When it comes to making a major change to your home or business, the prospect of taking on such a task can seem daunting. Should you invest in starting from scratch or building upon existing structures? Weighing out the pros and cons of renovating versus building new can help make your decision easier. Let’s take a look at some of the points to consider for each option.
When it comes to housing, most South Africans are faced with the decision of renovating or starting from scratch. When weighing the options, it’s important to take a look at both the costs and advantages.
For those considering a major remodel or renovation, assessing the financial outlay is an important first step. When renovating, you can expect to pay to repair existing damage, replace fixtures, and customize existing rooms and structures. Costs can be expected to vary depending on the materials chosen, the extent of the project and related professional fees. South Africans must also pay attention to the existing laws and building regulations related to change in ownership.
Another important factor to consider is the advantages of renovating existing structures. As a whole, the good news for these prospective homeowners is that renovating a property saves time, money, and energy. Renovations can be smaller, and done incrementally over time so that there’s no need for an extended period without a roof over your head. Some of the benefits include:
- Less expensive than building a new house
- Not as intrusive as building on undeveloped land
- Easier to secure a home loan
- Existing infrastructure reduces construction costs
It’s important to consider the pros and cons of either renovating or building a new structure before making an investment. Doing your homework and comparing both options is one way to go about a successful home buying process.
Q&A
Q. What are the advantages and disadvantages of renovating an existing home vs. building a new home?
A. Both renovating an existing home and building a new home come with advantages and disadvantages. Renovating an existing home can be less expensive and a faster process, however, it can be difficult to achieve all of your design goals. Building from scratch, while more costly and time-consuming, will give you the opportunity to build the home of your dreams, exactly how you’d like.
Q. Is it easier to get financing for renovating an existing home or building new?
A. It depends on the lender, but both can be equally difficult to secure financing for. Be sure to research all available loan options for both situations, and decide which is the best financing route.
Q. Would I need a permit or permission to renovate my home?
A. It depends on the scope of your project and your local laws. Most small rennovations don’t require a permit, but if you’re making structural changes or acquiring major renovations, be sure to research your local laws and obtain any necessary permits before beginning work.
Q. Will I need a contractor no matter what I choose?
A. Yes, in both situations, hiring a contractor is recommended in order to ensure that all work is done safely and efficiently. A contractor will also be able to advise you on the best methods to pursue for either renovating or building a new home. Renovating vs. Building New can be a tough decision to make. It’s one that will lead to a long-term commitment, so it’s important to weigh the pros and cons of each before making the leap. Both can help bring more enjoyment to home life, and with a good plan in place, the decision you make can be the right one for your individual situation. So, it’s time to make a change–consider the advantages, plan it out, and take home life to the next level.
