Renovations versus New Homes: What's the Right Choice For You?
To renovate or not to renovate? It's a pretty common question for homeowners trying to decide between making changes to their existing home or opting to buy a brand new one altogether. On one hand, you may love your current home, if only you could make a few changes. On the other, it may be easier (and more affordable!) to simply find a brand new model in a brand new Winnipeg community that has everything you need from the start.
- You Want a Few Cosmetic Upgrades
- You Need to Make Major Repairs
- You Need More Space
- You Want a More Functional Layout
- You Want to Boost the Value Before You Sell
As with any big decision, it's best to gather all the facts first. Read on to learn more about common reasons homeowners choose to upgrade vs. the brand new home alternative - from here, you'll be in a better position to make the best choice.
Reno Reason #1: You Want a Few Cosmetic Upgrades
It's pretty common to want to change a few aesthetics in your home every couple of years - especially if you're looking to keep your current home's value on par with other homes on the market. For example, you might want to add wainscotting or re-finish the hardwood floors. While you may think these changes are things you could easily do on your own with a couple of hundred dollars and access to DIY videos on YouTube, making cosmetic upgrades usually requires a professional contractor or someone who is very handy (and can cost $10,000 or more depending on how much needs to be done).
New Home Advantage:
Cosmetic upgrades can unexpectedly turn into larger projects then planned if any surprises are found such as plumbing or electrical issues. Brand new homes are already designed according to the latest trends and features. And, should you decide to build your new home from scratch, you'll be able to choose the features and finishes you've always wanted - without the aggravation and elbow grease.
Reno Reason #2: You Need to Make Major Repairs
Older homes definitely have their charm, but the downside is you’re often sinking money into necessary repairs. Every year, it’s something else - a new roof, a new furnace, a plumbing problem. There never seems to be enough money to take care of some of the cosmetic issues you’d like to change because you're too busy paying for upkeep.
New Home Advantage:
By opting for a brand new home, you'll be able to put the money you're sinking into your current home towards the cost a home that's equally beautiful and in immaculate shape. New homes also come with new home warranty - adding peace of mind when it comes to costly repairs or defects in the unlikely event something goes wrong. Take a look at the average cost of a new home and play around with a mortgage calculator. You may see that it’s more affordable than you think.
Reno Reason #3: You Need More Space
As families grow, they often need more space to accommodate their size. To make your current home work, you might consider putting an addition on the house (if your yard allows) or renovating the basement - a costly endeavour!
New Home Advantage:
When it comes to adding space to an existing home, most homeowners either have to pay for the renovations in their entirety up front or take out a home equity loan/line of credit. Compare these expenses to the cost of a new home that already has the extra space you want. You might find the price difference isn’t as much as you thought - but the difference in labour will be significant.
Reno Reason #4: You Want a More Functional Layout
If you like your current home but find yourself wishing it had a more open layout or a bigger master bedroom with a walk-in closet, you might talk with a contractor about adjusting the floor plan. It’s sometimes possible to rearrange the layout by knocking down walls. It's important to keep in mind that some walls are significantly easier to knock down if they are more for separation in comparison to load bearing walls that support the home.
New Home Advantage:
These types of renovations can take weeks or even months to complete. During that time, you might be unable to use those rooms, and you're likely to be regularly cleaning up a lot of dust and debris. Many people choose to live in a hotel or with family during the renovations, which is also inconvenient or costly.
While all this might make sense if you’re really attached to your neighbourhood or you absolutely love the other architectural details of your home, most people find the time, effort and expense just aren't worth it. Opting to work with a new home builder means you'll have plenty of floor plan options to consider and you're sure to find a layout you love.
Reno Reason #5: You Want to Boost the Value Before You Sell
Maybe you've already decided you'd like to purchase a new home and for this reason, you want to renovate to increase your current home's resale value. Where do you start? What items should you be focusing on to improve the value and sale price of your home? Below are a few areas you'll want to focus on. Not only will they catch the attention of buyers, but they'll also guarantee you a quicker sale - so you get into your new home faster.
1. Professional Landscaping
The front yard is the first thing your potential buyers will see, so it’s one of the best areas to spend money on when you get your home ready for a sale. Professional landscaping is usually quite affordable, and it has the benefit of bringing more people into the home. Even if you don’t want to hire out all of the work, getting some help with plant choice and design can make a difference.
2. Other Exterior Updates
For the same “curb appeal” reasons, it’s smart to update other exterior elements of the home. Replacing the front door is something that’s often suggested if needed, as it can go a long way toward making the home look more inviting. You may be able to get by with simply painting it, though.
If the exterior of the home needs painting, it’s smart to make the investment. Adding vinyl siding can make your home even more attractive, though, because it doesn’t require a lot of extra maintenance. If you do have vinyl already, power washing the exterior will hardly cost anything at all and will make the home shine.
3. Required Maintenance and Repairs
Don’t neglect any areas of maintenance. This might mean fixing a loose step to the basement, replacing a leaky faucet, or replacing systems/ appliances that are on their way out. A problem that may seem small now can wind up costing you a lot more down the road, so it's best to take care of things quickly.
4. Minor Bathroom Updates
While you can go so far as to replace the bathtub, refinishing it or refreshing the caulking is sure to give it a facelift. Things like replacing an outdated sink or worn-out flooring can also make a big difference. There are several features you can add to your bathroom that will add value.
5. Minor Kitchen Updates
You don’t have to do a complete renovation to give your kitchen a more modern look, either. For instance, adding a backsplash, refinishing the cabinets, and replacing the flooring can have a big effect. If you're thinking about a larger remodel, it could still be a good idea since upgrades to kitchens add a ton of value.
6. Painting
Give your home’s interior a fresh coat of paint. Cover up unusual colours with something a bit more neutral, but don’t resort to using a stark white paint. Grey is a popular choice. Even if you already have neutral colours, painting gives you the chance to cover up old nail holes from artwork and any scuff marks on the walls (again when it comes to painting, interior or exterior, you may want to hire a professional).
Your home is your castle, it only makes sense you want it to reflect your current lifestyle. Renovations can solve your problems but before you decide, consider taking a look at some of the new homes on the market. You may find that it’s easier and more affordable to get the home you really want - and it won't take knocking down walls to do it!
Originally posted May 17, 2018, updated November 8, 2018.
