Is it Cheaper to Build a New Home or Remodel? – 2021 Guide

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You might want to make some changes to your house, and if so, there are two choices in front of you – you could either build a new house or renovate the one you’re living in. However, opting between these options will influence your funds and schedule, which is why you have to carefully determine what is more suitable for you. To make things easier, here is a comparison of the duration, cost, and design of both options:

1. The Expenses

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Although quite logical, it’s still worth mentioning, constructing a new house will be more costly. After all, you’ll have to begin from scratch, the construction company will be liable for the site work, and you’ll be responsible for everything else that you wish to include such as appliances and utilities. Since it’ll require complicated work, more time, and more materials, it can be more costly. But, there are situations where remodeling could be more costly.

While you’ll be redesigning your current living area, you’ll be entirely accountable for changing it. Of course, some of the features could be left as they are, which will lower the expenses. But, this doesn’t mean that it’ll be cheap. Renovations could easily reveal some really expensive problems, meaning that it could cost more for you to renovate than to construct a new house. This is particularly true if there are lethal materials such as asbestos that have to be removed.

2. The Duration

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As we mentioned, you’ll need to build a new house from scratch, which means that the entire project will take longer. With a new home design, you’ll have to ensure that you plan everything properly and you’ll also have to lay all the utility facilities. Additionally, you’ll require a wide range of construction permits, which can often take some time to obtain – something that might not apply to a remodeling project.

Renovating your home might be a faster option, mostly because you won’t have to begin from scratch, nor will you have to change everything in your house. However, if the structure is older and has historical value, it’ll take more time to renovate it than it would if you opted for building a new structure. Hence, when you think about it, the term of the project may be the same for both of these options.

3. The Design

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When you construct a new house, you’ll be able to choose every detail that’ll allow the structure to be functional and practical. This means that you can, for instance, choose how energy-efficient the house will be or you could opt for designing a home that’ll have a larger parking area. Basically, developing a new structure will allow you to choose all features of the house, meaning that it could suit your every need.

With a remodeling project, you’ll be restricted to the existing house and although you could move some walls and build an additional room, you won’t be capable of changing everything. Hence, you really need to think about what you want to add or remove in your home, and from there, you could determine whether you should build a new residence or change the one you’re currently living in entirely.

Conclusion

Depending on the funds you have, as well as what you want to achieve with your house, you could either opt for renovating or building a new one. As you can see, both of the options have their advantages and drawbacks, which is why you need to carefully determine which one is more suitable for you.

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