Deciding to renovate or rebuild is a question we get all the time. I believe it is because most people think building new is out of their reach. Instead, they decide to renovate their home thinking it will be a less expensive and easier path to get the home they want and need (and in some cases, I think that is true!). But how can you determine which path is best for you?
In this three part blog series, I will examine the question, Should I Renovate or Rebuild? In Part 1, we discussed how to determine your needs when deciding to renovate or rebuild. Today, we’re talking about the realities of renovating vs. rebuilding. If you are struggling with the decision to renovate your existing home, or build new, I hope you will follow along!
Whether you decide to renovate or rebuild, there are some truths you should know. They may not be easy to hear, but I think it is important to know. Here are two realities you will want to consider:
Reality #1: Either way, you will likely spend more than you thought, but…
Whether you choose a whole house renovation or to rebuild, you will likely spend more than you think you will. When renovating, you never know what you’re going to uncover behind the walls, or what issues will come up throughout the renovation. After all, you are modifying work that was likely done decades ago. The real kicker here is that you usually don’t know what the final cost will be until the project is completed.
With the NDI way of building, you will know what the house costs before we even break ground, giving you time to react. This allows you time to make changes either to the house or your overall budget, so you are comfortable before construction begins. Something unexpected may still come up, but in our process, there are steps we can take to make sure you aren’t caught off guard.
Tip: Have a contingency fund to handle the unexpected. If you don’t need it, you don’t have to use it, but at least it is there in case you do.
Reality #2: Either way, it may take longer than you thought.
Whether you choose a whole house renovation or to rebuild, it may feel like everything is taking longer than expected. A good contractor or builder will prep you for what’s to come, but it is still hard being displaced.
Many people choose the renovation path because they think it is going to be quicker (and cheaper), but the reality is that building a new home with NDI typically takes 7-8 months. A whole house renovation will take a least that long (likely longer), and in the end, you are still left with an older home with new parts.
Tip: If you are leaning towards a whole house renovation because you think it will be quicker, don’t count on it. Renovations are complicated, and come with a lot of uncertainties.
Next up! The dollars and “sense” of renovating vs. rebuilding. See how I did that?
Dream. Build. Live.