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Around 64% of Americans own real estate, which shows we’re eager to own property.
We’re given the option of building a new home or renovating our current pad, each with its advantages and disadvantages. But knowing which one is best for you requires research and considering your lifestyle. Perhaps that’s what brought you here; you’re not sure which one is best suited to you.
Sounds like you? No worries; we’ve got you. Here’s everything to know about renovating and building a new home.
Building
There are many benefits of building a new home that you may have overlooked. From having creative control to choosing the perfect neighborhood, it gives homeowners a fresh start. And there are other considerations, such as:
Pros
One of the top benefits of building a new home is you can design the ultimate space for your family. You needn’t compromise by extending your current property as you’re starting from scratch, perfect if you love having control over the design.
Further, building a house will last longer than renovating. This is because you’re using the newest materials, so you know it will protect the integrity of your home. Also, newer builds are less susceptible to pest problems and you can use energy-efficient materials, which will save you a fortune in energy bills.
If you’re sold on building a home, contact a reliable company like Holland Homes to get started.
Cons
You’ve considered the advantages of building a house, but it’s important to factor in the disadvantages. A major one is that it’s more expensive because you must pay stamp duty, especially if you’re building on a new piece of land. Also, the house building process takes a huge amount of time, so it’s not practical for everyone.
Renovating
We’ve covered the positive reasons to build a new home, so it’s time to consider the process of renovating. This means you’re either adding on an extra room or breathing life into your current property, perfect if you live in a historic home. Here’s everything to know.
Pros
The beauty about renovating your home is you keep the aspects that you love. For instance, if you live in an older property, you can keep the high ceilings and wooden floorboards. Another perk is remodeling adds value to your property, whether you’re installing a new bathroom or kitchen.
Cons
A major downside of renovating is that it can be more expensive than rebuilding a new home. Also, turning your home into a construction site can take its toll on your family, especially children. You must also contact your local authority before renovating as there may be structural compliances to consider.
Pros and Cons of Building a New Home
Now you know the pros and cons of building a new home.
There are many perks of starting from scratch, such as having total creative control and creating a property that will last longer. In contrast, renovating lets you preserve your current home and stay in your desired neighborhood. Which will you choose?
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