3 Factors That Can Help You Decide Between Renovating and Building New

Renovating your existing space vs. building a new one is one decision you might be finding very confusing to finalize. Nevertheless, it is important that you make the right decision as this might impact the budget of your building project, its schedule, and even the resulting structure.

What might be the best option for someone else may not necessarily work out as the best option for you. It all depends on the kind of goals you have and the current condition of your structure itself. Of course a consultation with a professional might make a huge difference when it comes to taking the right decision. Nevertheless, here are a few factors for you to base your decision on, irrespective of the planning process stage you might be in:

Cost

One of the most important and influential factors when it comes to construction is cost. You want to get full value for the amount that you may have spent. So when it comes to deciding between renovating and building new, it makes more sense to go with the option that works out financially.

If you are building a new structure on a fresh plot of land, it is going to be very expensive. You will have to do all the site work, install the utilities, and construct the structure right from its foundation. Because of the complex scope of work, this is going to take more materials, and obviously more man hours. However, in a few cases, renovations can end up being more expensive.

If you are repurposing your existing space, you will have to bear the cost of altering the structure so that it suits your requirements. You will also need to keep in mind, the upgrade is happening as per the existing health and safety codes and the modern ADA. You might want to leave a few things the way they are and reduce your cost of renovation. However, this is not going to work out always.

The general rule is that the older the structure, the more expensive it is going to be, to renovate. Also, there is no saying what surprises the construction team might have to face, once they begin the actual construction. They might find it especially challenging in cases where the original construction involved toxic building materials such as asbestos or lead paint. Nevertheless, you can always take advantage of the grant programs available to reduce the cost of such renovations.

If you are renovating your primary residence you might even apply for a FHA 203(K) Loan. Get in touch with some FHA loan lenders through FHA live transfer leads, to find out if you qualify for one.

In general, renovation would be a less expensive option than building a new structure. This may not work while renovating an old building that might have seen better days.

Duration

The amount of time taken to renovate or build a new structure depends a lot on the scope of the construction project and the current condition of your existing building in case you are renovating.

In case you are building a new structure, it is going to take more time as there is a lot of work to be executed. You will have to carve out the site and lay the foundation. You will also have to install all the utility equipment before you begin the actual construction. Once these are in place, you will have to start constructing the structure from the ground level and do all the finishing.

Renovation might comparatively be a quicker option as you don’t have to start from the scratch. You already have most of the building elements in place and you only have to integrate them with the renovated structure. You will be reducing a lot of work for your construction team. However, if the building is an old and historical one, renovation may take up more time than building a new one.

In some cases you may want to stay on while renovating your structure. You may then have to make some adjustments and take extra safety precautions to make sure the construction activities don’t hamper your routine operations. Discuss it out with your construction team and find out what best they can do, to accommodate your requirements.

As a ground rule, it might take much less time to renovate your existing space than constructing a new one. Nevertheless, make sure the structure is not too old and is in a decent condition.

Aesthetics & Functionality

Aesthetics of a building talk a lot about the people who are living in it or those that visit them. Plush finishes are a must to make your building feel comfortable. But if you are vouching for efficiency you can go in for a sleek, modern, and minimalistic look. No matter what you choose, you want the result to work for you and you need to be happy with it.

If you are designing a new building, you will have better control on how it is going to look and function. You can incorporate all your needs and specifications, right from the layout to the size and even energy efficiency.

While renovating an existing building, you will always be faced with restrictions as you are working with an existing space. Of course you may be able to move a few walls, and add an existing portion to your structure, to fit in some of your requirements. But you won’t be able to fulfil your vision.

That said, in certain cases renovation might work wonders when it comes maintaining the existing charm or unique character of a space, especially if it is an older site. You may be able to create a more attractive space that the occupants may admire. Nevertheless, beauty always lies in the eye of the beholder. And it is your unique needs that spell your functionality.

In general, a new construction will give you more control on the design. Renovation does pose certain restrictions. However, it might work better when it comes to preserving the charm or uniqueness of a historical building.

The Bottom Line

Choosing between renovating an existing space and constructing a new one depends totally on the scope of your project. If you want all your goals to be met and all your needs to be fulfilled, it would be better to construct a new building. However, this might increase both the cost and the time taken to complete the project. If you want to cut down on these and are just looking at upgrading your existing space, renovating might be a better option.