You are ready to move into a new home. However, you are struggling with the choice of whether to build or buy used. When you are contemplating which decision is the best fit for you and your family, there are a few top things you must consider. Building new or buying an existing home both have their fair share of positives and challenges. Here’s a comparative guide to help you, as the potential homeowner, decide.
Renovation Pros
Character: If you love the distinct charm and character of an older home, renovation allows for maintaining those unique features while updating other aspects.
Location: Does the location of the home fit your hopes and needs? If the location is ideal, renovation may allow you to live in a neighborhood you love.
Budget flexibility: Renovation can be done in phases, allowing the ability to spread out costs over time, making it more financially manageable.
Customization: Renovating and custom building both allow the homeowner to tailor the home to their needs. Customizing an existing home can be done, but most of the time you have to adjust to the basic structure of the space unless you want to incur large costs of adjusting the home footprint.
New Build
Starting fresh: For the homeowner looking for a completely new start, a newly built custom luxury home offers the opportunity to design a home completely from the ground up, exactly to their specifications with the finishes and features they personally select.
New and modern amenities: New builds can incorporate the latest technologies, energy-efficient systems, and modern design trends, which may be harder to achieve in older homes. New home appliances have never been used before, which is also a strong feature.
Optimized layout: A new build allows for a completely optimized floor plan, often resulting in better use of space compared to an older home’s layout. When you are building a custom luxury home in Wichita, Kansas, it is important find a top-rated luxury home builder.
Cost Considerations
Renovation
Initial costs: Renovations can be less expensive than new builds, especially if the changes are cosmetic or involve only certain parts of the home.
Unexpected costs: Be aware of potential hidden costs associated with renovating a home. These potential costs could include asbestos removal, foundation repairs, or upgrading electrical systems.
Return on investment (ROI): Certain renovations, like kitchen and bathroom upgrades, can offer a high ROI, but the overall value added depends on the scope and execution of the project.
New Build
Upfront Costs: Building a new home is typically more expensive upfront due to the cost of lot location, materials and labor.
Long-term savings: New homes are often more energy-efficient and require less maintenance, leading to potential cost savings over time. Clients can often get more square footage and innovative materials for their money when building new, as everything is designed for current innovations and standards.
Time Frame
Renovation
Shorter timeline: Depending on the extent of the work, renovations can be completed faster than new builds, particularly if the changes are minor.
Living arrangements: Clients may need to find temporary accommodation during major renovations, which can add to the stress and cost.
New Build
Longer timeline: Building a new home from scratch typically takes longer. Paul Gray Homes estimates nine to 12 months depending on the size and scope of the home.
Planning and patience: Clients should be prepared for a longer commitment, as unexpected delays can occur in the building process.
Environmental Impact
Renovation
Sustainability: Renovating can be a more sustainable choice, as it reduces the need for new materials and takes advantage of existing structures.
New Build
Energy-efficiency: New builds can be designed to the latest energy standards, often making them more efficient and environmentally friendly in the long run.
Modern materials: Utilizing modern, eco-friendly materials and construction techniques can reduce the long-term environmental impact.
The decision between renovating used and a building new ultimately depends on the homeowner’s vision for the future. As a luxury custom homebuilder, we provide our clients with the information and insights they need to make an informed decision about building a new home. For more information contact Paul Gray Homes today at 316-990-0000.