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Renovation vs. New Construction: Which Is Right for You?

We’re on to June! Wow, time really does fly by, doesn’t it?

We’ve been super busy lately with lots of great new projects on the go and on the horizon. It’s been a combination of both home/office renovations and new builds, both locally and remote that we’ve been working on, and we thought it would be a good time to highlight both in this month’s blog.

We have many clients who approach us about what is the better option for them: to renovate their current home or build a new home with everything they want.

Great question.

It really all depends on the needs you have, such as family situation (if you’re looking to grow or not), if you’re needing more functionality, where you plan to be in the future, etc.

There are benefits to both options, so we’re going to answer our most frequently asked questions from clients to help you make a fully informed decision.

How much would it be to build a new house?

It really depends on the size and materials you’re using, but you’re typically looking at around $760,000 for roughly 2,000 square feet of living space, which equates to $380 per square foot. The kicker on this, though, is the land; if you don’t already own some, then it’s going to cost you to buy that as well.

Is it cheaper to renovate than to build new?

Yes, it usually is less expensive to renovate your existing home than to build a new one (pending on the size and complexity of the renovation). Typically, a home renovation will cost anywhere from $175 to $300 per square foot, but this all depends on what you’re looking to renovate and the materials used.

What is the biggest cost when renovating?

Without a doubt, it’s materials and labour. Labour tends to be the more expensive of the two because there’s more time “ripping out” before you start the new build. 

I want to boost my property’s value, what’s the best renovation for that?

There are 5 renovations that will help you significantly boost your home’s value; those are kitchen renovations, bathroom renovations, deck or patio additions, basement finishing, and attic remodeling.

Benefits of building a new home?

Well, without a doubt, the biggest benefit is being able to build a house exactly how you want it, if your budget allows, that is. Up front, it’s going to cost more, but long term, it will be substantially lower than doing renovations because of lower maintenance costs, more energy efficiency, and less future renovations.

If I want to build a new home remotely, will your team do that?

Yes, we will! We make it easy for you. No matter where you’re looking to build, our team is fully equipped to deliver the results you’re looking for in a reasonable timeframe.

We hope this blog was able to shed some light on both the renovation and new build conundrum you had. As you can see, there are advantages to both sides, but it really depends on your current situation and what you’re looking to achieve.

If you still have questions about what’s best for you, get in touch with us, and we’ll have our professionals reach out to you to walk you through what would be best.

Click here to fill out a quick and easy contact form, and we’ll get in touch with you from there.

Thank you for reading this month’s blog. Enjoy the start of summer, and stay tuned for the next one!

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