Wednesday July 13, 2022
It's an age-old question: If you are a homeowner and your existing living space just doesn't work anymore, should you do a gut renovation of your current home to suit your changing needs, or start fresh and build new?
Of course, at Medallion Home, we believe that building new is almost always the right answer, but we know that there are situations where a renovation is a family's best option. In this article, we'll weigh the pros and cons of each. In the end, if you decide that building new in 2022 is for you, then connect with us; we'd be honored to be your home builder!
A new home looks great, works perfectly, and smells good, but it's got even more going for it than meets the eye.
- More Control — You'll have more control over your project, from the design and layout to how it flows and functions.
- All-New Everything — We're talking about what is IN the walls — insulation, wiring, plumbing, and systems.
- Up to Code — Everything in your home will meet or exceed existing building codes — no retrofitting involved.
- Predictable Process — Once your plans are set, sit back and let the process unfold.
- Resale Value — New homes are built to appeal to a wide audience, so it's easier to sell years from now if necessary; the value is already built in.
- More Expensive — A new build can be more expensive than a renovation, but it's worth it when every inch of your home is built to code, energy-efficient, and requires no up-front maintenance. Plus you didn’t have to live in a home that was being gutted and rebuilt!
- Longer Timeframe — This is actually a misconception. Many times, a renovation takes longer than anticipated.
If you're in a neighborhood that you love or absolutely must stay in (for the school district or to be close to family, for example), doing a gut renovation of your existing home may be your only choice. Our best advice is to plan ahead, prepare for the unexpected, and have a flexible budget since renovation projects are notoriously unpredictable. But there are a few pros, too.
- Add Value to Your Home — If done properly, a gut renovation can add to your existing home value.
- Perceived Shorter Timeframe — If it’s not an extensive project, the timeframe will seem shorter. But a gut rebuild usually takes longer than estimated. Just ask anyone who has ever done it!
- No Moving — Stay in the neighborhood you love.
- Less Control — There are more design restrictions because you're bound by the size and structure of your existing house.
- Unpredictable — You can never be sure what you'll run into once you start tearing down walls and ripping up floors.
- Costlier Than Expected — The older the building, the more costly it is to renovate because you'll need to bring everything up to code. There may even be mitigation work required if there is lead paint or asbestos involved.
- Inconvenient — You may need to move out of the home or lose the use of an important room, say the kitchen or a bathroom, for a while.
- Overwhelming — If you assume the role of Project Manager and are managing the process and the contractors, it can get overwhelming very quickly.
- May Not Add Value — The renovation may not always translate to increased home value, especially if the design is too personal.
- Easy to go over budget — According to the 2020 U.S. Houzz & Home Study: Renovation Trends, one-third of renovations go over budget.
At the end of the day, you'll make the decision that's best for you and your family. And if that decision is to build a new home in one of the most desirable areas of Bradenton, Parrish, Mount Dora, or Sarasota, we’re ready to get to work! Contact us for more information on building a new home that fits your needs.