Renovate or Build New?

This is probably the most frequently asked question we receive from prospective clients. Whether they have an existing home or are thinking about buying a lot in a different location, home-owners need to consider several factors before deciding on whether to renovate or build new. There are pros and cons to each, and we suggest families consider them all.   

Renovation – Pros

1. You can avoid brokerage fees by sticking with your existing home. This could be substantial savings.
2. You can stay in place, which is important if you love your neighborhood and schools.
3. Renovating could be cheaper, since renovations as a whole tend to be smaller projects.

Renovation – Cons

1. You might not get all the spaces you want due to lot size, position of your home on your lot, local government restrictions, etc.
2. You might be stuck with some traits of the existing house, for example if the house has low basement ceilings, it will still have them.
3. The house will not be worth as much as the exact same sized house that is brand new because the market discounts renovation projects. This could hurt you if you ever decide to sell.
4.  Renovations bring surprises, like mold, foundation or other problems that only surface when the job begins. Families need to budget 5-10% for unknowns and these can sometimes be costly.

Building New – Pros

1. You can start the design from scratch, beginning with where you’d like the house to be positioned on the property, and create the spaces you really want and need.
2. New homes are often easier and quicker to build.
3. There are no restrictions on where and what you can build. For example you can put the garage wherever you’d like.
4. You can pick the neighborhood.

Building New – Cons

1. You might have to leave a beloved neighborhood and neighbor
2. Your children might have to switch schools
3. Might be more expensive since the house will most likely be larger.
4. It may take longer, since finding land in a land-locked area like Northern Virginia can be tough.

When considering whether to renovate or build new, it really boils down to what avenue will give you the space you want at the price you can afford.