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
can avoid brokerage fees by sticking with your existing home. This could be
can stay in place, which is important if you love your neighborhood and schools.
could be cheaper, since renovations as a whole tend to be smaller projects.
Renovation – Cons
might not get all the spaces you want due to lot size, position of your home on
your lot, local government restrictions, etc.
might be stuck with some traits of the existing house, for example if the house
has low basement ceilings, it will still have them.
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.
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
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.
homes are often easier and quicker to build.
are no restrictions on where and what you can build. For example you can put
the garage wherever you’d like.
can pick the neighborhood.
Building New – Cons
You might have to leave a beloved neighborhood and neighbor
Your children might have to switch schools
Might be more expensive since the house will most likely be larger.
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