Buying a New Home Vs. Renovating Existing Home

As a first time homeowner it can be hard deciding on either building a home or renovating an already existing home. Some of the pros can outweigh the cons for each but it really comes down to your preferences. Today we will help you get started by weighing some of the pros and cons for each choice.

Purchasing New Homes

Buying a new home can be an easy process for a lot of first time home buyers because a lot of the details that go into building a new home are already done for you. Let’s go through some of the pros for buying a new home.

Everything is new

One of the best feelings when moving into a new home is all the new appliances and features of your home. There is no need to worry about updating electric work or older appliances since everything was newly built.

 

Less Costs

For a home that doesn't need work you really might save money by buying a newer home because all the costs are up front and there are no renovation costs once you move in.

 

Efficient/Energy Saving

Most new homes are built with energy efficiency in mind. This usually means that they don't consume as much energy as maybe a home that was built 40-50 years ago and there isn't a cost to update the home.

 

You’re the first owner

Just like with a new car you are the first owner which means you KNOW that there aren't any hidden issues with the construction your home once you move in that a previous owner could've left.

 

Get the keys and you’re done

The biggest pro of buying a new home is that you simply get the keys and you’re home.

Now here are some cons:

Not as much control

When buying new homes the layout, contractors and pretty much everything that has to do with planning the home construction was already done before you came into the process. This means that aside from little details you do have control over you don’t really have a say in how the home is designed.

 

First in a development

If you plan on buying a home in a new development then you might be one of the first homes on the block which means you will be around while all the other homes are built which means noise and debris from construction in that area will be around until all the homes are built.

 

Still a process

While you are buying the option of not having to build a home that still doesn't mean that it isn't a process. From finding financing to maybe getting a real estate agent to help you find the right locations, it can still take time to find the place you will call home.

 

Renovating or Remodeling a Old Home

On the flip side there is renovating or remodeling a existing home. While often times the cost is lower than a new home there are a lot of factors to consider which could end up costing more in fixing the home. Lets look at the pros and cons of renovating a home.

Let's start with a few of the pros:

 

CONTROL

Renovating a home lets you add or subtract price as you please. From adding new rooms to not touching the vintage brick, keep or remove walls, whatever you want to add or take away is up to you.

 

Lower initial costs

Finding an older home and updating can cost way less than buying a new home. While there will always be horror stories of people finding an old home for a steal only for it to be a pain to renovate, it is a fact that an older home will cost less and could still be worth more than a new home depending on what you renovate.

 

Experience

At the end of the day nothing can beat the experience of renovating your current house yourself. Whether you do all the work or sub it out, the feeling of taking an old home and updating it to your vision cannot be found anywhere else.

And now some of the cons:

 

More costs in production

As stated earlier, the initial costs for an older home can be lower but if the home needs a lot of renovation or remodeling then the costs can quickly add up. Be sure to set your budget and try your best to stick to it.

 

Managing the build/budget

Whether you do the renovations yourself or hire subcontractors to help, there will be the added job of managing these people to make sure you stick to your budget, schedule and floor plan.

 

Living Situation

If the home is a complete fixer upper or just simply not livable yet then you will have to find a temporary place to live while your build is in production.

 

STRESS

Just like with building a new home, renovating one can come with a lot of decisions and management that can add a lot of stress to your life. Be sure you are ready to handle this stress or delegate some of the responsibilities to someone else.

It's not easy deciding whether to buy or renovate a home but we hope this list will help you make your decision. In the end it comes down to convenience vs. cost. How much you do or don’t want to do. While buying a new home will cut out a lot of steps, renovating a home can also save some money while getting you a home that you can live in for a while or sell once its done. It is up to you what you want out of your home owning experience.

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