, simple window treatments & large windows add to the value.

In most cases, the payback potential of all the above could average 100% and better. In the case of kitchens, payback as high as 200%, according to the Appraisal Institute of Canada survey.

It helps to accept that compromise, cost and problems will be encountered with ALL of these dilemmas. By making a list of costs and benefits, pluses and minuses can lead you towards the best decisions. What are your requirements and how far are you prepared to go to get that house you really want?

Choosing the right builder will help make a difference in helping you realize your dreams!