Should I remodel a home or build a custom dwelling is a question many homeowners ask themselves. The cost to fix up a few rooms is certainly always the less expensive option but if you’re planning on a large-scale renovation from top to bottom you may want to reconsider your choice.
Of course, the cost of remodeling will depend on the age, condition and size of the home and what you plan on doing with it. If new siding and/or roofing is needed then the cost will definitely increase substantially.
However in some cases, remodeling a home can cost more per square foot than building a new one from scratch. When building a new home you’ll typically be able to use modern materials and concepts and the home is likely to be more energy-efficient and environmentally friendly.
When Remodeling Makes Sense
Remodeling a home is often a good choice when you already own the home and don’t want to leave your current neighbourhood. Building from scratch if typically done if the cost of renovating the home outweighs its resale value.
Some older homes have been constructed with higher-quality wood and can possess a lot of character with features and finishing touches such as marble window sills, solid-core doors, crown moulding and arched doorways etc. If you’d like to retain the original features and characters of a home you are more likely to remodel it rather than build a new one.
Condition Of The Home
If the current home is in poor condition though and the heating system, utilities and plumbing all need an upgrade you may want to build. A tear down enables you to custom design a new home as long as you have permission to knock down an existing home.
In addition, if a home has structural problems, water damage or a crumbling foundation it may not be worth renovating. It’s recommended that you enlist the aid of a structural engineer for a professional opinion to help you decide which route to take.
You also need to consider the unexpected costs involved in remodeling. For example, once things are being ripped apart you could discover a few unwelcome surprises such as mould and rot or electrical and plumbing issues etc. In this case, building a new home is usually a more straightforward and easier process.
Remodel or Build New?
Deciding whether to remodel or build a custom home is a case-by-case choice. It’s a good idea to call in some professional help and get some quotes to see which option will give you the most value for your money. Architects, builders, renovation experts and structural engineers can all provide you with their valuable opinions.
In general, if you plan on retaining 60 to 70 per cent of the existing structure, finishes and systems of an existing home you may want to remodel if it’s structurally sound and up to date. If you’d really like something new and completely different you may feel more inclined to simply focus on designing a custom home and having it built from scratch.
Novacon Construction specializes in major renovations and custom homes in Toronto and the surrounding GTA. For more information on remodeling options and designing and building custom homes please feel free to contact us today for a free consultation
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