Should I renovate or build a new house? We are asked this frequently; however, there are as many answers to that question as there are homeowners and property options. Only you can decide which is better for you, your family and your circumstances but we can assist by giving you some things to consider when making your decision.
Neither option is necessarily easier or cheaper than the other. Only you know how you want to spend your money and what type of inconvenience to can tolerate. With this in mind, here are some pros and cons to consider when making your decision.
Renovation pros
You really like your current block, suburb, neighbours, local schools, established amenities etc and don’t want to relocate
Your current home is in good condition and is not likely to have too many structural, wiring or plumbing issues that can cause budget blowout
You think you can achieve a great look by upgrading kitchen and bathrooms, transforming outdoor spaces, and/or doing some maintenance or changes to the exterior
Council regulations will allow you to realise your dream
You think you may be able to remain in your home during your renovation which could save relocation, storage and rent expenses
Renovation cons
The renovation may not run as smoothly as you expect
The renovation may go over budget due to issues found during construction
You may need to move out and rent during renovations depending on the job requirements
You need to be careful not to overcapitalise
Building New pros
You want something completely new
You don’t think you can achieve everything you want by renovating
You want to avoid the inconvenience and mess of an extension/renovation
Building New cons
Money will be ‘lost’ in legal fees, agent fees, stamp duty etc
Sale and purchase timeframes may not match up which can cause stress
You may need to rent in the interim between selling and occupying your new home
