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, we here at Medallion Home believe that building new is almost always the right answer, but we know there are situations where a renovation is the best option. In this article, we'll weight the pros and cons of each. In the end, if you decide that building new in 2022 is for you, please connect with us ! We'd be honored to be your home builder!
Building New
A new home looks great, works perfectly, and smells good, but that's not all.
Pros
- You'll have more control over your project . From the design and layout to how it flows and functions.
- All-new everything inside the house. And we do mean INSIDE - insulation, wiring, plumbing, and systems will all be brand new.
- Everything in your home will meet or exceed existing building codes; no retrofitting involved!
- Once your plans are set, you can sit back and let the process unfold before you.
- New homes are built to appeal to a wide audience so it's easier to sell years from now if you want to; the value is already built in.
- There is a popular misconception that new build homes take longer than renovations. Many times, a renovation takes longer than anticipated.
Cons
- 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!
Renovating
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. However, there are a few pros to this option.
Pros
- If done properly, a gut renovation can add to your existing home value.
- If it's not an extensive project, the timeframe will seem shorter. That being said, a gut rebuild usually takes longer than estimated. Just ask anyone who's ever done it!
- You get to stay in the home and neighborhood you love.
Cons
- There are more design restrictions because you're bond by the size and structure of your existing house.
- You can never be sure what you'll run into once you start tearing down walls and ripping up floors.
- The older the building, the more costly it is to renovate. You'll need to bring everything up to code and there may even be mitigation work required if lead paint or asbestos are involved.
- You may need to move out of the home or you could lose temporary access to important spaces like the kitchen or bathroom.
- If you assume the role of Project Manager and are overseeing the process and the contractors, a renovation can get overwhelming very quickly.
- The renovation may not translate to increased home value, especially if the design is too personalized.
- 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. 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.
Medallion Home reserves the right to change elevations, floor plans, specifications and prices without notice. All renderings, elevations, floor plans and maps are an artist’s conception, and are not intended to be an actual depiction of the buildings, fencing, walks, driveways or landscaping. All dimensions have been calculated from architectural drawings and may be subject to minor variations during construction. This web site is for informational purposes only, and should not be the sole basis of a decision to purchase any property. Please see our sales representatives with any questions. We do business in accordance with the Federal Fair Housing Law.
