The start of a new year is often when homeowners begin planning home improvement projects to determine where to focus their budget in the months ahead. A common question that pops up during discussions is whether to build, renovate or remodel. The decision is dependent on your living situation, needs and budget allocation. We’ve compared the pros and cons to help you decide whether to build or renovate in 2023:
1. Project Cost
Ultimately, your budget will help establish what is achievable. Aesthetic preferences, labour, materials, location and the age of your home can impact the overall cost. Renovating is often cheaper than building a custom home, but it’s important to include a contingency plan for unforeseen expenses. Choose home improvement projects with a high return on investment such as replacing windows, upgrading siding or remodelling the kitchen or bathroom.
Decide how much time you can allocate to a renovation or build and if you need to make alternate living arrangements. Building a home from the ground up can take anywhere from six months to over a year, whereas a modular home can be assembled in weeks. The renovation duration will depend on the project size, how quickly you can obtain building permits and the time of year.
3. Design Possibilities
Determine your desired level of customization. Building a new home allows you to customize every aspect (e.g. size, layout, materials and finishes), while renovating gives you the freedom to upgrade your existing home over time. If you choose to renovate, consider economy-driven design trends and smaller home projects that have a significant impact.