With all the popularity of home renovation shows, it can be tempting to consider buying an older home to renovate, in the hopes of turning a flop into a fabulous home. For some individuals, home renovation can be an exciting adventure however for many others, home renovation projects can be challenging to say the least. In this article, we will review some of the things to consider when trying to decide whether to renovate or simply tear down and start from scratch.
Consider Expenses
It's no secret that older homes typically require repair more frequently than newer homes. When planning to renovate, it’s important to allocate a significant portion of your budget to cover those inevitable ‘unexpected costs’. Unless you have allowed adequate budget for all the renovation expenses plus any unexpected repairs, it’s not uncommon for homeowners to become financially overwhelmed, causing the project to extend out months longer than initially intended.
Many people don’t realise that often the cost to build a brand new home is in fact not much more than the final cost of completing a full renovation, especially when considering a modular built home, and the end result will perfectly fit the needs of you and your family. You also have the long term benefit of minimal maintenance and the added bonus that all work is covered by a 7 year builders warranty. This is often the best option for home owners who have a strict budget as all costs are agreed upfront, meaning there are no unwanted surprises along the way!
Consider Lifestyle
Home renovation shows never feature the less glamorous side of renovation projects. Unless you’re willing to withstand constant disruption and most likely less than desirable bathroom and kitchen access for months at a time, a renovation project can easily become a major obstacle in a person's daily life. For those raising a family or for those who lead a very active lifestyle, it is much easier to have someone tear down any existing structures and select a new home design that truly meets their needs.
Some homeowners will find they have the time, resources, and experience required to successfully pull off a home renovation project while others are better suited to move in to a home that has been specifically designed for their needs and requires minimal handy-work. Everyone is different so it’s important to consider exactly what you want from your new home before making a decision one way or another. If you’re still unsure which option would be best for you, feel free to book an obligation free consultation with one of our home design experts who can talk you through exactly what to expect at every stage of your journey!
