To Build or to Renovate, that is the Question? 9 Factors to Consider
It’s an age-old question and has been the inspiration for many reality TV shows.
Saskatoon is home to countless established neighborhoods and while you may think location will be the determining factor in whether to stay and renovate, or start with a blank slate in a new area, it’s much more than that. We are going to take you through nine factors you need to consider.
A Metric Design kitchen renovation embracing warm wood tones contrasted with some industrial elements
Let’s start with renovations.
When to Renovate
1. Time - The thing everyone claims they have none of.
Not only will the timeline of the project be shorter, but your time commitment will be much less than if you were to take on a new build. There are always more decisions to make when building new. First is finding the perfect lot. There will be land titles to register, permits to acquire and in Saskatchewan we are often working around weather constraints depending on the time of year and stage of construction.
Next, let’s not forget the time it might take to sell your current home. It can be a bit of a dance trying to time the sale and possession of the property you are leaving with the completion date of your new build. Preparing your home for sale is also a huge time investment and can be a rather stressful process for a family.
To some this sign represents opportunity. While others see a long, daunting journey ahead!
2. Budget - Unless you just became the winner of Lotto Max, this usually isn’t infinite.
You might be surprised to learn the cost of a renovation is almost 50% less, as long as you’re not making structural changes. New homes also tend to include longer wish-lists and you can’t build it in stages, like you can with some renovation projects.
Another consideration is the actual cost of moving. We all remember the days when you asked your ‘buddy with a truck’ to gather up his friends for Friday night in exchange for pizza and beer. Today people are busier, have more commitments, and we tend to respect those relationships by not putting awkward expectations onto people we like. And let’s face it, our treasured items are always treated better by professional movers because it is their responsibility to do that.
Although these are short term expenses, they are immediate and unavoidable. In addition to moving fees, there will also be all the service connection fees, legal fees, property transfer taxes, real estate commission fees, potentially storage fees or temporary rent, and in some cases mortgage penalties.
3. Rising Property Value - If you love your neighborhood, chances are others do too.
Although real estate fluctuates, prime locations typically retain their popularity. This means any upgrades you do will not only be enjoyed by you but will increase the value of your home and make it easier to sell if and when you decide to move on. You also don’t want to be ‘that old house on the street’ that brings down the value of neighboring properties.
Kitchens are one of the best rooms to renovate for resale. This Metric makeover elevated the heart of the home with a large island as the centerpiece, quartz countertops, recessed lighting and white cabinetry for a charming country feel.
4. Environmental Impact - New construction comes with new requirements in regard to infrastructure upgrades and typically involves more materials waste and greater impact on the environment. A typical two-story new build can produce as much as 80 tons of carbon dioxide emissions. Renovating on the other hand, prevents the destruction of natural areas and resources. It also allows you to incorporate some of the modern, green technologies that will improve efficiencies and reduce energy use in the long term.
Bonus points to Mother Earth.
5. Toxins and VOC chemicals - If you love that “new car smell’ or in this case new house smell, that will come with a new build, this might change your mind. That smell is attributed to volatile organic compounds (VOC’s) from things like adhesives, glues, and polyvinyl plastics being emitted into the air. These construction chemicals can be hazardous to air quality levels and inturn to human health when released in large quantities.
Even though standards of new materials have come a long way, today’s building products contain toxins that take roughly 7 years to acclimate. You better stock up on ultrasonic diffusers to help reduce the pollution.
5. Passion for Character - Simply put, most new homes don’t come with the charm of your old home. And how could it, it “hasn’t met you yet”! To recreate it can be extremely expensive on a new build and it will never feel the same. If you love character and can’t imagine living in a modern style, renovating is for you.
When to Build
1. Energy Savings - Efficiency in home products and building materials have come a long way since the Energy Star program launched in 1992.
New builds can be a win-win when done properly. From the right insulation to installing high performance systems and monitoring energy usage will not only save you money on energy bills, but you will enjoy a much more comfortable home.
2. Modern Conveniences, Style and Space - We don’t know anyone who would say no to convenience.
With new construction you really have unlimited possibilities to explore and customize to your needs. Today’s homes combine function and style, allow you to take advantage of light and flexible layouts making future changes accessible.
If you know that space is an issue in your current home, and there’s no reconfiguration that will accommodate your needs, a bigger footprint may be the answer.
3. Exterior Design - The world, or in this case, the appearance of your house, really is your oyster. The only restrictions you will run into are governed by zoning regulations that may dictate height and distance from property lines.
4. Cleanliness and Maintenance - No surprises here! With today’s careful construction, everything is new. Making it easy to keep your home in great condition inside and out.
Whichever Way You Go….
Both options will increase resale value and be more sell-able to potential buyers. Both options provide an improved quality of life for you and your family while in the home.
Perhaps maybe the most important advice to the reno or build debate - hire an experienced professional that you trust, are comfortable with and is financially stable. No project will be without bumps along the way. So the better the fit with your contractor, the smoother the ride will be for everyone!