An Honest Look at the Pros and Cons of Home Renovation

The nook where you read to your grandkids. The perfect window sill for cooling apple pies. The neighbors who’ve become your best friends. There’s no doubt about it: your home is the most important repository for your memories. That at least partially explains why it has been so difficult for you to decide on building versus renovating. If you’re at a crossroads in your build-vs-renovate quandary, House in Order Property Management list of pros and cons may help you decide whether you want to build a new home or renovate your old one.

Pros

Emotional Connections

A Bankrate points out that your house is also your home. As such, it comes with an abundance of memories that your new home won’t come with. Your home ties you to your community.

It’s also the place where your kids grew up, where you held barbecues with family, and where you experienced significant life events like the births and deaths of loved ones. It’s difficult to leave these experiences behind. If you know you can’t, then it would be better for you to renovate your home rather than build a new one.

More Room, Less Cost

Do you need more room or more rooms? That’s the question that Bankrate asks readers to think about when they’re in the process of renovating their homes. If you truly need more room and you believe that renovating would be cost prohibitive, then you should build.

However, if you actually only need more rooms - like you want to add a guest room - you actually have plenty of options. For example, you could split one very large bedroom into two smaller ones. Or you could turn your attic or basement into a spare bedroom. The cost for these improvements could cost you a lot less. As an added bonus, you won’t have to move.

Location, Location, Location

Let’s face it. It costs a lot to live in some neighborhoods, especially the high-end, trendy ones. If you already live in a desirable neighborhood, it may be more financially feasible for you to stay put and to renovate your home rather than trying to build a new one.

Cons

Cost Concerns

Not all home projects cost the same. As a real estate company will point out, a single-story home costs about $200k to build. If your combined list of renovations is even close to this number, you may want to just think about building a new home.

Granted, you may need to do some renovating to even sell your house. However, if you’re not sure, you may want to ask some local real estate agents in your area for an honest opinion. Here are some questions you can ask to help you decide:

1. Is it better to sell my house or to renovate it if I want to do X, Y, and Z renovations?
2. If I do decide that selling the house is the best option, what renovations will give me the best ROI at closing time?
3. What are the pros of building a new home? Buying an existing home? Renovating my current home?

The answers to these questions should give you a cost breakdown of each possibility. From there, you can make an informed decision about which option will serve you best.

Do You Have Time for a Renovation?

Renovations can take a long time. It’s not unusual to have a home in a state of repair for months, depending upon how extensive the renovations are. If you’re exceptionally busy, you need to ask yourself honestly if you have the time necessary to deal with a home renovation. Renovations don’t just require a proper financial budget. They also require a proper time budget. If you’re in the stage of life where your kids are young and you’re traveling a lot for work (for example), a renovation may not be your best option.

Take Aways

The renovate-versus-build question is one that many homeowners face throughout the course of their lives. Clearly, both options come with some pretty significant advantages. They also come with some downsides, too. If you’re in the process of deciding whether or not to renovate or to build, it’s in your best interest to consider the pros and cons of both sides before making your final decision.

For Related Articles Try these below:

The Excellent Benefits of Home Renovations

Professional Tools for Home Renovation