Buy and renovate or build new? Here's 6 factors to consider before you make the call.

Recognizing your current space no longer works for you is the easy part, but the next steps are full of tough decisions. Whether you’ve grown out of your space or you’re ready to explore a new neighbourhood, moving to your dream space can be achieved in various ways. Building new offers total customization and control, but you can’t beat the convenience of buying an existing property and tweaking it to meet your vision. When you know it’s time to move on, here’s what to consider before you decide to custom build or renovate a fixer upper. 

Materials

When it comes to a custom build with a reputable builder, what you see is what you get. When building, you will be involved in choosing materials based on the quality and appearance you desire. This eliminates the guessing game of questioning whether your home is made up of quality materials, and builds your confidence in their longevity and durability. Buying an existing home doesn’t mean you have to settle for low-quality materials, just ensure that your inspection is thorough and you are conscious of the age and build quality. Renovations can make up for shortfalls, but may not be ideal if the entire home has quality issues.  

Vision 

When you have control over every aspect of your new home, you can rest assured your vision will be met. Alternatively, buying a home means you may have to compromise your vision to fit into existing constraints. Determine the importance of your specific ideals being met before deciding between a new build or purchasing a home. Keep in mind that a larger budget may be available when buying and then renovating an existing home compared to building from the ground up. This means that there may be more room in your budget for attractive finishings. 

Location

Making the decision to build or customize an existing home is heavily dependent on your location needs. If neighbourhood is a priority, consider the pros and cons in specific locations when it comes to the availability of lots or homes for sale. Existing neighbourhoods may offer a solid community, and the overall appearance isn’t likely to change drastically post move in. In new developments, be sure to look into the plans for the surrounding areas to understand what your neighbourhood will resemble in the near future. 

Design

With custom builds, you can take advantage of the newest and most functional trends in layout and design. The latest design techniques are increasingly intelligent and take into account your environment and local tastes. On the other hand, in existing homes, it may be easier to find a space with character and locally influenced charm. Manufacturing character in new homes can be difficult, and often simply comes with time. 

Energy Efficiency

When it comes to reducing your carbon footprint, building a new home with earth-conscious materials and energy efficient features will be effective long-term. Building new also gives you the freedom to wire for the possibility of future upgrades, like the installation of a solar power system. Although building sustainably can present high costs, the savings over years of reduced energy bills and ROI during property sale present a recuperation of those costs. 

Convenience

When it comes to timing, it’s clear that buying an existing home is much more convenient and easily timed. There are less discrepancies in planning renovations versus an entire custom build. The process of purchasing and renovating is shorter and less involved than building, which can often take longer than anticipated or be stalled for various reasons. If convenience and timing are priorities, communicate with your builder or general contractor in either case so they can give you realistic timelines for each project.