When you are thinking of building a custom home, you may look around your current home and wonder, why not just renovate? While the idea of having your own custom home is very enticing, it can be a chore to move and have to start over. However, a custom home allows you to design your dream home and can make your day to day activities more manageable. The decision can be hard to make, with many positives and negatives attached to both renovating and building a custom home. This is the conundrum that many homeowners who are looking to build a custom home face. When making the decision, there are a few things to think about to determine which is best for your situation. 

 

Cost

The biggest factor when making such a decision is the cost. 

The cost of renovating can vary largely in price depending on what you plan on doing. Whether you’re thinking of just improving a few rooms or plan on doing a full redesign, the cost will differ from house to house. 

Many assume that renovating is considerably cheaper than totally rebuilding a custom home, but that isn’t always the case. Older homes tend to be constructed with high-quality wood and have finishing touches that cannot be recreated today. However, when rebuilding a custom home, you will be using modern materials, making the construction costs lower. 

The cost of building a custom home is around 20 perfect higher than doing an extensive renovation of an entire home. However, the benefits of building a custom home can be huge. Custom homes are more environmentally friendly due to energy-efficiency. Energy-saving windows, heating systems and other modern conveniences found within custom homes will also end up saving you thousands on your energy bill each year.     

     

How Long Do You Plan on Staying?

For those in it for the long haul that plan to sell in the distant future, it’s financially wiser to build a new custom home rather than renovating an older home. This is because the resale value of a newer home will be much higher than that of an older home.     

If you plan on staying for a short amount of time, say 10 years, a renovation to fix up the kitchen or bathroom could be the better option. Though your renovated home wouldn’t sell for as much as a newer custom home, a recently renovated room is sure to increase the selling price of an older home.

 

Bottom Line – When Should You Renovate Instead of Building a Custom Home?

You should renovate instead of building a custom home if you already like your current home’s geography and don’t want to spend too much. Furthermore, you should build a custom home instead of renovating when the price of a renovation outweighs your home’s resale value or if you want the luxury of living in a home you designed. 

There are, of course, many other factors to take into consideration when deciding if you should build a custom home or renovate your current home, these are just some of the more immediate things to think over when you are trying to decide. 

 

If you need a custom home builder in Toronto and the GTA, or you’re planning renovations, Rovimat specializes in both! You can trust us to help you realize your vision for your home. We have been pushing boundaries since 1991, offering our sustainable and custom home builder services.  

If you`d like a quote for your own project, give us a call today at (647) 808-2509.