The decision to buy, renovate, or build a new home is exciting. When you currently have a home that is already built, the possibilities are endless. You can tear down a few walls to change the layout of the home or you can tear the entire property down and start anew.
But which option do you choose? And which option will be worth more for your current living situation and long-term plans?
Before you make a decision about moving forward, consider the following factors.
The plans you have for your home
If you want three stories and you only have one floor in your current structure, it may be worth it to tear down your current property and build the extravagant home of your dreams. Consult with experienced builders and renovators about what is possible for the space that you currently own or live in.
Property laws and trends in your area
In some areas, property owners cannot tear down their current structures. Some houses may be preserved due to their age or historical significance. In other cases, your location could be a hotspot for renovation and building. Different trends in real estate may make renovation more or less worth it, especially if you are planning to sell in the next 5-10 years. Talk to local building experts and real estate agents about what is happening in the area.
The age of the house
Older houses are prone to have more issues and may rack up more expenses as you try to renovate. In New Zealand, houses built around 1999 and 2000 were most likely to be affected by Leaky Building Syndrome. The damage from Leaky Building Syndrome can cause a lot of damages, but these damages may also be subsidized by the New Zealand government.
Regulations and homebuilding laws change throughout the years. Tearing down pieces of your home to expose outdated materials or construction practices may result in more expenses later on. The older your current structure is, the more likely you are to run into legal issues.
Factors that play into the cost
Is it cheaper to build a new home or renovate a current space? Situations like Leaky Building Syndrome and other renovation issues prevent us from providing a straight answer. Even after an initial consultation, the cost of renovating a home could continue to increase as more issues are found throughout the structure. Then again, as you start to see your new home coming together,
The initial cost of the build or renovation is just the beginning. Consider any ongoing costs that could build up over time. A brand-new house is less likely to have issues or code violations that need to be fixed and add expenses to the overall cost of your home. Even if a house is completely renovated, a worn frame or ageing walls could call for a repair in a few years’ time.
The best way to create a budget and a list of expenses that accurately reflects the cost of your new home is to plan ahead. Conduct a thorough inspection of the inside and outside of your home and set aside money for emergency expenses.
If you are looking to build or renovate in the Auckland area, reach out to the experts at Urban Build Co. We have experience with all types of home projects and can help you through the process of deciding what to do with your property. Look through a collection of our past projects, and reach out to one of our team members to learn more about how you can get your dream home with Urban Build.